Saffron market to Eyewitness Huge Marginal Growth by 2028

Posted by Mrudula Anil Karmarkar on July 6th, 2022

The global saffron market size is expected to reach USD 721.5 million by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% over the forecast period. The demand for saffron has been growing rapidly owing to several factors, such as the growing demand for natural ingredients in the food industry. Furthermore, the medicinal properties of saffron have also been one of the key driving factors contributing to the growth of the market. Saffron is the most versatile and costliest spice in the world. Saffron is the dry stigma of Crocus Sativus, where each flower has only 3 stigmas. The process of handpicking the saffron thread is very labor-intensive and over 70,000 flowers produce 1 pound of saffron.

Saffron is obtained from the stigmas of crocus sativus flowers. It has various applications including food, medical, and cosmetics. It is being preferentially used as a natural colouring and flavouring ingredients over artificial ingredients. The different types of cuisines use saffron for various recipes preparation across the globe. Apart from that, it is used in the diverse types of food formulations which include dessert powder, beverage powder, crème caramel powder, cake mix, and similar other semi-ready to use saffron mixtures. Hence, the growth in the food sector is likely to boost the market growth over the next nine years.

The medical application is expected to gain market share on account various properties of saffron which include anti-anxiety, anti-inflammatory, anti-carcinogenic, anti-mutagenic, antioxidant, anti-proliferative, and similar other medicinal properties. It is also used in the treatment of asthma, cancer, hypoxia, cough, hypertension, multiple sclerosis, and other common ailments. The demand for saffron as an herbal alternative in medical applications is anticipated to drive the market between 2016 to 2028.

Saffron is gaining popularity as a natural constituent, which can be used in the production of the anti-blemish lotions, fairness creams, and cleansers. It may also be used for acne removal, tan removal, reduce pigmentation & skin blemishes, toning skin, improve complexion, and other skin related issues. The increasing awareness about the saffron as natural cosmetic is likely to drive the market over the forecast period.

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Surging demand of saffron owing to various applications coupled with the benefit of natural production process is expected to push the industry over the forecast period.  The demand for saffron is on the rise owing to use in other applications such as perfume, textile and paint industry. The other application segment accounted for more than 11% volume share in 2015.   Rising awareness for using naturally produced products such as saffron has led to increased spending by the food industry globally to improve the flavour and colour of different recopies prepared in a variety of cuisines. This, in turn, has led to increased demand from the food industry, which is likely to boost the saffron market growth over the next nine years. Positive outlook towards the saffron in Italy, Spain, and China owing to demand from the food, and medical applications is subsequently projected to drive the product demand.

Saffron Market Report Highlights

• The grade I segment accounted for the largest revenue share of over 59.98% in 2020 and is estimated to retain the dominant position throughout the forecast period
• The medical application segment is projected to be the fastest-growing segment over the forecast period
• The increasing product usage in dietary supplements and medicines for the treatment or prevention of various health conditions, such as high cholesterol levels and healing of second-degree burns, boosts the segment growth
• Middle East & Africa is the key region, which is anticipated to witness the fastest growth in the market over the forecast period
• Middle East holds the largest production cluster of saffron and has increasing product usage in the food as well as medical applications contributing to the highest growth of the regional market

Gohar Saffron, Rowhani Saffron Co., Iran Saffron Company, and Saffron Business Co. are companies with significant production capacity. These companies are engaged in the saffron production to serve different applications such as food, medicinal, cosmetics, perfumes, textiles, and paint.The global market is characterized by the limited presence of players. The production is concentrated in the Middle Eastern countries. The market has a high potential for emerging and new players that require broad support across the value chain. The established, as well as new market players, have been focusing more on robust brand management for enhancing various differentiating factors, such as portfolio diversity, different packaging formats including premium packaging, and competitive pricing. 

List of Key Players of Saffron Market

• 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