NEW YORK, July 25, 2024 /PRNewswire/ — The global saffron market size is estimated to grow by USD 225.3 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Growing use in the pharmaceutical and cosmetics industries is driving market growth, with a trend towards expansion of saffron cultivation. However, high production costs of saffron poses a challenge .Key market players include Al Hasad Al Fakher Trading Est., AZAFRANES MANCHEGOS SL, Esfedan Saffron Co., Gohar Saffron Co., Grandor Co., Green Leaves International, King Kesariya, La Casa de los Aromas S.L., Mehr Saffron, Norfolk Saffron, Novin Saffron Co., Organic Spices Inc., Rowhani Saffron Co., Rumi Spice, Safrante Specialty Foods S.A., Societa Agricola Baghini Buonacara Srls, The Cheshire Saffron Co., The Great American Spice Co., Trond Saffron Qain Co., and USMS Saffron Co. Inc..
Technavio has announced its latest market research report titled Global saffron market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Formulation (Thread, Powder, and Liquid), End-user (Food, Medical, Cosmetics, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America) |
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Region Covered |
APAC, Europe, North America, Middle East and Africa, and South America |
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Key companies profiled |
Al Hasad Al Fakher Trading Est., AZAFRANES MANCHEGOS SL, Esfedan Saffron Co., Gohar Saffron Co., Grandor Co., Green Leaves International, King Kesariya, La Casa de los Aromas S.L., Mehr Saffron, Norfolk Saffron, Novin Saffron Co., Organic Spices Inc., Rowhani Saffron Co., Rumi Spice, Safrante Specialty Foods S.A., Societa Agricola Baghini Buonacara Srls, The Cheshire Saffron Co., The Great American Spice Co., Trond Saffron Qain Co., and USMS Saffron Co. Inc. |
Key Market Trends Fueling Growth
Saffron production has seen expansion in various regions beyond traditional producers like Iran, Spain, and India. Areas such as Greece, Morocco, Afghanistan, and the US have emerged as new cultivation hubs. This growth in saffron production is essential to meet the escalating global demand for this exotic spice. Consumers’ preference for unique flavors in food and beverages fuels this demand. Diversifying saffron cultivation areas reduces reliance on a few major producers, ensuring a steady supply and preventing price fluctuations. Additionally, it reduces transportation costs, improves product availability, and provides employment opportunities. Geographical diversification also mitigates risks of crop failure due to natural disasters or unforeseen events. Overall, this trend positively impacts the global saffron market, ensuring a stable and reliable supply to cater to growing consumer demand.
Saffron, derived from the Crocus sativus flower, is a valuable spice with significant market trends. In health, saffron shows potential in addressing Human Papillomavirus and Hepatitis B, inflammatory responses, and arthritis. Prescription drugs and dietary supplements incorporate saffron threads, powder, and liquid forms for treating cardiovascular disabilities. Traditional medicine uses saffron in perfumes, dyes, and for its antioxidant properties. Online presence and e-commerce platforms drive saffron sales, with QR codes ensuring authenticity. Functional meals, wellness items, and hydroponics/vertical farming are emerging markets. Saffron prices remain high due to labor-intensive production, leading to increased demand for alternative natural flavors. Cultural significance in various cuisines fuels international trade, with premium quality saffron from Kashmir being highly sought after. The saffron derivative market also includes food colors and aromatherapy. Sustainable farming practices ensure premium quality and combat fake products. The saffron beer industry and culinary experimentation further expand its application in baked goods, desserts, beverages, sauces, and savory dishes.
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Market Challenges
Saffron is a valuable spice known for its intense flavor and aroma. However, the high production costs of saffron are a significant challenge for the global saffron market. The primary reason for these high costs is the labor-intensive cultivation process. Saffron is harvested by handpicking the stigmas from each flower, which contains only three. It takes approximately 75,000 flowers to produce one pound of saffron. This process is time-consuming and requires a large workforce, leading to increased labor costs. Moreover, saffron is a low-yield crop that demands specific growing conditions, including well-drained soil, a dry climate, and ample sunlight. These conditions are not easily accessible in all regions, limiting the supply of saffron and driving up its price. After harvesting, saffron undergoes a complex processing and packaging process. The stigmas are carefully separated from the flowers and then dried to preserve their flavor and aroma. Proper drying and packaging are essential to maintain the quality of saffron, which adds to the production costs. Furthermore, the demand for saffron continues to grow due to its use in various cuisines. However, the limited supply of saffron, which takes several years to mature, creates an imbalance between demand and supply, driving up the price. In summary, the high production costs of saffron are due to labor-intensive cultivation, low yield, complex processing and packaging requirements, and the imbalance between demand and supply. These factors will likely constrain the growth of the global saffron market during the forecast period.
