Unveiling Saffron Market’s Soaring Growth to US$ 804.4 Million by 2032 with a 10.8% CAGR Iran’s Industry Surge and a US$ 200 Million Opportunity

The Saffron market  is on a robust growth trajectory, expected to reach US$ 804.4 million by 2032 from US$ 480 million in 2022, boasting a 10.8% CAGR. Iran’s saffron industry, valued at US$ 330 million in 2021, is set to surpass US$ 600 million by 2032, indicating significant growth potential and an incremental US$ 200 million opportunity between 2022 and 2032.

During the projected period, Saffron market is expected to grow at a CAGR of 10.8 %. The market value is projected to increase from US$ 480 Million in 2022 to US$ 804.4 Million by 2032.

In 2021, the Iranian saffron industry was estimated to be worth $330 million, and by 2026, it is predicted to be worth more than $500 million. By the end of 2032, the saffron industry in Iran is projected to be worth over $600 million, with a CAGR of 5.7%. Experts predict an approximately $17 billion opportunity in the Iranian saffron market for 2022 over 2021, with updates for an expected incremental opportunity of about $200 million between 2022 and 2032.

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As more people become aware of the culinary uses and health advantages of the spice, the market for saffron is expanding quickly. Saffron is used in a variety of industries, including food, cosmetics, and medicine because of its distinctive flavour, colour, and therapeutic qualities. In the upcoming years, it is projected that the sector would keep growing.

The majority of the saffron will still be consumed in these countries’ retail industries, the survey said. Saffron sales from retail outlets are projected to exceed US$ 160 million. But with a 5.1% CAGR in sales development, the market will see a marked increase in the usage of saffron in cosmetic manufacturing. How much saffron is consumed depends on whether it is used as a spice, herb, or flavouring. Furthermore, during the course of the anticipated period, the flavouring and spice sector will be responsible for nearly three-fourths of the saffron revenue generated in these countries.

Key highlights from the report on saffron market for targeted countries include:

  • Iran’s saffron industry will expand at 5.7% CAGR, and register substantial growth in production of powdered saffron
  • More than 90 Mn worth of saffron powder will be consumed in the US by the end of 2026
  • In UK’s saffron industry, medical & pharmaceutical industry will record revenue growth at 6% CAGR during forecast period
  • Demand for saffron will be low in Germany as the country’s market is expected to be valued at just over US$ 4 Mn by 2026-end
  • The saffron market in France, Spain, China, Luxemburg and Italy will exhibit growth at less than 3% CAGR
  • Between 2016 and 2026, Netherlands’ saffron industry will showcase an incremental opportunity of US$ 2 Mn

The report also profiles leading manufacturers of saffron partaking in the markets across these targeted countries, namely, Safrante Global Company, SLU, Evolva, Rowhani Saffron Co., Hijos de Eustaquio Abad & Co. SL, Sara Nuts, Tarvand Saffron Co., USMS Saffron Co. Inc., Royal Saffron Company, Saharkhiz International Group Companies, Gohar Saffron, Novin Saffron Co., and Azafranes Machegos SL.

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Market Segmentation

By Form

  • Thread
  • Powder
  • Liquid

By End Use

  • Retail
  • Food Service
    • Culinary Products
    • Dairy Products
    • Confectionery
    • Tea
    • Others
  • Medical & Pharmaceuticals
  • Cosmetics
    • Skin Care
    • Hair Care
  • Others

By Function

  • Flavouring & Spice
  • Herbs
  • Others

By Key Countries

  • Netherlands
  • Iran
  • U.S.
  • U.K.
  • Germany
  • France
  • Spain
  • China
  • Belgium
  • Luxembourg
  • Italy

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Frequently Asked Questions

  • What is the outlook of the saffron market from 2016 to 2026?
  • Which manufacturers are currently active in the global saffron industry?

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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