Saffron Market - Comprehensive Study Report & Recent Trends

Saffron Market Synopsis

The global saffron market size was valued at USD 1.39 billion in 2023 and is estimated to reach USD 2.66 billion by 2032 at a CAGR of 7.49 %.

Saffron is also known as Golden spice or Red gold and is one of the most expensive spices in the world. Saffron has antimicrobial, antibacterial, antifungal, antiseptic, and anti-inflammatory properties as well as a distinct flavor and aroma.

• Saffron has its distinct aroma and flavor which adds distinct flavor, scent, and color. Saffron is also used as a natural food color. Saffron spice can provide a lot of health benefits when consumed with the milk.
• Saffron has some medicinal properties like antimicrobial, antifungal, antibacterial, antiseptic, and anti-inflammatory. Also, saffron contains chemicals that might kill cancer cells. The use of saffron in depressive disorders, Alzheimer’s disease, and menstruation abnormalities increases its demand in the pharmaceutical industry. It can strengthen eyesight and can prevent it from being affected by external matters.
• In the cosmetics industry, it is used for skin treatment.  Saffron helps reduce brown spots, hyperpigmentation, and scars leaving the skin even brighter.  Due to its aroma and color, it is used in the perfume industry and the textile industry for dyeing the fabric yellow, or orange. Saffron has more than 150 volatile and aroma-producing compounds in Safranal is one of the main components of saffron essential oil.

Saffron Market Trend Analysis

Increasing Applications in the Pharmaceutical and Cosmetics Industry

• Crocin and Safranal components of saffron have the best inhibitory action against cancer cells. Crocetin has the property to suppress breast, cervical, liver, lung, and pancreatic cancers. Saffron contains two important vitamins, riboflavin and thiamine, and also a small quantity of β-carotene. Strong evidence indicates that saffron and its components possess anticarcinogenic and antitumor effects.
• Picrocrocin, Safranal, and Crocin compounds help to reduce oxidative damage and inflammation in the human brain and enhance memory. saffron and especially its main constituent molecules exert beneficial effects on frequent neuropsychiatric and age-related diseases
• Saffron skin health, brighten the complexion and cure acne and blemishes. It is used in the cosmetics industry as a natural UV-absorbing agent. Saffron liquid is also used for the manufacturing of perfume.

Opportunities

Adaption of Hydroponic and Vertical Farming Techniques

• New technologies such as hydroponics and vertical farming are used for the cultivation of saffron. These technologies minimize water usage along with providing year-round production of saffron.
• In hydroponics, nutrient-rich water is used for production. Saffron production is extremely dependent on meteorological conditions. Hydroponic systems provide better control over factors like water, nutrients, and light which leads to higher yields and better-quality saffron. Hydroponics helps in increasing the quality of saffron produced with better color, taste, and aroma. It also helps in producing more flowers from each bulb of the saffron
• In vertical farming, plants are stacked up vertically. Uncertain climate change, expansion of manufacturing, and urban construction projects have decreased the amount of land used to cultivate the crop by 60% in the last 20 years. This not only improves saffron production efficiency but also provides an opportunity for year-round production. It also helps to satisfy the market demand for saffron.

Saffron Market Segment Analysis:

The saffron market is segmented based on type, application, grade, form, distribution channel, end-user, and region

By Type, Organic Segment Is Expected to Dominate the Market During the Forecast Period

There are two types, Organic and Traditional in which the organic segment is expected to dominate the saffron market over the forecast period.

• Organic saffron is becoming increasingly popular due to the growing demand of consumers for natural and healthy food products. Organic saffron is produced using natural methods of cultivation that do not involve the use of chemical fertilizers or pesticides. This makes it a healthier and more environment friendly choice for the consumers. Organic farming practices involve additional costs compared to conventional methods for careful attention to soil health, pest control, and harvesting techniques which contributes to premium pricing.
• Organic saffron is expensive due to its limited production. This helps to boost the saffron market growth. Certification bodies verify the entire production process, from cultivation to packaging, ensuring compliance with organic farming guidelines. This certification provides consumers with confidence in the authenticity and purity of organic saffron, leading to increased demand.
• This rise in organic saffron market value can be attributed to various factors such as rising government initiatives to promote organic farming, shifting consumer preferences towards healthy food, and increasing popularity of saffron in medical applications.

By Grade, Grade I Held the Largest Share In 2023

There are totally four grades (I, II, III, IV) in the market in grade I is expected to dominate the saffron market over the forecast period.

• Grade I was the finest quality saffron in the world. It generated more than 60% of the total revenue in 2023 and it is expected to keep its dominance during the forecast period 2024-2032. The reason behind the Grade I segment's dominance is due to the excellent coloring and flavoring strengths and aroma of its products. It consists of only the red stigmas of the saffron flower, which are carefully hand-picked and separated from the rest of the plant. This rigorous cleaning and sorting process ensures a higher level of purity in Grade I saffron along with no contaminants and adulterations.
• The top-notch characteristics make Grade I saffron highly desirable for premium applications in food, fragrances, and personal care products. The rising trend of premium product consumption increases the demand for grade I saffron along with the growth of this market segment.

Saffron Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

The saffron market is segmented into North America, Eastern Europe, Western Europe, Asia-Pacific, South America, Middle East & Africa by region. The Asia Pacific region is expected to dominate the forecast period.

