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:
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 flavor 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 color 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
COVID-19 Impact
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.
Report Metric | Details |
Market size value in 2020 | US$887.395 million |
Market size value in 2027 | US$1,560.548 million |
Growth Rate | CAGR of 8.40% from 2020 to 2027 |
Base year | 2020 |
Forecast period | 2022–2027 |
Forecast Unit (Value) | USD Million |
Segments covered | Application, And Geography |
Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies covered | Baby Brand, The Saffron Company JJ, S.L., Kashmir Kesar Leader, SAFFRON Group, Afghanistan Saffron Co, Esfedan Saffron Co., Tarvand Saffron Co., SAFRANTE GLOBAL COMPANY, S.L.U., Rowhani Saffron Co. |
Customization scope | Free report customization with purchase |
Segmentation:
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the saffron market?
A1. The global saffron market is projected to grow at a CAGR of 8.40% over the forecast period.
Q2. What will be the saffron market size by 2027?
A2. Saffron Market is projected to reach a market size of US$1,560.548 million by 2027.
Q3. What is the size of the global saffron market?
A3. The saffron market was valued at US$887.395 million in 2020.
Q4. What factors are anticipated to drive the saffron market growth?
A4. Individuals are shifting their preference toward 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.
Q5. Which region holds the largest market share in the saffron market?
A5. The Asia Pacific region is expected to hold a considerable share in the saffron market, which is attributable to the increasing uses of saffron in the medicinal field, in nutrition and in foods.
1. Introduction
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Saffron Market Analysis, by Application
5.1. Introduction
5.2. Food and Beverage
5.3. Cosmetics
5.4. Nutrition
5.5. Others
6. Global Saffron Market Analysis, by Geography
6.1. Introduction
6.2. North America
6.2.1. North America Saffron Market Analysis, By Application
6.2.2. By Country
6.2.2.1. United States
6.2.2.2. Canada
6.2.2.3. Mexico
6.3. South America
6.3.1. South America Saffron Market Analysis, By Application
6.3.2. By Country
6.3.2.1. Brazil
6.3.2.2. Argentina
6.3.2.3. Others
6.4. Europe
6.4.1. Europe Saffron Market Analysis, By Application
6.4.2. By Country
6.4.2.1. UK
6.4.2.2. Germany
6.4.2.3. France
6.4.2.4. Spain
6.4.2.5. Others
6.5. Middle East and Africa
6.5.1. Middle East and Africa Saffron Market Analysis, By Application
6.5.2. By Country
6.5.2.1. Iran
6.5.2.2. United Arab Emirates
6.5.2.3. Saudi Arabia
6.5.2.4. Others
6.6. Asia Pacific
6.6.1. Asia Pacific Saffron Market Analysis, By Application
6.6.2. By Country
6.6.2.1. Japan
6.6.2.2. China
6.6.2.3. India
6.6.2.4. South Korea
6.6.2.5. Others
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Baby Brand
8.2. The Saffron Company JJ, S.L.
8.3. Kashmir Kesar Leader
8.4. SAFFRON Group
8.5. Afghanistan Saffron Co
8.6. Esfedan Saffron Co.
8.7. Tarvand Saffron Co.
8.8. SAFRANTE GLOBAL COMPANY, S.L.U.
8.9. Rowhani Saffron Co.
Baby Brand
The Saffron Company JJ, S.L.
Kashmir Kesar Leader
SAFFRON Group
Afghanistan Saffron Co
Esfedan Saffron Co.
Tarvand Saffron Co.
SAFRANTE GLOBAL COMPANY, S.L.U.
Rowhani Saffron Co.
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