Global Saffron Market 2024-2031

Saffron Market Size, Share & Trends Analysis Report by Type (Organic and Convention), by Form (Thread or Filament, Powder, and Liquid), and by Application (Food & Beverage, Dietary Supplements, Pharmaceutical, Cosmetic and Skincare, and Others) Forecast Period (2024-2031)

Saffron market is anticipated to grow at a CAGR of 6.4% during the forecast period (2024-2031). Primary factor supporting the market growth includes high antioxidant content, health benefits, memory enhancement, and UV-absorbing properties. Its high usage in cosmetic and medical applications is expected to drive its growth.

Market Dynamics

Increasing demand for natural and organic products

The demand for natural and organic saffron in various industries is on the rise owing to health-conscious consumers' preference for natural ingredients. According to the National Institute of Health (NIH) report published in March 2022, the global market for herbal cosmetics is experiencing a rapid growth due to the increasing awareness about the minimal side effects of herbal products. Valued at approximately $11.0 billion in 2016, the natural and organic personal care products market is projected to reach $22.0 billion by 2022.

Furthermore, its a versatile ingredient, is utilized in various industries such as, pharmaceuticals, cosmetics, and food products due to its minimal processing to preserve its flavor and aroma. According to the National Institute of Health (gov.) in June 2023, comprehensively compile the production, chemical composition, transformation, biological activities, health-healing properties, and quality assessment, it is important to consider its various uses and the difficulties associated with its production. With approximately 60,000 flowers required to produce 1 kg of dried stigma, which is estimated at 10,000$ USD, it additionally stands as the most expensive spice on the world market, making it a prime target for adulteration. Therefore, the development of fraud detection methods is essential in ensuring the authenticity and quality of products.

Increasing consumer awareness of health benefits

The growing consumer awareness of health advantages leads to increased demand for natural products such as saffron, that possess antioxidant properties. According to the National Institute of Health (gov.) in March 2024,its a agricultural commodity with a global production estimated at approximately 500 tons in 2019. Iran is the leading producer, followed by India. The global market was valued at US$ 1.07 billion in 2022 and is projected to reach a value of US$ 1.77 billion between 2023 and 2029. its known for its rich content of carotenoids, picrocrocin, safranal, and terpenes, which have various health benefits such as hepatoprotective, anti-viral, anti-inflammatory, and analgesic properties, as well as the potential to reduce the risk of cancer. Additionally, it is a good source of flavonoids, phenolic acids, and phytosterols, and has been found to enhance learning and memory.

Market Segmentation

Our in-depth analysis of the global Saffron market includes the following segments by type, form, and application:

• Based on type, the market is sub-segmented into organic, and convention.
• Based on form, the market is augmented into thread or filament, powder, and liquid.
• Based on application, the market is sub-segmented into food & beverage, dietary supplements, pharmaceutical, cosmetic and skincare, and others (food supplements, and personal care).

Food & Beverage is Projected to Emerge as the Largest Segment

Based on the application, the saffron market is sub-segmented into food & beverage, dietary supplements, pharmaceutical, cosmetic and skincare, and other (food supplements, and personal care). Among these, the food & beverage sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includes food & beverage companies are leveraging market opportunities through product diversification, geographical expansion, strategic collaborations, and innovative saffron-based formulas to meet increasing demand. For instance, in October 2022, Saffron Co. launched health-oriented food & beverages, including saffron drinks and supplements such as 'kesar' flavored whey protein, targeted the youth and Gen-Z. It provided the most costly and delicate spice in the globe to both domestic and international markets. Its major goal is to expand and diversify its health-related business.

Organic Sub-segment to Hold a Considerable Market Share

The beauty and cosmetic industry is experiencing significant growth owing to rising consumer dem and for innovative skincare products, including individuals infused with organic saffron. For instance, in June 2022, SoulTree has introduced India's first range of products using 100% pure, certified Organic Mogra Saffron. The Advanced Kumkumadi range includes eight skin revitalizing products, enriched with exotic ingredients such as, Flame of the Forest, Chandan, Lodhra, Manjishtha, and Lotus. This allows beauty enthusiasts to customize skincare routines.

Regional Outlook

The global saffron market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).

The demand for premium saffron is on the rise in the European market

The Europe market is experiencing a surge in demand for premium ingredients, particularly, owing to its unique flavor profile and high-quality culinary experiences. For instance, in December 2020, Jammu and Kashmir government introduced Kashmiri saffron in the UAE market, promoting it with the Geographical Indication (GI) tag to boost the Valley's global brand.

Global Saffron Market Growth by Region 2024-2031

Source: OMR Analysis

Asia-Pacific Holds Major Market Share

Among all the regions, Asia-Pacific holds a significant share owing to the growing demand for government laws and regulations possessed an immense influence on the business; it stimulate market access, research, and development of cultivation. According to the Indian Institute of Integrative Medicine , in January 2021, its a highly expensive spice, is a perennial herb from the Iris family, known for its aroma, color, and use in flavoring, medicinal, and pharmaceutical industries. Kashmir saffron is famous globally owing to its high crocin content and rich aroma. It is produced in Jammu and Kashmir, with Iran, India, Spain, and Greece being major producers. Iran contributes 88% of the globe's production, while India produces 7%. The industry faces threats from countries like Iran, Spain, and Greece, who have more intensive production technologies. The industry in J&K needs to expand its cultivation area and productivity to remain competitive. With 3715 hectares under cultivation, production is 16 MT and 3.0 - 4.0 kg/ha. Expanding cultivation to non-traditional areas and improve sustainability and livelihood security for marginally poor farmers.

Market Players Outlook

Note: Major Players Sorted in No Particular Order

The major companies serving the global saffron market include, Boston Scientific Corp.,Edwards Lifesciences Corp., Medtronic PLC, Penumbra, Inc., and Teleflex Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, In January 2022, ENTOD Pharma introduced saffron-based eye care product. This French-made natural eye supplement, made from Persian extract, effectively treats eye conditions such as, macular degeneration, glaucoma, diabetic retinopathy, and retinitis pigmentosa.

The Report Covers:

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global saffron market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.