Saffron Industry Overview
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.
The demand for saffron is continuously on the rise owing to its increasing usage in the traditional cuisines of Asia Pacific countries. Furthermore, saffron is used in traditional Asian medicines to treat or prevent various diseases and health conditions. The increasing usage of the product in various dietary supplements as an ingredient is also expected to bolster the demand over the forecast period. The majority of the players operating in the global market are export-oriented and focus more on their supply chain and global distribution network to meet the increasing demand from various application industries across the globe.
Saffron Market Segmentation
Grand View Research has segmented the global saffron market on the basis of grade, application, and region:
Based on the Grade Insights, the market is segmented into Grade I, Grade II, Grade III, and Grade IV
- Grade I is the finest quality available in the global market. The grade I segment accounted for the maximum revenue share of more than 59% in 2020.
- Increasing popularity of premium products boosts demand for high-quality saffron, which fuels the segment growth.
Based on the Application Insights, the market is segmented into Food, Medical, Cosmetics, and Others
- The medical application segment is estimated to witness the fastest growth of 8.8% over the forecast period.
- The importance of saffron in the traditional medicines in countries, such as Iran, India, and China, is anticipated to boost the growth of the segment over the forecast period.
- Furthermore, it has varied applications in the cosmetics industry, such as in skincare and other personal care products. More recently, saffron has attracted a renewed interest for its use in cosmetic products.
- Besides the antioxidant properties, it presents multiple interests for cosmetic applications. Moreover, saffron has various applications in the food, textile, and fragrance industries.
Saffron Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
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.
Some prominent players in the global Saffron market include:
- 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
Order a free sample PDF of the Saffron Market Intelligence Study, published by Grand View Research.
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