In terms of revenue, the Global Saffron Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.4% from 2023 to 2030.
Saffron, often called "Red Gold," holds a significant position in Iran, where nearly 90% of the world's Saffron is produced and exported. The strategic importance of this spice is underscored by its economic impact on the nation, with over 70% of household income attributed to Saffron-related activities. Saffron, collected from the dried stigmas of Crocus sativus L. flowers, is historically known as a spice, earning its title as the most expensive spice globally. The distinctive flower, native to the Mediterranean–Europe and Western Asia, blooms in the autumn and remains dormant throughout the summer.
The food and beverage segment of the Saffron market is projected to undergo significant growth in the coming years, primarily driven by Saffron's substantial value as a flavor enhancer. Within this segment, the food category is poised to hold a considerable volume share due to the increasing adoption of Saffron as a natural ingredient and taste enhancer in formulations. With its ability to enhance the flavor of diverse meal categories, Saffron is anticipated to experience heightened demand as the food industry expands across various regions.
Key Highlights from the Report
- Based on the Product segmentation, the Thread segment dominated the Saffron market in 2022. The growing inclination towards pure and untainted products drives the rising demand for Saffron threads. These threads cater to consumer preferences for authentic and wholesome products by preserving the spice's original state, devoid of additives or extensive processing.
- Furthermore, based on the Application segmentation, the Food and Beverage segment contributes to the immense market growth in 2022. The market is observing growth due to the widespread utilization of the product as a key ingredient in various food and beverage items. Consumers are turning increasingly to Saffron as a natural coloring and flavoring agent, reflecting a surge in health-conscious trends among the general public.
- Finally, based on Region segmentation, the Middle East & Africa presently lead the global Saffron market. They are anticipated to dominate throughout the forecast period, with Iran maintaining its foremost position in production.
Saffron threads find extensive use in the culinary sector, serving as a spice, herb, and flavoring agent. Its utilization as a natural alternative to synthetic additives and its nutritional benefits contribute positively to market expansion. It is preferred over artificial components when employed as a natural colorant and flavoring substance. Various cuisines around the world incorporate Saffron into many recipes, and it features prominently in food compositions such as cake mixes, beverage powders, powdered crème caramel, and similar semi-prepared Saffron blends. In addition to its extensive use as a popular spice, Saffron has proven valuable in treating diverse medical conditions, which include but are no longer restrained to allergies, despair, menstrual disorders, cardiovascular disorders, digestive illnesses, cancers, insomnia, and other diseases.
Saffron serves as an effective gastrointestinal modulator, preventing gastrointestinal atonia and acting as a significant therapeutic agent for female reproductive organs. Saffron has shown effectiveness in treating chronic bronchitis and respiratory conditions by mitigating cough severity through its action on alveoli via the vagus nerves. Crocin recognized as an analgesic, is recommended for alleviating painful dysmenorrhea by slowing down uterine contractions. Conversely, Picrocrocin exhibits tranquilizing properties, inducing a soothing effect on lumbar and spasm pains. While various Saffron compounds are notably effective, crocetin stands out for its remarkable pharmaceutical activities, facilitating oxygen transport speed and proving beneficial in treating atherosclerosis, hemorrhages, alveolar hypoxia, arthritis, tumors, and cell production.
The Middle East & Africa dominate the global Saffron market and will continue their dominance during the forecast period, with Iran holding the top position in its production. Iran's dominance in global Saffron production is evident, with the ideal growing environments for Saffron found in warm subtropical climates with well-drained sandy soils. Beyond its use as a spice, Saffron has a rich record of ethnomedical applications, ranging from constipation remedies to skin care. Traditional uses extend to its role as an expectorant, emmenagogue, and adaptogenic agent in various medicinal traditions.
While Iran remains the global leader in Saffron production, several other countries contribute around 10% to the worldwide output. India, the second-largest producer, focuses on the Kashmir valley, meeting a fraction of its domestic demand via imports.
The Global Saffron Market is Segmented as follows
- Food & Beverage
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Saffron Market is
Esfedan Trading Company (Iran), Safrante Specialty Foods S.A. (Spain), Saffron Business (Iran), Gohar Saffron (Iran), Rowhani Saffron Co. (Iran), Tarvand saffron Ghaen Company (Iran), Kashmir Kesar Leader (India), Mehr Saffron Company (U.S.), King Kesariya (India), Great American Spice Company (U.S.)
The Global Saffron Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis