Press release
Saffron Market to Hit USD 687.8 Million by 2034: Insights into Rising Demand, 7.4% CAGR Growth, and Dominance of Saffron Threads
Saffron Market
Sales of saffron threads are expected to outpace those of powder and liquid ones. This is due to several advantages of saffron threads. The target segment is projected to account for a value share of 78.7% in 2024.
Multiple factors are set to spur the growth of the saffron industry during the assessment period. These include:
Rising interest in diverse and international cuisines
Increasing applications of saffron in the food & beverages, cosmetics, and pharmaceutical sectors
Escalating demand for natural flavors and colorings
Growing usage of saffron essential oil in aromatherapy
Rising consumer awareness about the harmful effects of artificial colors
Saffron's association with luxury and exclusivity
As consumers become more adventurous with their culinary preferences, the demand for high-quality and exotic ingredients like saffron is expected to rise exponentially. This will likely boost market growth during the forecast period.
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Saffron is widely used in the food and beverage industries as a flavoring and coloring agent. Hence, growing demand for processed food products is expected to bolster saffron sales throughout the forecast period.
The introduction of new products and widening applications of saffron are anticipated to support the expansion of the saffron industry through 2034. Similarly, innovative marketing strategies employed by key saffron manufacturers will benefit the market.
To increase brand preference and sales, manufacturers emphasize the quality and authenticity of their saffron products. They are implementing rigorous quality control measures to ensure that the saffron meets the highest standards.
Several companies are obtaining certifications for organic, fair-trade, or other quality standards, enhancing saffron products' credibility. Consumers often seek assurance that the saffron they purchase meets certain quality and ethical standards. This will propel the saffron market forward.
Increasing the export of saffron is another key factor expected to boost overall demand and create lucrative growth opportunities for saffron manufacturers and suppliers. Hence, a robust CAGR has been predicted for the target market during the next ten years.
"The saffron market continues to experience growth driven by increasing global demand, premium positioning, health and wellness trends, product diversification, sustainable sourcing, and online and international markets. The market's potential for lucrative opportunities is fueled by the spice's authenticity, versatility, and cultural significance, making it an attractive ingredient in the food and beverage industry."- says Nandini Roy Choudhury (Client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Saffron Report:
The global market for saffron is expected to reach a valuation of US$ 687.8 million by 2034.
Global demand for saffron will likely rise at 7.4% CAGR between 2024 and 2034.
Based on form, the saffron threads segment is set to total US$ 526.1 million in 2034.
By end-use application, the food & beverages processing industry is expected to grow at 5.1% CAGR through 2034.
North America will likely hold a value share of 20.5% in the global market by 2034.
The United Kingdom market is estimated to witness a value CAGR of 6.1% through 2034.
Saffron sales in India are projected to total US$ 105.2 million by 2034.
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Competitive Landscape
Key Players in the Saffron Market Include
Azafranes Manchegos S.L.
Dorreen Saffron Extract
Norfolk Saffron Extract
Pascual Reverte S.L.
Saharkhiz Int Group Inc.
Rowhani Saffron Extract Co.
Safrante Global Company S.L.U.
Triselecta S.L.
House of Saffron
Surkh Saffron
Key players are focusing on expanding their portfolios by launching new high-quality products. They also use strategies such as acquisitions, advertisements, celebrity endorsements, partnerships, agreements, and mergers to gain a competitive edge in the market. For instance,
Natac Group purchased the French biotech INOREAL to boost its market position significantly in the saffron extracts sector.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global saffron market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study offers compelling insights on the saffron industry based on form (powder, threads, liquid), end-use application (culinary applications, food & beverages processing industry, cosmetics & personal care industry, fragrance, aromatherapy, and dietary supplements), functionality (food/feed/pharma grade and cosmetic grade), product claim (organic and conventional), saffron compound (crocin, crocetin, picrocrocin, safranal, others), and region.
Saffron Market by Category
By Form:
Powder
Threads
Liquid
By End-use Application:
Culinary Applications
Food & Beverages Processing Industry
Bakery and Confectionary
Dressings & Condiments
Baby Food & Sauces
Beverages
Soups and Spreads
Salad
Meat and Meat Products
Seafood
RTE Meals
Dairy Products
Cosmetics & Personal Care Industry
Lip Care
Skin Care
Hair Care
Sun Care
Bath & Body
Cosmetics
Fragrance
Perfumes
Colognes
Body Mists
Aromatherapy
Dietary Supplements
By Functionality:
Food/Feed/Pharma Grade
Antidepressant
Heart Health
PMS Treatment
Boosts Memory
Cancer Prevention
Antioxidants and Anti-inflammatory Compounds
Promoting Weight Loss
Flavor Enhancer
Insomnia Treatment
Cosmetic Grade
Antioxidants and Anti-inflammatory Compounds
Antiaging
Heals Scars
Protects against UV Radiation
Reduces Pigmentation
Fights Inflammation
Dry Skin
Prevents Hair Loss
By Product Claim:
Organic
Conventional
By Saffron Compound:
Crocin
Crocetin
Picrocrocin
Safranal
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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