The globalย saffron marketย is projected to grow from USD 337.9 million in 2024 to USD 687.8 million by 2034, expanding at a CAGR of 7.4% over the forecast period.
Among various forms, saffron threads remain the most preferred choice among end-users due to their superior quality and versatility. This segment is expected to account for 78.7% of total revenue in 2024.
Derived from the Crocus sativus flower, saffron is prized for its vibrant reddish-orange hue and distinctive flavor. It is a staple in traditional cuisines such as Indian, Spanish, and Persian. Beyond culinary applications, saffron is widely used in perfumes, dyes, and traditional medicines.
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The increasing demand for saffron is fueled by its rich aroma and unique taste, enhancing the flavor profile of various dishes. Additionally, as consumers seek more premium and exotic ingredients, saffron continues to gain traction across global markets.
Key Takeaways:
- The global saffron market is projected to witness substantial growth, driven by increasing demand in food & beverages, pharmaceuticals, and cosmetics.
- The market is expected to expand at a steady CAGR due to its extensive use in traditional and modern applications.
- Iran remains the largest producer, with Spain, India, and Greece also playing significant roles in global supply.
- Technological advancements and sustainable cultivation practices are enhancing yield and quality, further boosting market growth.
- Counterfeit saffron remains a major challenge, prompting industry players to adopt authentication technologies and certifications.
Market Drivers and Applications:
The saffron market is experiencing significant expansion, primarily due to its increasing application across various industries. In the food and beverage sector, saffron is extensively used as a flavoring and coloring agent in traditional and gourmet cuisines. In the pharmaceutical industry, it is gaining traction for its medicinal properties, particularly for treating depression, Alzheimerโs disease, and cardiovascular conditions. Additionally, the cosmetics sector is incorporating saffron in skincare and beauty products due to its anti-inflammatory and antioxidant properties.
Industry experts suggest that rising consumer preference for natural and organic ingredients is a major factor propelling the saffron market. Furthermore, the growing awareness of saffronโs health benefits and the rising purchasing power in emerging economies are expected to accelerate market growth.โ saysย Nandini Roy Choudhury, Client Partner at Future Market Insightsย
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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.
Grains, Pulses & Legumes Industry Analysis:ย https://www.futuremarketinsights.com/industry-analysis/grains-pulses-and-legumes
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.
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