Global Saffron Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Food And Beverage, Cosmetics, Nutrition, Others), And By Geography - Forecasts From 2022 To 2027

The saffron market is estimated to grow at a CAGR of 8.40% to reach a market size of US$1,560.548 million in 2027 from US$887.395 million in 2020.

Increasing disposable income has led to an increase in the consumption of premium quality natural colourings and premium foods

The surge in industrialization and urbanization has created more jobs and a rise in disposable income for low-income and middle-income populations. This has increased their propensity to spend on premium food products, which contain top-of-the-line ingredients and expensive spices such as saffron, in addition, individuals are shifting their preference towards natural food colourings due to the presence of unknown and potentially harmful substances in artificial food colouring. Hence, these factors are propelling the demand for saffron and fueling the market growth over the forecast period.

Some of the examples of product offerings are as follows:

• Abad GuerraSaffron & Spices Exporters, which is one of the companies dealing in the production and export of saffron, offers different forms of saffron under their product portfolio. They are offering Saffron in Threads, which is a product that consists of whole saffron threads that include style and stigma. They offer Coupe Saffron, which is the red part of the stigma of the saffron, which is produced after the separation process from the style. The last product that they offer is powdered saffron, which is the final product after the grinding process is carried out using the thread. They provide these products in different packing styles such as showcase jars, showcase blisters, sachets, and vials, among others.
• Rowhani Saffron Co., - a company involved in the provision of saffron offer different types and grade of saffron to cater to the rising demand in different industries. It offers a product called the “Poushali Negin Saffron”, which is one of the best quality saffron that is available and shows features such as high porosity, all red, thicker fibres, and is cultivated and processed according to the ISO 3632 certification. It offers “Sargol Saffron”, which is considered one of the most colourful types of saffron. It is most commonly used for cooking and contains a high level of crocin and safranal and adheres to the ISO 3632 certification. Moreover, other types of saffron are also being provided by the company.
• SAFRANTE GLOBAL COMPANY, S.L.U., is another company involved in the production and provision of saffron and other saffron products under its portfolio. It offers Saffron Filaments, Saffron Sauce, Saffron Tea, and Saffron Powder. The saffron filaments provided by the company are offered in different types of packaging such as jars, blisters, plastic boxes, and metal tins. The saffron powder is offered as saffron capsules in a jar and in a plastic box as Sachets, among others.

The Asia Pacific region is expected to hold a considerable market share over the forecast period. On the other hand, the North American region is expected to grow at a significant pace

The Asia Pacific region is expected to hold a considerable market share over the forecast period, which is attributable to the increasing use of saffron in the medicinal field, in nutrition, and in foods. On the other hand, the North American region is expected to hold a significant amount of share over the forecast period owing to increasing disposable income among the people, which is encouraging them to make use of expensive spices and the popularity saffron is gaining for use in the food and beverages industry as well as the cosmetics industry.

Food and Beverage to increase its market share over the forecast period and nutrition to strengthen its market presence over the forecast period.

The use of saffron to give different types of foods and beverages a distinct and good flavour has been in trend for many years, and it is being used in different cuisines. For example, saffron is used in French cuisine, in the popular fish stew dish called “Bouillabaisse”.  It is used in Italian cuisine in “Risotto”. It is one of the main ingredients in the Spanish “Paella’ and is used as a flavor enhancer and used to impart colour to rice in “Biryani”, which is a very popular dish in the South Asian region. In addition, its use to make ready-to-drink beverages like “Saffron Milk” is also gaining popularity. Thus, this is leading to the demand for saffron.

On the other hand, the trend of consuming saffron as a mode of nutrition is gaining a rapid following among individuals in different regions of the world owing to the host of nutritional benefits it can provide. Saffron is widely used as it is a source of and it has an abundant number of antioxidants including crocin, crocetin, safranal, and kaempferol. The compounds crocin and crocetin are excellent anti-depressants that can uplift the mood of consumers, whereas, safranal helps in improving the memory of individuals. In addition, according to the National Institute of Health, the consumption of saffron is effective in preventing cancer of the bone marrow, breast, and lungs, among others to some extent. Premenstrual syndrome (PMS), which is the situation that affects the mood, and psychology of a majority of women, before the start of the menstruation cycle, can be controlled to some extent by the use of saffron. Besides, it has other health benefits apart from the abovementioned benefits. Thus, these factors are strengthening the position of the nutrition segment over the forecast period.

Recent Developments and expansions

• The Kashmiri saffron has earned the GI (geographical indication) label, and the Jammu and Kashmir administration declared in 2020 that it was ready to introduce the spice to the UAE market. This action places the J&K brand on the world stage.
• Saffron Body Oil, the first product in CASA KOKOBERNA's new Beautiful Body Collection, was introduced in 2020 for skin radiance and strength. The price of the US$450 handcrafted saffron oil.
• A new technique for automated, year-round saffron farming was unveiled in 2021 by the Israeli company Saffron Tech, which produces the spice.

COVID-19 Impact on the Saffron Market

COVID-19 had a substantially favourable effect on the global saffron market. When administered as a nutraceutical or medicine supplement, the ingredient tends to lessen the severity of COVID-19 symptoms in people. The anti-inflammatory, antioxidant, as well as other medicinal properties of saffron, can aid in pre-infection and post-infection care strategies. IHBT has developed a production technology for saffron, and the department has developed a tissue culture protocol to produce saffron free of disease. In June 2020, The Institute of Himalayan Bio-resource Technology (CSIR-IHBT) and The Department of Agriculture, Government of Himachal Pradesh, took the initiative to impart training to state agricultural branch officers and farmers.

Global Saffron Market Scope:

Segmentation:

• By Application
  • Food and Beverage
  • Cosmetics
  • Nutrition
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Iran
    • UAE
    • Saudi Arabia
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Others