Saffron Market Size, Share, Growth Analysis, By Grade(Grade I, Grade II, Grade III, Grade IV), By Type(Organic and Traditional), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30C2121 | Region: Global | Published Date: April, 2024
Pages: 198 |Tables: 62 |Figures: 76

Saffron Market Insights

Global Saffron Market size was valued at USD 1.29 billion in 2022 and is poised to grow from USD 1.39 billion in 2023 to USD 2.45 billion by 2031, growing at a CAGR of 7.4% during the forecast period (2024-2031).

Growing demand for saffron in cosmetic and medicinal applications is anticipated to be a major market driver over the course of the projected period. Saffron has many health advantages and is high in antioxidants. Picrocrocin, safranin, and crocin are the three primary active ingredients found in saffron.

These substances aid in lowering inflammation and oxidative brain injury. Saffron is also thought to improve memory and have anti-inflammatory and antioxidant qualities, which will undoubtedly promote market expansion. In the cosmetics sector, it is also utilised as a natural UV-absorbing ingredient. The employment of electric nose, pilot scale, and image processing technology are important processing technologies.

However, employing the image processing method to separate stigmas takes less time than the manual process that has been used up to this point. The high cost and increased demand on the worldwide market have caused adulteration to increase quickly in recent years. Combining items that resemble saffron is one form of adulteration. Because of the adulteration, the product's quality can vary, which in turn affects the price.

Due to growing public knowledge of the therapeutic capabilities and health advantages of saffron, demand has been rising in the U.S. during the past few years.

US Saffron Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 1.29 billion

Largest Segment

Organic

Fastest Growth

Organic

Growth Rate

7.4% CAGR

Global Saffron Market ($ Bn)
Country Share for Middle East & Africa Region (%)

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Saffron Market Segmental Analysis

Global Saffron Market is segmented on the basis of grade, type, form, distribution channels and region. By grade, the market is segmented into grade i, grade ii, grade iii, grade iv. By type, market is segmented into organic and traditional. By form, the market is segmented into liquid, powder, stigma, petals, stamen. By distribution channel, the market is segmented into B2B and B2C. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Form

With a 51.7% sales share in 2022, the petals form was the market leader globally. Given that they are thought to offer a multitude of health advantages, including lowering inflammation and enhancing mood, the petals are frequently utilized in herbal and traditional medicines. The manufacturing of natural colors also makes use of saffron flowers. The yellow-orange pigment crocin, which can be isolated from saffron petals and used to dye clothes and other materials, is present in saffron petals.

With a revenue CAGR of 7.2% over the anticipated period, the liquid form market is anticipated to expand significantly. As a result of its distinctive flavor, perfume, and color, saffron liquid is an extract of the saffron spice that is used in a number of dishes. It is frequently employed in cooking to give food a unique flavor, and it is especially well-liked in Mediterranean and Middle Eastern cuisine. Due to its alleged anti-inflammatory and antioxidant effects, saffron juice is often employed in traditional medicine.

Analysis by Distribution Channel

With a market share of 357.39 million in 2022, the B2B distribution channel is predicted to grow at a revenue CAGR of 6.1% from 2022 to 2030. The market for saffron is increasing significantly in the B2B distribution channel, in part due to the increased popularity of utilizing saffron as a natural coloring and flavoring agent in foods and beverages.

With a predicted revenue CAGR of 6.6%, the market for B2C distribution channels is anticipated to expand significantly. A number of factors, including the expanding availability of saffron products through online retail channels, the rising demand for saffron-based dietary supplements, and the growing use of saffron in the personal care and cosmetics industries, are propelling market growth in the B2C distribution channel. Additionally, as e-commerce has grown, it has become simpler for customers to buy saffron products straight from producers, which has increased competition and lowered prices.

Global Saffron market By Type

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Saffron Market Regional Insights

With a 51.7% sales share in 2022, the Middle East and Africa dominated the market. This is due to the growing interest in using it in traditional foods. In addition to being used to flavor desserts and sweets, saffron is a crucial component of many regional foods like biryanis, pilafs, and tagines. As a token of respect, guests are frequently served the spice, which is seen as a symbol of hospitality.

