Saffron Market

Global Saffron Market Size (2024 to 2029):

Global Saffron market is expected to grow at a CAGR of 9.5% during the forecast period. The market was valued at USD 519.18 million in 2024 and is expected to reach USD 746.40 million by 2029.

Saffron is a spice derived from the flower called saffron crocus. The flower of Chronos sativus is used for extracting the vivid crimson threads or stigma of the flower that has the iconic colour. Saffron is considered an exotic variety of plants with a golden-colored pungent stigma often used as a natural colorant. The flower is dried and sold as a spice for flavoring and colour in multiple cuisines. This spice is mainly cultivated and used in the Mediterranean and Asian regions, in countries like Iran, Spain, Italy, France, and India. Growing this spice and harvesting it is a highly labor-intensive process. It can take significant time and effort as the workers pluck each flower's stigma carefully and dry it, then process and package it for sale. Additionally, a large quantity of stigma makes up for small amounts of products. Therefore, this spice is considered to be rare and has a growing market for it. Saffron has had a rich historical background and has been predicted to be around since the 6th century BC. 

Global Saffron Market Drivers:

The growing application of saffron in several fields and industries and growing awareness about spice and its essence and benefits support the market's growth. Saffron has been used in traditional cuisines like biryani, Spanish paella, teaching, Swedish saffron buns, chicken and corn soup with saffron, Milanese risotto, etc. The rich golden color and aroma of saffron add to food, making it a popular spice and leading to the saffron market growth. The widespread cultural importance of saffron in these areas also supports the market. Saffron has been used in these cultures for centuries and has been helpful for multiple purposes. In the Indian, Greek, and Roman courts, saffron was considered a sweet-smelling spice that was good for skin and health. Therefore, it was used in abundance in the courtly bathrooms and even as a colorant in makeup for lips and eyes for courtesans. It was also used in several rituals as a sacred ingredient. Additionally, saffron was used as a dye for the clothes of sadhus and pandits in the Indian culture. Therefore, the rich association of spice with culture supports the market's growth. 

The widespread reach of saffron across the Mediterranean, Asian and European regions supports the market rise and popularity in the North American regions. The several health benefits of saffron lead to growth in the market. Saffron is a prevalent antioxidant and is said to help with retaining good memory and even treat depressive disorders. It is also predicted to have anti-cancer properties and relieve the symptoms of PMS. Additionally, saffron can benefit adults with low libido as it works well as an aphrodisiac. It may also help people with obesity issues as it helps reduce appetite and aids in weight loss. Furthermore, the growing cases of diabetes and high BP issues also support the saffron market growth, as saffron may help lower blood sugar levels and keep blood pressure under control. It may help reduce the risk of heart attacks and even promote better eyesight in elderly patients. Therefore, the significant health benefits associated with spice support the saffron market. 

Additionally, saffron has a large industry and is applicable in various places. For example, it has applications in food and is a prominent ingredient in the pharmaceutical and cosmetics industry. Saffron is used in several home remedies and as traditional medicine for several cases and leads to growth in the market. Saffron has several antibacterial and pharmacological properties making it highly beneficial to the skin and assisting in eliminating pigmentation, inflammation, and dark spots. It is also rich in vitamins and minerals; therefore, it is used in several home skin care and several commercial products for its benefits for the skin. Additionally, the variety of ways saffron is used and sold supports market growth. Saffron is used as an essential oil, powder, and even a supplement, making it easier to consume. 

Global Saffron Market Restraints:

Saffron is deemed the no.1 costliest spice in the world and is extremely expensive. Therefore, the high cost of saffron makes it an unattainable spice for several economic classes. It is also difficult to buy it regularly or in a bunch for the same reason, which is a drawback to the market growth. Additionally, the hand labour required to cultivate the spice makes it a slow process needing more time and workers. Additionally, it is essential to note that saffron, when used as a supplement, must be in limited intake and according to the doctor's prescription; otherwise, it can become toxic in the body. Furthermore, impurity is very common in saffron production and safe, especially in powder forms, as saffron can be mixed with beet, silk strands, turmeric, paprika, etc., and sold as saffron. Therefore, the growing attempts to cut costs through adulteration and growing mistrust among the population restrain market growth. 

