Saffron Market Size, Share, Growth, and Industry Analysis, By Type (Thread Form, Powder Form, Liquid Form), By Application (Retail, Food Service (Restaurants, Hotels), Medical & Pharmaceuticals, Nutritional Supplements, Cosmetics) and Regional Forecast to 2032

Updated On: 22 April 2024

Saffron Market REPORT OVERVIEW

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The global Saffron market size was USD 875.5 million in 2022 and market is projected to touch USD 2189.48 million by 2032, exhibiting a CAGR of 9.6% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, saffron experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The increasing need for this particular spice in medicinal and cosmetic uses is likely to drive the market during the forecast period. This spice is high in antioxidants and has a variety of health advantages. Picrocrocin, safranal, and the crocin are the primary active chemicals found in spice. These chemicals aid in the reduction of inflammation and oxidative stress in the cerebral cortex of humans.

Furthermore, this particular spice is recognized for its memory-boosting, antioxidant, and anti-inflammatory qualities, which are expected to drive market expansion. It is also utilized in the cosmetics sector as an organic UV-absorbing ingredient.

COVID-19 Impact: Interruption in Services to Deplete Market Growth

During the pandemic the market share was severely impacted due to the supply restrictions and also due to the rapid decline in the demand for the spice. However, this spice demand soared after the outbreak since there were no longer limits on migration. As a result, product supply would be simple. Furthermore, market development is likely to be driven by the growing tendency of processed food items and rising demand for this spice production following the COVID-19outbreak.

LATEST TRENDS

"Rising Trend of Consumption of Luxury Items to Stimulate Market Development"

Grade I is the highest quality accessible in the worldwide saffron market growth, accounting for over sixty percent of total sales in 2022. This category contains two varieties: Negin as well as Sargol. Negin's ISO value is usually greater than 270, but Sargol's ISO reading is between 260 and 270. The current Grade I supremacy can be attributed to its products' superb coloring, flavour, and scent. These qualities make Grade I ideal for high-end culinary applications, perfumes, and personal care items. Because of its exceptional coloring and flavor power, it is perfect for usage in these high-end items.

The rising trend of luxury product consumption is increasing demand for high-quality, driving the development of this market sector. To assure validity and worth, the spice is graded, labeled, and packaged in accordance with the ISO 3632 standard. The market worth of a product is estimated by its grade along with inspection findings. Grade III, that includes a high concentration of safranal (fragrance), is commonly utilized in beauty products, personal hygiene products, and fragrance goods.

Saffron Market SEGMENTATION

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• By Type

Based on type; the market is divided into thread form, powder form, liquid form

Thread form is the leading part of the type segment.

• By Application

Based on the application; the market is divided into retail, food service (restaurants, hotels), medical & pharmaceuticals, nutritional supplements, cosmetics

Retail is the leading part of the application segment.

DRIVING FACTORS

"Food and Beverage Segment to Aid Market Expansion "

From 2022 to 2030, the field of food and beverage segment is predicted to grow at a 5.9% revenue CAGR. The increasing need for natural and nutritious food components is driving the market for beverages and food application in the spice sector. This spice is a valuable spice that is used in a variety of culinary and beverage products due to its distinct flavor, scent, and color. This spice health benefits, such as its antioxidants capabilities and potential medicinal properties, are also driving up consumer interest in this particular spice based foods and beverages.

"Petal Form to Foster Industry Progress "

In 2022, the petals form dominated the saffron market share. Petals are frequently employed in conventional healing and herbal medicines because they are thought to provide a variety of health advantages, including inflammation reduction and mood enhancement. Furthermore, this spice petals are used in the creation of natural colours. Crocin, a yellow-orange pigment found in flowers, can be separated and used to color textiles and other materials.

The liquid form market is estimated to grow rapidly, with an annualized revenue growth rate of 7.2% throughout the forecast period. This spice liquids is an extraction of the spice, which is utilized in many kinds of ways due to its distinct flavor, scent, and color. The liquid is also utilized in traditional medicine since it is said to have anti-inflammatory and antioxidant qualities.

RESTRAINING FACTORS

"Intensive Labor Harvesting to Limit the Market Evolution "

Each spice blossom contains only three stigmata. After being removed from a plant (when combined with their crimson pistils), the stigmata are dried to preserve their color and flavor. Because only a little fraction of the bloom is used, a single pound of spice necessitates 75,000 spice flowers. This spice is quite expensive and varies by nation due to the small quantity of spice generated per bush and the demanding of labor manual harvesting technique.

Saffron Market REGIONAL INSIGHTS

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"Traditional Cooking in Asia Pacific to Support Market Advancement "

In 2022, the Asia Pacific controlled the market, accounting for 51.7% of total revenue. This is due to a greater demand for its utilization in traditional cooking. This spice is a key component in many regional meals while it is additionally employed to flavor sweets and pastries. The spice is seen as a symbol of generosity and is frequently presented to guest as a mark of respect. Another aspect fueling the region's business is its therapeutic properties. This spice has been used in traditional medicine for ages to cure a variety of diseases, including sadness, anxiety, and sleeplessness. It is also thought to have antioxidants and anti-inflammatory qualities, and it may aid in the reduction of cholesterol and blood pressure levels.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Novin Saffron (Iran)
• Shahri Saffron (Iran)
• Gohar saffron (Iran)
• Iran Saffron (Iran)
• Rowhani Saffron (Iran)
• Tarvand (Iran)
• Azafranes Manchegos, S.L (Spain)
• Krokos-Kozani (Greece)
• Shanghai Pharmaceuticals Holding Co. (China)
• Saffron Business (Iran)
• Grandor (Iran)
• HEA (Germany)
• King Kesariya (India)
• Wani Fruit Enterprises (India)
• SAFRANTE GLOBAL (Spain)
• Taj Agro Products (India)
• Great American Spice Company (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.