saffron market

Saffron Market Share, Size, Trends, Industry Analysis Report, By Type (Organic, Conventional); By Grade (Grade I, Grade II, Grade III, Grade IV); By Application (Food, Medical, Cosmetics, Others); By Form (Thread, Powder, Liquid); By Region; Segment Forecast, 2022 - 2030

  • Published Date: Apr 2022
  • Pages: 115
  • Format: PDF
  • Report ID: PM2366
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global saffron market was valued at USD 372.9 million in 2021 and is expected to grow at a CAGR of 8.6% during the forecast period. Growing demand for natural ingredients, increasing consumer awareness, and its availability in different forms that make easy usability boost the market growth during the forecast period. It is high in vitamins, and it has anti-depressant, anti-oxidant, and antiseptic properties, which make it popular in the management of asthma, sneeze, cold, and measles.

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It is available on the market in thread, liquid, and powder forms and is widely used to produce food preservatives, nutritional supplements, aromas, beauty products, and skincare products. The saffron market is expanding due to rising interest in natural ingredients. Its business growth is expected to be facilitated by rising consumer tastes for organic ingredients due to the world's growing health-conscious population.

Furthermore, sustainability and certification have become more popular worldwide, which can be credited to consumers' increasing concern about food safety as they become more concerned about the origin, quality, and authenticity of food products. As a result, multiple manufacturers have begun to offer certificated food ingredients. The rapid focus of the government on the cultivation of product, the establishment of a new saffron park, launches of new schemes,  and several benefits is the driving factor during the forecast period. In November 2021, According to a report by Risingkashmir, Kashmir's manufactured saffron or flowers were praised more than Iran's.

Kashmiri saffron is nearly 50% more beneficial than Iranians. Still, the current valuation of Kashmiri saffron is even less than 5%, while saffron cultivated in Iran, Spain, and elsewhere holds 95% of the market worldwide. Also, in August 2021, the government of India launched new schemes and methods to promote its cultivation in the Kashmir valley. Saffron park has been established specifically for processing and marketing Kashmir Valley saffron.

Industry Dynamics

Growth Drivers
Strong growth for the market in medical applications is expected to drive the saffron market during the forecast period. It contains many plant products that function as antioxidants, safeguarding one's cells from free radicals and oxidative stress. They contain a lot of antioxidants, which assist in neutralizing free radicals. Chronic diseases such as cancer have been connected to free radical damage.

Cancer, for illustration, is a leading cause of mortality globally, accounting for nearly a million premature deaths in 2020, or well almost one in every six deaths, according to the WHO. Infections that cause cancer, such as Human Papillomavirus (HPV) and hepatitis, account for approximately 30% of malignant tumors in low- and relatively low countries. As a result of the rising prevalence of cancer, there is a greater demand for the product for its medicinal properties.

Further, these compounds aid in the reduction of inflammatory responses in the human brain. It is renowned for its memory-enhancing, anti-oxidative, and anti-inflammatory properties, which are expected to drive market growth. In connection with this, their use in prescription drugs for their anti-tumor properties in the treatment of cancer, arthritis, and cardiovascular disabilities is also favoring the market growth. Furthermore, the production of organic and chemical-free saffron to meet the needs of health-conscious consumers is expected to drive the saffron market even further.

Report Segmentation

The market is primarily segmented based on type, grade, application, form, and region.

By Type

By Grade

By Form

By Application

By Region

  • Organic
  • Conventional
  • Grade I
  • Grade II
  • Grade III
  • Grade IV
  • Thread
  • Powder
  • Liquid
  • Food
  • Medical
  • Cosmetics
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Application

The medical segment is expected to be the most significant revenue contributor. The significance of the market in herbal remedies in Iran, India, and China is expected to drive segment growth during the forecast period. It is intended to help battle free radicals, which cause various diseases such as chronic inflammatory disease, asthma, diabetes, and cancer.

Geographic Overview

Asia Pacific had the largest revenue share. India is the leading manufacturer in the Asia Pacific, and India and China are some of the region's top purchasers. They are among the most valuable flavorings in these countries, with traditional uses in food and medicine. For its distinct color and flavor, India's Kashmiri saffron is in high demand around the world.

The expanding use of the item as an ingredient in dietary supplements is also expected to boost demand over the forecast period. The majority of the global market players are output, focusing on their production process and worldwide distribution connection to meet rising demand from diverse application industries worldwide.

Moreover, Europe is expected to witness a high CAGR in the global market. Europe is a significant re-export market because some participating countries have significant advantages in processing, packaged foods, and branding capabilities. Since the value-added revenue made by re-exports is substantial, these distributors are constantly looking for greater volumes of high-quality products. Increased re-exports by European countries are projected to increase Europe's position in the global market.

Competitive Insight

Some of the major players operating in the global market include Esfedan Trading Company, Flora Saffron, Gohar Saffron, Iran Saffron, Mehr Saffron, Rowhani Saffron Co., Royal Saffron Company, Saffron Group, Safran Global Company S.L.U., and Tarvand Saffron Co.

Saffron Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 372.9 Million

Revenue forecast in 2030

USD 756.7 Million

CAGR

8.6% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Million/Billion and CAGR from 2022 to 2030

Segments covered

By Type, By Grade, By Form, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Esfedan Trading Company, Flora Saffron, Gohar Saffron, Iran Saffron, Mehr Saffron, Rowhani Saffron Co., Royal Saffron Company, Saffron Group, Safran Global Company S.L.U., and Tarvand Saffron Co.

Key Take-Away
Polaris Market Research
Saffron Market Size Global Report, 2022 - 2030