At a revenue CAGR of 5.3% over the forecast period, North America is anticipated to grow. The numerous health advantages of saffron are causing it to gain popularity in North America. Adult anxiety attacks are getting more and more prevalent as a result of modern lifestyles, and saffron is a highly effective remedy for them. The bioactive substances found in saffron tablets, like Crocin, have a number of therapeutic characteristics and health advantages.

Global Saffron Market By Region
  • Largest
  • Fastest

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Saffron Market Dynamics

Drivers

Medicinal Properties and Health Benefits

  • Saffron has been used for centuries in traditional medicine due to its potential medicinal properties. It contains compounds like crocin, safranin, and picrocrocin, which possess antioxidant, anti-inflammatory, and antidepressant properties. The growing awareness of these health benefits has resulted in an increased demand for saffron-based dietary supplements and herbal remedies.

Increasing Disposable Income and Changing Lifestyles

  • Rising disposable incomes and changing consumer lifestyles, particularly in emerging economies, have contributed to the growth of the saffron market. As consumers seek indulgence in premium and gourmet products, saffron is considered a luxury spice and is often associated with high-end culinary experiences.

Restraints

Limited Geographic Availability

  • Saffron cultivation is limited to a few regions around the world, mainly Iran, Spain, India, and Afghanistan. These regions have specific climatic and soil conditions suitable for saffron production. The limited geographic availability of saffron restricts its overall supply and can lead to price volatility and fluctuations in the market.

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Saffron Market Competitive Landscape

Production is mainly concentrated in Middle Eastern nations, and a select few companies dominate the global market. However, there is a lot of potential for up-and-coming players who require complete support across the value chain. In order to increase critical differentiators like portfolio diversity and competitive pricing, both existing and new market players are placing an increasing emphasis on excellent brand management. Furthermore, people prefer to purchase saffron through B2C sales channels. Manufacturers in the sector are launching online platforms to offer dependable and large amounts to domestic use and home cooks as a result.

Top Player’s Company Profiles

  • Iran Saffron Company (Iran)
  • Espigoladors S.L. (Spain)
  • Gohar Saffron (Iran)
  • Tarvand Saffron Co. (Iran)
  • United Saffron Co. (Iran)
  • Safrante Global Company (Iran)
  • Pars Saffron (Iran)
  • La Mancha Foods Australia Pty Ltd. (Australia)
  • Azafranes Jiloca S.L. (Spain)
  • Rumi Spice LLC (United States)
  • Red Gold Saffron (Iran)
  • Saharkhiz Saffron Co. (Iran)
  • Saffron 2020 (Iran)
  • Zamouri Spices (United States)
  • Kashmir Box (India)
  • Ferdows Saffron Co. (Iran)
  • Sadaf Foods (United States)
  • Green Valley Saffron Co. (Iran)
  • Krokos Kozanis Products (Greece)
  • Shah Trading Company (Canada)
  • Saffron Business Co. (Iran)

Recent Developments

  • In March 2023, the Indian government announced that it would be providing subsidies to saffron farmers in an effort to increase production. The subsidies will be used to cover the cost of saffron cultivation, including the cost of seeds, fertilizer, and labor.
  • In February 2023, Iran, the world's largest producer of saffron, announced that it had exported 1,000 tons of saffron in the previous year. This was a record-breaking amount of saffron exported by Iran.
  • In January 2023, Saffron Road, a US-based saffron company, announced that it had raised $10 million in Series B funding. The funding will be used to expand the company's production capacity, increase its marketing efforts, and develop new products.

Saffron Key Market Trends

  • Increasing Popularity of Saffron-based Functional Foods : Saffron is increasingly being incorporated into functional foods and beverages that offer specific health benefits beyond basic nutrition. Manufacturers are developing saffron-infused products like saffron-infused tea, energy bars, health supplements, and fortified beverages targeting health-conscious consumers. The trend is driven by the growing demand for natural and plant-based functional ingredients.

Saffron Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global saffron market has experienced significant growth in recent years, driven by various factors such as increasing demand for natural and organic products, expanding applications in the food and beverage industry, and the recognition of its medicinal properties and health benefits. Saffron, known for its distinct flavour, aroma, and colouring properties, is considered a premium spice and is widely used in gourmet cuisine, herbal remedies, and the cosmetic industry. One of the key drivers of the saffron market is the increasing consumer preference for natural and organic products. As consumers become more health-conscious and seek out clean label ingredients, saffron, being a natural spice free from chemical additives, has gained popularity. The demand for saffron-based functional foods and beverages, as well as saffron-infused skincare and personal care products, has been on the rise. Another significant driver is the expanding application of saffron in the food and beverage industry. Saffron is valued for its ability to enhance the flavour, aroma, and colour of various dishes, desserts, beverages, and alcoholic spirits. With the growing interest in gourmet cuisine and the demand for unique and exotic Flavors, saffron has become a sought-after ingredient in premium culinary experiences.