The saffron market faces several challenges in ensuring product authenticity and quality. Adulteration with turmeric, marigold petals, safflower, and food preservatives is a common issue. Allergens from threads or petals can cause reactions in some consumers. Saffron comes in various grades, including Negin, Sargol, and Grade III, with Grade I being the highest quality. Liquid and thread forms are popular, but weight loss supplements and drinks are also emerging. Online platforms offer convenience, but certification and food safety are crucial. Ayurvedic traditions use saffron for mood enhancement, vitamins, and anti-depressant properties. Saffron’s anti-oxidant, anti-inflammatory, and anti-septic properties help combat free radicals, oxidative stress, and chronic diseases like asthma, sneeze, cold, and measles. Saffron farms use smart built-in systems and natural ingredients for sustainable production. Saffron is used in nutritional supplements, aromas, beauty products, and skincare. Organic ingredients and certification are essential for consumer trust.
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Segment Overview
This saffron market report extensively covers market segmentation by
Formulation
1.1 Thread
1.2 Powder
1.3 Liquid
End-user
2.1 Food
2.2 Medical
2.3 Cosmetics
2.4 Others
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Thread-
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Research Analysis
Saffron, derived from the Crocus sativus flower, is a prized spice known for its distinctive aroma and vibrant color. This natural ingredient offers various applications in both medical and cosmetic industries. Saffron’s antioxidant properties help protect against oxidative damage and inflammation, making it beneficial for those suffering from conditions such as asthma, sneezing, and the common cold. Saffron’s active compounds, including picrocrocin, safranal, and crocin, contribute to its health benefits. Traditional medicine has long used saffron for its anti-depressant properties, and it’s also used as an antiseptic. In cosmetics, saffron is used as a natural ingredient in perfumes, dyes, and skincare products due to its antioxidant and anti-inflammatory properties. With the rise of e-commerce platforms, it’s easier than ever to purchase saffron threads, powder, or liquid form for personal use. Whether for medicinal or cosmetic purposes, saffron’s natural vitamins and compounds make it a valuable addition to any routine.
Market Research Overview
The Saffron market encompasses the trade of this precious spice, known for its distinct flavor and vibrant color. Saffron derives from the Crocus sativus flower, with its stigmas used for various applications. In the realm of health, saffron boasts several benefits. Its active compounds, including picrocrocin, safranal, and crocin, exhibit antioxidant properties, protecting against oxidative damage and inflammation. These properties contribute to memory-enhancing and anti-inflammatory effects, making saffron a popular ingredient in Ayurvedic traditions. Saffron’s antioxidant properties also extend to cosmetic applications, acting as a UV-absorbing agent and preservative in beauty products. In the food industry, saffron is used as a flavoring and colorant, with various forms including threads, powder, and liquid. The saffron market encompasses organic and conventional varieties, with different grades like Negin, Sargol, and Grade III. Saffron’s authenticity is crucial, with concerns over adulteration and allergens. Technological advancements, such as image processing technology and electric noses, aid in ensuring product quality and purity. Saffron’s market presence is expanding, with online platforms and e-commerce platforms playing a significant role. The saffron market also includes saffron farms, smart built-in systems, and natural ingredients like turmeric, marigold petals, and safflower. Saffron’s health benefits extend to various conditions, including weight loss, mood enhancement, and prescription drugs for asthma, sneeze, cold, measles, hepatitis, and chronic diseases like arthritis and cardiovascular disabilities. Dietary supplements and functional meals also incorporate saffron for its nutritional value and aromas. The saffron market is diverse, with applications in perfumes, dyes, and food preservatives. Its antioxidant properties make it a valuable ingredient in various industries, contributing to its growing demand and market size. Certification and food safety are essential aspects of the saffron market, ensuring the authenticity and quality of this precious spice.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Formulation
Thread
Powder
Liquid
End-user
Food
Medical
Cosmetics
Others
Geography
APAC
Europe
North America
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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SOURCE Technavio