IMARC Group has recently released a new research study titled “Saffron Market Report by Type (Organic, Conventional), Form (Thread, Powder, Liquid), Application (Food, Pharmaceuticals, Cosmetics, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global saffron market size reached US$ 518.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,017.8 Million by 2032, exhibiting a growth rate (CAGR) of 7.76% during 2024-2032.
Global Saffron Market Trends:
The increasing consumer awareness about saffron's benefits and its availability in various retail channels is supporting the market growth.
Additionally, the growing use of saffron in cosmetics and personal care products due to its skin-enhancing properties is contributing to the market expansion. Besides this, the widespread product utilization in the pharmaceutical industry for treating various ailments is boosting the market growth.
Furthermore, the increasing disposable income, leading to higher spending on premium products like saffron, is positively influencing the market growth. In addition, the expansion of e-commerce platforms, which has made saffron more accessible to a broader consumer base, is driving the market growth.
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Factors Affecting the Growth of the Saffron Industry:
· Increasing Demand for Natural and Organic Products:
The shifting trend towards natural and organic products is significantly driving the growth of the saffron market. Consumers are becoming more health-conscious and environmentally aware, leading to a preference for products that are free from synthetic chemicals and sustainably sourced. Saffron, being a natural spice with no need for artificial additives, fits perfectly into this paradigm. This shift is particularly prominent in the food and beverage (F&B) industry, where the demand for organic ingredients has soared.
Besides this, consumers are not only looking for products that are healthier but also those that have a story of sustainability and ethical sourcing. Saffron is hand-harvested, usually in small quantities, which aligns well with the principles of organic and artisanal production.
· Health Benefits:
The numerous health benefits associated with saffron are a major driver of the market growth. It is renowned for its potential to enhance health and well-being, which is supported by various scientific studies. It is rich in antioxidants, which help protect the body from harmful free radicals and oxidative stress, thereby potentially reducing the risk of chronic diseases such as cancer.
Additionally, saffron has been found to possess anti-inflammatory properties, which can aid in the treatment of conditions such as arthritis and other inflammatory disorders. Its benefits extend to mental health as well, with research indicating that saffron can help alleviate symptoms of depression and anxiety, improve mood, and enhance cognitive function. These health benefits make saffron a popular ingredient in the pharmaceutical and nutraceutical industries, where it is used in supplements and health products aimed at improving overall health.
· Culinary Uses:
The extensive use of saffron in culinary applications is a key factor driving the market growth. It is a highly prized spice in many global cuisines, owing to its unique flavor, aroma, and vibrant colors, which makes it an indispensable ingredient in a variety of traditional recipes. In Middle Eastern and Indian cuisine, saffron is used in dishes like biryani, kheer, and pilaf. Mediterranean cuisine also incorporates saffron in paella and risotto. Aside from its taste and color, saffron also offers a luxurious element to dishes, making it a sought-after ingredient in gourmet cooking.
Additionally, the rise of cooking shows, food blogs, and social media influencers showcasing exotic recipes featuring saffron has further amplified its demand.
Saffron Market Report Segmentation:
By Type:
· Organic
· Conventional
Based on the type, the market has been divided into organic and conventional.
By Form:
· Thread
· Powder
· Liquid
Thread accounted for the largest market share due to its superior quality, authenticity, and versatility in various applications compared to powdered or liquid forms.
By Application:
· Food
· Pharmaceuticals
· Cosmetics
· Others
Food represented the largest segment because saffron is extensively used as a flavoring, coloring, and aromatic agent in a wide range of traditional and gourmet culinary dishes.
Regional Insights:
· North America
· Asia-Pacific
· Europe
· Latin America
· Middle East and Africa
Asia Pacific's dominance in the market is attributed to the rich culinary traditions in countries like India and Iran, combined with increasing disposable income and demand for natural ingredients.
Competitive Landscape with Key Players:
The competitive landscape of the saffron market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Esfedan Trading
· Flora Saffron
· Gohar Saffron
· Grandorco
· Great American Spice Company
· HEA&CO
· Mehr Saffron Company
· Rowhani Saffron Co.
· Safrante Global Company S.L.U.
· Taj Agro International
· Tarvand Saffron Co.
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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