Report Metric Details
Market size value in 2023 USD 1.29 billion
Market size value in 2031 USD 2.45 billion
Growth Rate 7.4%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Grade
    • Grade I, Grade II, Grade III, Grade IV
  • Type
    • Organic and Traditional
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Iran Saffron Company (Iran)
  • Espigoladors S.L. (Spain)
  • Gohar Saffron (Iran)
  • Tarvand Saffron Co. (Iran)
  • United Saffron Co. (Iran)
  • Safrante Global Company (Iran)
  • Pars Saffron (Iran)
  • La Mancha Foods Australia Pty Ltd. (Australia)
  • Azafranes Jiloca S.L. (Spain)
  • Rumi Spice LLC (United States)
  • Red Gold Saffron (Iran)
  • Saharkhiz Saffron Co. (Iran)
  • Saffron 2020 (Iran)
  • Zamouri Spices (United States)
  • Kashmir Box (India)
  • Ferdows Saffron Co. (Iran)
  • Sadaf Foods (United States)
  • Green Valley Saffron Co. (Iran)
  • Krokos Kozanis Products (Greece)
  • Shah Trading Company (Canada)
  • Saffron Business Co. (Iran)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Saffron Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Saffron Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Saffron Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Saffron Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Saffron Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Saffron Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Saffron Market size was valued at USD 1.29 billion in 2022 and is poised to grow from USD 1.39 billion in 2023 to USD 2.45 billion by 2031, growing at a CAGR of 7.4% during the forecast period (2024-2031).

Production is mainly concentrated in Middle Eastern nations, and a select few companies dominate the market. However, there is a lot of potential for up-and-coming players who require complete support across the value chain. In order to increase critical differentiators like portfolio diversity and competitive pricing, both existing and new market players are placing an increasing emphasis on excellent brand management. Furthermore, people prefer to purchase saffron through B2C sales channels. Manufacturers in the sector are launching online platforms to offer dependable and large amounts to domestic use and home cooks as a result. 'Iran Saffron Company (Iran)', 'Espigoladors S.L. (Spain)', 'Gohar Saffron (Iran)', 'Tarvand Saffron Co. (Iran)', 'United Saffron Co. (Iran)', 'Safrante Company (Iran)', 'Pars Saffron (Iran)', 'La Mancha Foods Australia Pty Ltd. (Australia)', 'Azafranes Jiloca S.L. (Spain)', 'Rumi Spice LLC (United States)', 'Red Gold Saffron (Iran)', 'Saharkhiz Saffron Co. (Iran)', 'Saffron 2020 (Iran)', 'Zamouri Spices (United States)', 'Kashmir Box (India)', 'Ferdows Saffron Co. (Iran)', 'Sadaf Foods (United States)', 'Green Valley Saffron Co. (Iran)', 'Krokos Kozanis Products (Greece)', 'Shah Trading Company (Canada)', 'Saffron Business Co. (Iran)'

Saffron has been used for centuries in traditional medicine due to its potential medicinal properties. It contains compounds like crocin, safranin, and picrocrocin, which possess antioxidant, anti-inflammatory, and antidepressant properties. The growing awareness of these health benefits has resulted in an increased demand for saffron-based dietary supplements and herbal remedies.

Increasing Popularity of Saffron-based Functional Foods : Saffron is increasingly being incorporated into functional foods and beverages that offer specific health benefits beyond basic nutrition. Manufacturers are developing saffron-infused products like saffron-infused tea, energy bars, health supplements, and fortified beverages targeting health-conscious consumers. The trend is driven by the growing demand for natural and plant-based functional ingredients.

With a 51.7% sales share in 2022, the Middle East and Africa dominated the market. This is due to the growing interest in using it in traditional foods. In addition to being used to flavor desserts and sweets, saffron is a crucial component of many regional foods like biryanis, pilafs, and tagines. As a token of respect, guests are frequently served the spice, which is seen as a symbol of hospitality.

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