Impact of covid-19 on the global saffron market:

The covid-19 pandemic brought panic and mass economic losses worldwide, leading to the continuous shutdown of several industries. However, the saffron market received a positive impact from the pandemic due to research papers proving that saffron can help in toning down the covid related cytokine in the body. It was found that saffron had immunomodulatory and anti-asthmatic actions, which helped relieve a few respiratory symptoms. Several in silico tests showed that the astragalin and crocin present in saffron could possess inhibitory actions on SARS-CoV-2 protein and spike protein. Therefore, the benefits f saffron in fighting against the pandemic led t more demand for the product. However, the production and cultivation of saffron became scarce due to the intense labor-intensive process and the lack of human resources and transportation during the pandemic making the prices rise resulting from a scarcity of products. The pandemic brought a lot of attention to the benefits of saffron and helped spread more awareness about the market. 

REPORT COVERAGE: 

This research report on the Global Saffron Market has been segmented and sub-segmented based on grade, application, & region. 

Global Saffron Market - By Grade:

• Grade I
• Grade II
• Grade III
• Grade IV

The Grade I segment is expected to dominate the market during the forecast period. Grade I is the most high-quality saffron available in the market, and with growing demand for originality and premium-grade products, the demand for the market is growing. It is the finest Grade of saffron which contains pure stigma and is considered essential in all fields.

The Grade II and Grade III saffron are also gaining revenue due to lower costs and the high production rate for such saffron. They partly use artificial colorants in their production. The easy availability of such saffron quickly and at comparatively lower rates supports the segment growth.

Global Saffron Market - By Application:

• Medical
• Cosmetics
• Food
• Others

The Food and Cosmetics segment is expected to dominate the market during the forecast period due to the regular use of saffron in multiple cuisines and beauty products. For example, it is used in cooking for its unique aroma and color, and the skincare products that use saffron guarantee that it helps brighten the skin and remove any dark spots. In addition, saffron is also used for medicinal purposes in several household remedies and ointments, leading to revenue for the market. 

Global Saffron Market – By Region:

• North America
• Europe
• Asia-Pacific 
• Latin America
• MEA

The Asia-Pacific region is expected to dominate the market during the forecast period. Saffron is considered a very auspicious ingredient for many Asian countries like India, China, Japan, Korea, etc., and it is considered an essential part of several rituals. Therefore, it has been traditionally used for medicinal, cosmetic, and cooking applications for generations and is an essential product. Additionally, the growing production of saffron in Asian countries supports the market's growth. The solid traditional beliefs of the populations in the region and the association of the use of saffron in every celebratory occasion support the market growth in the region. 

The European region is also expected to incur growth due to the increasing trade of saffron in the region. Furthermore, the increasing reexports of saffron and the enormous profits made from such reexports, which promise quality products and packaging, support the growth of the market in the region. The MEA region is also expected to have a share in the market due to many experts from Middle Eastern countries like Afghanistan, Iran, the United Arab Emirates, Greece, etc. The Latin American region is also expected t grow due t revenue from countries like Spain.

KEY MARKET PLAYERS:

Key Market players of Global Saffron Market are Esfedan Trading Company, Safran Global Company S.L.U, Tarvand Saffron Co., Saffron Business Company, Gohar Saffron, Rowhani Saffron Co, Mehr Saffron, Flora Saffron, Royal Saffron Company, Iran Saffron Company

RECENT HAPPENINGS IN THE MARKET:

• January 17, 2023, tanmatra ventures private limited associated brand ACTIZEET has launched a premium Kashmiri Kesar branded as ACTIZEET saffron. The saffron is promised to be of premium Grade. It has an intense aroma and colour; the company aims to gain revenue by promising to provide the highest Grade, hand-picked saffron. In addition, the company is committed to ethically sourcing its resources; this development is considered a milestone. 
• On June 9, 2022, SoulTree, the luxury ayurvedic beauty and wellness company, released India's first 100% pure organic Mogra saffron called kumkumadi. The product is being advertised as a skincare tool that brightens the skin and enriches the skin and, therefore, can be used in a variety of cosmetic products. The company has introduced a range of 8 cosmetic products using this saffron which BDIH, Germany, has approved. 
• October 11, 2022, USMS Saffron Co. of India has supplied quality and pure-grade saffron for the past 57 years. The company has sold its saffron domestically and overseas and aims to launch health-related products. The company plans on expanding its business to this industry for a wider reach. It plans on releasing products like kesar-flavoured whey proteins and poses tough competition to the existing health industry companies like Dabur and Patanjali.