Saffron Market: Global Industry Analysis and Forecast (2024-2030) by Product, Type, Vertical and, Region

Saffron Market Overview

Saffron, a premium spice which comes from the Crocus sativus flower. Globally, Saffron is considered one of the expensive spice as Saffron requires carefully plucking of threads by hand, as it is a labour intensive work. Saffron which is derived from Crocus sativus, is premium for its use in adding unique flavour, aroma, nutritional supplements, beauty and skincare products and colouring properties. More than 85% of saffron production is done in Iran.

 

The key driving factor of Saffron Market is its various application in culinary, fragrances, and personal care products as it is available in different forms like liquid, powder and threads. The Saffron market is growing as there is increase in consumer awareness, growing desire for organic products, and a growing need for natural components. Saffron has unique properties like antioxidant, anti-inflammatory, and other therapeutic properties which is the reason for Saffron market growth in various applications in culinary, medicinal, and cosmetic domains. The growing trend of luxury product consumption, for high-end culinary applications, fragrances, and personal care items are driving the demand for Saffron Market. Using innovative technology in farming and the support from the Government by providing initiatives are rising the demand for Saffron market as these are key growth drivers.

 

Rising use of Saffron in traditional cuisines and rising demand from pharmaceutical and cosmetic industries has led APAC to dominate the global Saffron market with around 35% market share and is expected to grow at a CAGR of 7-9%. India, which holds around 10-15% market share, plays an important role in the growth of Saffron market as traditional medicine and culinary applications are widely used and popular, making it a key country in saffron cultivation, trade, and exports. China and Afghanistan are another major contributors to the growing Saffron Market in APAC region. APAC is followed by Europe where Saffron market is expected to grow at a CAGR of 6% with major contribution from Spain, Italy and Greece. North America is also contributing to the growth of Saffron market with major contribution from US. Key players catering to the growing demand for Saffron market are Gohar Saffron, HEA & Co Spanish, Rowhani Saffron Co, Saffron Business Co and Royal Saffron.

 

Saffron Market Dynamics

Increasing use of Saffron in Food Industry

 

Saffron Market is growing with use in food, drinks, supplements, and cosmetics is growing. The traditional saffron is leading the market, making up around 65% of the revenue in 2023. Consumer are preferring it because of its unique taste, smell, and colour, making it a valuable ingredient in cooking, cosmetics, and traditional medicine. In 2023, the Middle East and Africa dominated the market, having around 45-50% of the revenue, mainly because saffron is a key ingredient in their traditional dishes. Saffron is also gaining popularity in its grade II form, making around $450 to 500 million in 2023, as more people use it in their cooking at home and in businesses. As growing focus on health and look for natural solutions, the demand for saffron-based products is increasing. People are getting more aware of saffron's health benefits, which is boosting the market even more.

 

 

Saffron growing demand in Pharmaceuticals and Wellness Industry:

 

Saffron is becoming really important in the pharmaceutical and wellness industry. Saffron is used because it help with mood disorders and enhances the mood. Saffron market is growing in skincare and cosmetics as things like antioxidants that make skin healthy. The beauty industry is one of the key growth drivers of saffron market and putting it in creams, serums, and masks catering to the growing demand of it.

 

Saffron have anti-cancer and anti-inflammatory powers like crocin, crocetin, and safranal that help keeping cells safe. Using saffron to help with feelings like depression and anxiety because of mood-boosting qualities have driven the growth of Saffron Market. As cancer patients are increasing at a rate around 25%, the demand for Saffron is growing for catering to the growing demand using its medicinal properties.

 

Government regulation affecting Saffron Market

 

The Indian government has implemented the Saffron Act of 2007, a regulatory framework overseeing the storage and export of saffron meeting defined quality standards. This legislation establishes procedures for registration, certification, and the issuance of export permits. In the United States, saffron producers and exporters are obliged to adhere to regulations set by the Food and Drug Administration (FDA). Compliance involves the registration of processing and storage facilities, as well as providing advance notice for each saffron shipment. This ensures conformity with established standards and regulations in the saffron trade.

 

Growing demand in Saffron Beer Market

 

The saffron beer market is experiencing growth driven by distinct factors such as a surge in consumer preference for premium alcoholic beverages has significantly increased the demand for saffron-infused beer. The growing popularity of microbreweries and home brewing operations is playing a key role in growing the saffron beer market. North America is dominating the Saffron Beer market as from the increasing health consciousness and awareness among millennials, who are recognizing and seeking out the unique health benefits offered by saffron-infused beer. North America is expected to grow at a CAGR 7-8%, US being the key contributor underscores a robust growth trajectory for the saffron beer market, in turn driving the saffron market demand.

