Press release
Saffron Market is projected to surge ahead at a CAGR of 7.49 % from 2024 to 2032 | IMR
The global saffron market size was valued at USD 1.39 billion in 2023 and is estimated to reach USD 2.66 billion by 2032 at a CAGR of 7.49 %.
Saffron is also known as Golden spice or Red gold and is one of the most expensive spices in the world. Saffron has antimicrobial, antibacterial, antifungal, antiseptic, and anti-inflammatory properties as well as a distinct flavor and aroma.
Saffron has its distinct aroma and flavor which adds distinct flavor, scent, and color. Saffron is also used as a natural food color. Saffron spice can provide a lot of health benefits when consumed with the milk.
Saffron has some medicinal properties like antimicrobial, antifungal, antibacterial, antiseptic, and anti-inflammatory. Also, saffron contains chemicals that might kill cancer cells. The use of saffron in depressive disorders, Alzheimer's disease, and abnormalities increases its demand in the pharmaceutical industry. It can strengthen eyesight and can prevent it from being affected by external matters.
The Major Players Covered in this Report:
Great American Spice (US), Mehr Saffron (US), Esfedan Trading Company (Iran), Tarvand Saffron Co. (Iran), Gohar Saffron (Iran), Rowhani Saffron Co. (Iran), Flora Saffron (Iran), Iran Saffron Company (Iran), Royal Saffron Company (India), Taj Agro Products (India), Jmd Agro Foods (India), King Kesariya (India), Grandor Co. (Iran), Upakarma (India), Everest Saffron (India), Waris Kesar Group (India), Abner Enterprises (India), Globalstar Company (India), Lion Saffron (India), House of Saffron (India), Dry Fruit Hub (India), Keynote (India), Baby Brand Saffron (India), Safran Global Company S.L.U. (Spain) and Other active players
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Saffron Market Trend Analysis
Crocin and Safranal components of saffron have the best inhibitory action against cancer cells. Crocetin has the property to suppress breast, cervical, liver, lung, and pancreatic cancers. Saffron contains two important vitamins, riboflavin and thiamine, and also a small quantity of β-carotene. Strong evidence indicates that saffron and its components possess anticarcinogenic and antitumor effects.
Picrocrocin, Safranal, and Crocin compounds help to reduce oxidative damage and inflammation in the human brain and enhance memory. saffron and especially its main constituent molecules exert beneficial effects on frequent neuropsychiatric and age-related diseases
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Market Segmentation
By Type
•Organic Saffron
•Traditional Saffron
By Grade
•Grade I
•Grade II
•Grade III
•Grade IV
By Application
•Scent
•Food Colouring
•Skin Treatments
•Fabric Dyeing
By Form
•Thread
•Powder
•Liquid
By Distribution Channel
•Speciality Stores
•Retail Stores
•Supermarkets
•Wholesale Distributor
•Online Stores
By End-user
•Food
•Pharmaceutical
•Personal Care Industry
Saffron Market Regional Insights:
The saffron market is segmented into North America, Eastern Europe, Western Europe, Asia-Pacific, South America, Middle East & Africa by region. The Asia Pacific region is expected to dominate the forecast period.
Saffron is produced by countries in the region, including India, Iran, and Afghanistan. Saffron is an essential element in meals such as biryanis, curries, and sweets. Saffron has traditional and cultural value in several countries of the Asia Pacific region which drives demand and usage of saffron. In many Asian countries like India and China, it is used in Ayurvedic medicine and other traditional healing systems.
Regional Analysis:
•North America (U.S., Canada, Mexico)
•Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
•Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
•Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
•South America (Brazil, Argentina, Rest of SA)
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Key Developments in the Saffron Market:
•In March 2023, the Indian Government announced that subsidies would be provided to saffron cultivating farmers for helping in saffron production. These subsidies would cover the cost of cultivation including the cost of seeds, and labor.
•In February 2023, Iran declared that it had exported 1000 tons of saffron in the previous year. This amount of saffron was a record-breaking amount exported by Iran.
•In 2023, Tata Consumer Products entered in Kashmiri Saffron segment with premium Grade I Saffron under its brand-named Himalayan.
Report Highlights:
•A complete analysis of the market, including the parent industry
•Important market dynamics and trends
•Market segmentation
•Historical, current, and projected size of the market based on value and volume
•Market shares and strategies of key players
•Recommendations to companies for strengthening their foothold in the market
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Introspective Market Research (introspectivemarketresearch.com) is a visionary research consulting firm dedicated to assisting our clients to grow and have a successful impact on the market. Our team at IMR is ready to assist our clients to flourish their business by offering strategies to gain success and monopoly in their respective fields. We are a global market research company, that specializes in using big data and advanced analytics to show the bigger picture of the market trends. We help our clients to think differently and build better tomorrow for all of us. We are a technology-driven research company, we analyze extremely large sets of data to discover deeper insights and provide conclusive consulting. We not only provide intelligence solutions, but we help our clients in how they can achieve their goals.
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