Enjoy complimentary customisation on priority with our Enterprise License!
The saffron market size is forecasted to increase by USD 210.37 million. The market is estimated to grow at a CAGR of 8.1% between 2023 and 2027.
The growing use in the pharmaceutical and cosmetics industries is notably driving market growth. This flower has been demonstrated to improve mood and may help treat depression and anxiety. Saffron has also been researched for its potential to lower the risk of heart disease and improve cardiovascular health. Furthermore, it is used in the cosmetics industry for its anti-inflammatory and antioxidant properties, which can help improve skin tone and texture, diminish the appearance of fine lines and wrinkles, and reduce the appearance of dark spots and blemishes. It is a well-liked ingredient in products intended to even out skin tone and lessen hyperpigmentation because it is thought to have a brightening effect on the skin. Therefore, as it is a versatile ingredient that has potential uses in a variety of sectors, the market is expected to witness growth during the forecast period.
To get additional information about the market, Request Free Sample
Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Quality control of saffron is a primary trend in the market growth. This is involved in quality control procedures to guarantee that the spice is genuine, pure, and up to standards. The primary factors that need to be considered in the quality control include purity, grade, moisture content, packaging, and testing for contaminants. Only the stigmas of the Crocus Sativus flower should be used to make pure product. As it is frequent for products to be adulterated with other substances like safflower, turmeric, or marigolds, it is crucial to test for purity using methods like microscopic inspection or chemical analysis. Secondly, the stigmas' hue, flavor, and aroma are used to grade the product. The coupe refers to the finest variety of product, which is deep red in color, aromatic, and flavorful.
Furthermore, the moisture content of the product should be reduced to about 10%. A huge quantity of moisture can cause spoilage or mold growth, whereas product that is too dry will likely become brittle and less flavorful. Moreover, saffron's quality must be preserved through proper packaging. It should be kept dry, cool, and out of the way of light and moisture. Additionally, to make sure that the product is safe for consumption, it is crucial to test for heavy metals and pesticides, which can contaminate the spice. Overall, the quality control of this product involves a combination of visual inspection, chemical analysis, and sensory evaluation to ensure that the product is pure, authentic, and meets certain standards of quality. Hence, such factors will boost market growth during the forecast period.
The high production cost is a major challenge that affects market growth. Owing to its labor-intensive cultivation method, saffron is one of the most expensive spices in the world. The flower is manually harvested by hand-picking flowers that only have three stigmas. One pound (lb) of product requires about 75,000 flowers. Harvesting takes a long time and requires a lot of labor, which raises the cost of production. As it is a low-yield crop, saffron needs particular growing circumstances, such as well-drained soil, a dry climate, and enough sunlight.
Furthermore, due to the unique growing conditions needed, there is a limited supply of product, and it can take several years for a product crop to mature. Thus, the disparity between supply and demand further raises the cost of saffron. Hence, all such factors will likely hinder the market growth during the forecast period.
The food segment is one of the most important segments of the global market, accounting for a significant portion of total demand. The product is used in a variety of dishes such as desserts, rice (biryani), and curries to enhance taste, aroma, and color. The demand for product in the food industry is driven by the growing popularity of exotic dishes and gourmet foods and the increasing demand for natural food additives. Furthermore, the rising trend of using saffron in healthy and organic food products is also contributing to the growth of the food segment in the global market. Such factors are expected to drive the food segment of the global market during the forecast period.
Saffron has gained attention in the medical industry owing to its potential health benefits and therapeutic effects. Saffron, extracted from Crocus sativus flowers, contains many bioactive compounds such as crocin, crocetin, and safranal that contribute to its medicinal properties. One of the key factors driving the growth of the medical segment is the growing consumer awareness of potential health benefits. Growing consumer awareness and interest in natural medicines, continued research into the therapeutic potential, use in dietary supplements, and its integration into traditional healthcare systems are expected to drive the growth of the medical segment of the market during the forecast period.
The market share growth by the thread segment will be significant during the forecast period. The sale of the product in the form of threads or stigmas is referred to as the thread segment. The dried stigmas of the Crocus Sativus flower are what are used to make product threads, which are highly prized for their potent flavor, aroma, and color. The high demand for premium-quality substance in a variety of applications, including food, beverages, cosmetics, and pharmaceuticals, is the main factor driving the thread segment of the global market.
For a detailed summary of the market segments Request for Sample Report
The thread segment was valued at USD 195.19 million in 2017 and continued to grow until 2021. A variety of factors, including cultivation practices, harvesting methods, processing, packaging, and distribution, have an impact on the thread segment of the market. The price and quality of saffron threads vary according to these variables, with premium quality saffron commanding a higher price. Top producers of saffron threads include Iran, India, and Spain, who together account for a sizeable portion of the global market. Hence, owing to such factors the segment is expected to witness an accelerating year-over-year growth rate during the forecast period.
Saffron powder offers practical advantages in the production of packaged foods. It can be easily weighed and mixed into dry mixes, sauces, and seasonings, giving food manufacturers a versatile ingredient for creating saffron-enriched products or enhancing the taste and increasing the visual appeal of products. Additionally, product powder has a longer shelf life compared to whole threads. Furthermore, the convenience and ease of use of saffron powder, its cost-effectiveness compared to product threads, the practicality it offers food manufacturers, its long shelf life, and the increasing demand for product in various culinary applications have contributed to the growth and expansion of saffron powder segment of the global market during the forecast period
Get a glance at the market share of various regions View PDF Sample
APAC is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Due to the rising disposable incomes, growing knowledge of the health advantages, and the rising acceptance of ethnic cuisines in the region, product consumption has significantly increased over the past few years in APAC. This is also used in a number of traditional medicines and cosmetics, which furthers the market's expansion. India is one of the largest producers and consumers in APAC, owing to its rich cultural heritage and traditional use in various dishes. Other key markets in the region include China, Japan, and South Korea.
Moreover, there are many small and medium-sized players operating in the highly fragmented APAC market. To diversify their product portfolios and increase their market share, larger players are anticipated to enter the market and acquire smaller players in the upcoming years as the market consolidates. The availability of fake and adulterated products is one of the biggest problems the APAC market faces. Numerous regulatory organizations in the area have, therefore, put strict quality control measures in place to address this problem. It is anticipated that these measures will raise the standard of the products available on the market. Hence, such factors will boost market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The Market is witnessing significant demand due to its memory-enhancing properties and anti-inflammatory effects, attributed to its antioxidants. In the U.S., the product is gaining traction, with innovations like image processing technology and electric noses ensuring product quality and authenticity. Concerns about adulteration drive efforts to establish labeling standards. While substitutes like marigold petals exist, Grade substance remains sought after for its purity. With applications in both medical and cosmetic industries, saffron's role as an UV-absorbing agent further enhances its market value.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.1% |
Market growth 2023-2027 |
USD 210.37 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.3 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, Iran, China, India, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Al Hasad Al Fakher Trading Est., Azafran de La Mancha, Great American Spice, Mehr Saffron, Organic Spices Inc., Rumi Spice, Safrante Specialty Foods S.A., Esfedan Saffron Co., Gohar Saffron Co., Grandor Co., Green Leaves International, King Kesariya, La Casa de los Aromas S.L., Norfolk Saffron, Novin Saffron Co., Rowhani Saffron Co., Societa Agricola Baghini Buonacara Srls, The Cheshire Saffron Co., Trond Saffron Qain Co., and USMS Saffron Co. Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
BUY NOW Full Report and Discover more
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Formulation
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.