 

 

Saffron Market Segment Analysis

By application, Saffron is expected to contribute around 40-43% in Food Segment by 2030. This expected growth is driven by increasing incorporation of saffron as a natural food ingredient, augmenting the essence of various food products. The growing food sector in diverse regions is expected to be a key driver for the increasing demand for saffron.

 

 

The Cosmetics segment is expected to experience noteworthy growth, driven by its rising utilization in the formulation of fairness creams, anti-blemish lotions, and cleansers. CASA KOKOBERNA introduced the Beautiful Body Collection, featuring the inaugural product, Saffron Body Oil, aimed at enhancing skin strength. In the Medical segment, substantial growth is expected, owing to saffron's recognized properties as an antioxidant, antiseptic, anti-depressant, and anti-convulsing formulation within the market. The presence of anti-depressant components like crocin and safranal in saffron is expected to contribute to its efficacy in addressing nervous system disorders. This diverse application spectrum underscores the multifaceted growth potential of saffron across different sectors within the market.

 

By Formulation, The global Saffron Market is segmented based on formulation, categorizing its products into Powder, Liquid, and Thread. The Thread segment holds a significant share around 55-60% showcasing its dominance globally. In India, Saffron Thread market is growing as there are investments done like SaffronThreads Clothing, online shopping platform driving the growth of the Saffron Thread Market.  

 

 

Recent investments have been done by Pharmactive Biotech Products SLU, company in Madrid, Spain regarding Saffron powder and have able to develop new culinary product which is both safe and cheap. Carmine County has invested to develop a high-quality saffron powder. The Liquid segment is expected to hold a value share of 10-12%. Constraints such as the limited availability of saffron in liquid form impede the revenue growth of this segment. Liquid Saffron market is expected to grow at a CAGR of 5% .Liquid saffron are recommended drops of liquid saffron be added to cool or room temperature beverages, with a cautionary note to avoid introduction to hot liquids to retain its beneficial attributes. Beyond culinary applications, liquid saffron is available as a supplement, acknowledged for potential health benefits such as mood enhancement, skin health improvement, potential contributions to weight management, and support for eye health.

 

Saffron Market Competitive Landscape

Tata Consumer Products has introduced Grade 1 Kashmiri saffron under the Himalayan brand. The product addresses consumer concerns regarding saffron purity and authenticity through an AI-enabled QR code validation system.

 

Activ'Inside's Safr'Inside patent, featuring Techcare encapsulation technology, ensures the preservation of saffron's native composition, emphasizing high safranal content and growing premium, full-spectrum product offerings.

 

 

Pharmactive Biotech's Affron, holding a US-granted patent for low mood support, has solidified its leadership in the mental wellness category, contributing to the rising demand for saffron-based supplements.

 

Natac Group's acquisition of INOREAL further strengthens its saffron extracts portfolio, promising easier access to high-quality bioactive components with clinically supported branded ingredients.

 

The purpose of this research is to provide stakeholders in the industry with a thorough insight into the Global Saffron Market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as anticipated market size and trends. The analysis examines all areas of the industry, with a focus on significant companies such as market leaders, followers, and newcomers.

 

The research includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favourable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry.

 

The research also aids in comprehending the Global Saffron Market dynamics and structure by studying market segments and forecasting market size.

 

The research is an investor's guide since it clearly depicts competitive analysis of major competitors in the Global Saffron Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.

 

Saffron Market Scope
Market Size in 2023	USD 1.05 Bn.
Market Size in 2030	USD 1.74Bn.
CAGR (2024-2030)	7.5%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Type Organic Conventional
	By Components Liquid Powder Stigma Petals Stamen
	By Application Food Supplements Cosmetics Personal Care Products Food & Beverage Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Saffron Market Key Players:

1. Gohar Saffron (Hamburg, Germany)

2. HEA & Co Spanish 

3. Rowhani Saffron Co. 

4. Linkage Internationals 

5. Damon Enterprises 

6. Esfahan Pishro 

7. Rowhani 

8. Iran Saffron Company 

9. Saffron Business Co. 

10. Royal Saffron 

11. Grandor 

12. Golden Pars Maha 

13. Shahri Food Products 

14. Rah Abrisham Sialk International 

15. Taj Agro Products 

16. Jmd Agro Foods 

17. Good Life Global

18. King Kesariya 

19. Damon Enterprises 

20. Great American Spice