• Saffron is produced by countries in the region, including India, Iran, and Afghanistan. Saffron is an essential element in meals such as biryanis, curries, and sweets. Saffron has traditional and cultural value in several countries of the Asia Pacific region which drives demand and usage of saffron. In many Asian countries like India and China, it is used in Ayurvedic medicine and other traditional healing systems.
• Iran is the world's largest producer of saffron and exports a significant amount of saffron to the Asia Pacific region. The region has seen a significant increase in online sales channels, with e-commerce platforms providing consumers easy access to a wide range of saffron products from around the world. Also, the Asia Pacific region is expected to dominate the saffron market over the forecast period due to increasing demand, high production, increasing purchasing power, and a growing export market.

Saffron Market Top Key Players:

• Great American Spice (US)
• Mehr Saffron (US)
• Esfedan Trading Company (Iran)
• Tarvand Saffron Co. (Iran)
• Gohar Saffron (Iran)
• Rowhani Saffron Co. (Iran)
• Flora Saffron (Iran)
• Iran Saffron Company (Iran)
• Royal Saffron Company (India)
• Taj Agro Products (India)
• Jmd Agro Foods (India)
• King Kesariya (India)
• Grandor Co. (Iran)
• Upakarma (India)
• Everest Saffron (India)
• Waris Kesar Group (India)
• Abner Enterprises (India)
• Globalstar Company (India)
• Lion Saffron (India)
• House of Saffron (India)
• Dry Fruit Hub (India)
• Keynote (India)
• Baby Brand Saffron (India)
• Safran Global Company S.L.U. (Spain) and Other active players

Key Developments in the Saffron Market:

• In March 2023, the Indian Government announced that subsidies would be provided to saffron cultivating farmers for helping in saffron production. These subsidies would cover the cost of cultivation including the cost of seeds, and labor.
• In February 2023, Iran declared that it had exported 1000 tons of saffron in the previous year. This amount of saffron was a record-breaking amount exported by Iran.
• In 2023, Tata Consumer Products entered in Kashmiri Saffron segment with premium Grade I Saffron under its brand-named Himalayan.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. SAFFRON MARKET BY TYPE (2017-2030)
   1. SAFFRON MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. ORGANIC
      1. Introduction and Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2030F)
      3. Historic And Forecasted Market Size in Volume (2017-2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. TRADITIONAL
7. SAFFRON MARKET BY APPLICATION (2017-2030)
   1. SAFFRON MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SCENT
      1. Introduction and Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2030F)
      3. Historic And Forecasted Market Size in Volume (2017-2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. FOOD COLORING
   5. SKIN TREATMENTS
   6. FABRIC DYEING
8. SAFFRON MARKET BY FORM (2017-2030)
   1. SAFFRON MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. THREAD
      1. Introduction and Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2030F)
      3. Historic And Forecasted Market Size in Volume (2017-2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. POWDER
   5. LIQUID
9. SAFFRON MARKET BY DISTRIBUTION CHANNEL (2017-2030)
   1. SAFFRON MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. SPECIALTY STORES
      1. Introduction and Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2030F)
      3. Historic And Forecasted Market Size in Volume (2017-2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. RETAIL STORES
   5. SUPERMARKETS
   6. WHOLESALE DISTRIBUTORS
   7. ONLINE STORES
10. SAFFRON MARKET BY END-USER (2017-2030)
    1. SAFFRON MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. FOOD INDUSTRY
       1. Introduction And Market Overview
       2. Historic And Forecasted Market Size in Value (2017-2030F)
       3. Historic And Forecasted Market Size in Volume (2017-2030F)
       4. Key Market Trends, Growth Factors And Opportunities
       5. Geographic Segmentation Analysis
    4. PHARMACEUTICAL INDUSTRY
    5. PERSONAL CARE INDUSTRY
11. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Benchmarking
       2. SAFFRON Market Share By Manufacturer (2023)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers & Acquisitions
12. GREAT AMERICAN SPICE (US)
    1. 1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    2. MEHR SAFFRON (US)
    3. ESFEDAN TRADING COMPANY (IRAN)
    4. TARVAND SAFFRON CO. (IRAN)
    5. GOHAR SAFFRON (IRAN)
    6. ROWHANI SAFFRON CO. (IRAN)
    7. FLORA SAFFRON (IRAN)
    8. IRAN SAFFRON COMPANY (IRAN)
    9. ROYAL SAFFRON COMPANY (INDIA)
    10. TAJ AGRO PRODUCTS (INDIA)
    11. JMD AGRO FOODS (INDIA)
    12. KING KESARIYA (INDIA)
    13. GRANDOR CO. (IRAN)
    14. UPAKARMA (INDIA)
    15. EVEREST SAFFRON (INDIA)
    16. WARIS KESAR GROUP (INDIA)
    17. ABNER ENTERPRISES (INDIA)
    18. GLOBALSTAR COMPANY (INDIA)
    19. LION SAFFRON (INDIA)
    20. HOUSE OF SAFFRON (INDIA)
    21. DRY FRUIT HUB (INDIA)
    22. KEYNOTE (INDIA)
    23. BABY BRAND SAFFRON (INDIA)
    24. SAFRAN GLOBAL COMPANY S.L.U. (SPAIN)
13. GLOBAL SAFFRON MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Type
       4. Historic And Forecasted Market Size By Application
       5. Historic And Forecasted Market Size By Form
       6. Historic And Forecasted Market Size By Distribution Channel
       7. Historic And Forecasted Market Size By End-user
       8. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
14. INVESTMENT ANALYSIS
15. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies