Saffron Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.23 Billion |
| Market Size (2029) | USD 1.54 Billion |
| CAGR (2024 - 2029) | 4.51 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Saffron Market Analysis
The Saffron Market size is estimated at USD 1.23 billion in 2024, and is expected to reach USD 1.54 billion by 2029, at a CAGR of 4.51% during the forecast period (2024-2029).
- Driven by the food and beverage industry's appetite and a growing awareness of saffron's health benefits, the global saffron market is on a steady rise. While saffron has long been a staple in Spanish, Indian, and Middle Eastern cuisines, its reach extends into the pharmaceutical and cosmetic sectors. These industries are increasingly infusing saffron into their offerings. The spice's premium pricing and global acclaim stem from its unique attributes: crocin lends color, picrocrocin imparts flavor, and safranal provides aroma.
- As per the Council of Scientific and Industrial Research India, Iran dominates the saffron landscape, accounting for over 80% of global production. Despite being the second-largest in cultivation area, India contributes a modest 7% to the world's saffron output. Spain, on the other hand, not only stands as a prominent producer but also boasts the highest productivity globally, exceeding 8 kg/ha. With its premium pricing and production confined to select regions, saffron has earned its title as one of the world's priciest spices. Europe and Asia-Pacific have solidified their status as primary consumption hubs, witnessing market growth in both developed and emerging regions.
- Challenges abound in the saffron market: the labor-intensive cultivation and climate-dependent yields often result in supply fluctuations and pricing instability. However, companies are now cultivating high-quality saffron beyond the traditional open-field methods, turning to controlled environment agriculture. Acknowledging saffron's intrinsic value, these companies are customizing its applications to cater to the distinct demands of their client industries. Given saffron's susceptibility to climatic changes, the pivot towards controlled environment agriculture is clear. This shift not only holds the potential to boost saffron production but also indicates a burgeoning market expansion.
Saffron Market Trends
Increasing Saffron Trade
- Iran, a leading saffron producer, saw its saffron imports jump over 26% from 2022, reaching a value of USD 253 million in 2023, as reported by the ITC Trade Map. As trade surges and markets broaden, the saffron market is thriving across the U.S., Saudi Arabia, UAE, Spain, Italy, France, and Canada. Market expansion in these countries is largely fueled by the rising allure of Mediterranean and Middle Eastern cuisines in these locales, where saffron plays a pivotal role. Moreover, with North America and Europe tightening regulations on synthetic food colors, there's been a pronounced shift towards natural food colorants and flavoring agents, propelling the market's growth.
- According to the ITC Trade Map, Spain stands out as a leading saffron importer, with 2023 imports hitting the USD 45 million mark. Beyond importing, Spain plays a vital role as a re-exporter, channeling saffron to both European and North American markets. The Middle East, with Saudi Arabia and the UAE at the forefront, collectively accounted for saffron imports exceeding USD 38 million in 2023.
- While supermarkets cater saffron primarily to household consumers, wholesalers and re-exporters target industrial buyers. The advent of online supply channels has notably widened saffron's accessibility, especially in regions devoid of local cultivation, spurring heightened imports. Beyond its culinary uses, saffron finds value in fragrances, dyes, and medicine. Its recognized health benefits and unique flavor have garnered appreciation in Europe, North America, and South America, further broadening the market's horizons.
Asia-Pacific Dominates The Market
- In the Asia Pacific region, saffron demand is surging, fueled by its culinary roots and a rising industrial appetite for this prized spice. India and China stand out as key players, where saffron holds esteemed roles in traditional medicine, religious rituals, and gourmet cuisines. The region's expanding middle class, coupled with rising incomes and a tilt towards natural, spice-rich foods, further propels saffron's market growth. Moreover, the burgeoning HoReCa sector and saffron's growing presence in contemporary Asian cuisine amplify this trend.
- Independent research indicates that saffron production in India has nosedived by 70-80% over the past two decades, primarily due to climate change's adverse effects on productivity. This decline mirrors global trends. As traditional saffron farming grapples with escalating climate challenges and environmental setbacks, India faces a pronounced supply-demand imbalance. Seizing this opportunity, Indian indoor farming enterprises are stepping up. Pioneers like Vertigold Farms, Shoolini Saffron, and Aeroponics Saffron Farming are at the forefront of this production surge.
- Given the pronounced supply-demand gap, both India and China have emerged as leading global saffron importers. Data from the ITC Trade Map reveals that in 2023, India imported saffron valued at USD 36 million, while China's imports stood at USD 26.5 million. Meanwhile, Japan and South Korea are showcasing growing imports of premium saffron, especially in high-end culinary and cosmetic applications.
Saffron Industry Overview
The Global Saffron Market is highly fragmented with some of the notable players in the market including Usms Saffron Co Inc (Baby Brand Saffron), Azafranes Manchegos SL, Everest Food Products Private Limited, La Casa De Los Aromas S (HEA&CO), Veles Farming, etc., amongst other players. Small regional players are expanding their geographical reach to serve both industrial and retail consumers in the saffron market.
Saffron Market Leaders
-
Usms Saffron Co Inc (Baby Brand Saffron)
-
Azafranes Manchegos SL
-
Everest Food Products Private Limited
-
La Casa De Los Aromas S (HEA&CO)
-
Veles Farming
*Disclaimer: Major Players sorted in no particular order
Saffron Market News
- November 2024: Students from Bihar Agricultural University (BAU) have successfully cultivated saffron in Bhagalpur, India. With the guidance of scientists, they mimicked the climate of Kashmir, a region in India known for saffron, using aeroponics and vertical farming techniques in a controlled environment.
- March 2024: Veles Farming, a saffron producer from Slovakia, announced its strategic diversification into the pharmaceutical and cosmetics industries. The saffron they cultivate, known for its high levels of active compounds, is witnessing a surge in demand in these new markets.
- March 2023: Saffron Tech, a Maryland-based company, entered an investment deal with Korea's Dreamtech Co, Ltd. The agreement includes an initial investment of USD 1 million, with a subsequent USD 1 million contingent on the successful cultivation of saffron in Korea. Saffron Tech has expertise in large-scale saffron production through vertical farming technology, catering to the surging demand for saffron in the beauty, wellness, and pharmaceutical sectors.
Saffron Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand in the Food Processing Industry
4.2.2 Increasing Global Saffron Trade
4.2.3 Health Benefits from Saffron
4.3 Market Restraints
4.3.1 High Production Costs
4.3.2 Prevalence of Adulteration
4.4 Industry Attractiveness - Porter's 5 Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Grade
5.1.1 Grade 1
5.1.2 Grade 2
5.1.3 Grade 3
5.1.4 Grade 4
5.2 Application
5.2.1 Food
5.2.2 Cosmetics
5.2.3 Other Applications (Pharmaceuticals, Perfumes)
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 Italy
5.3.2.3 France
5.3.2.4 United Kingdom
5.3.2.5 Greece
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Afghanistan
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South Amercia
5.3.4.1 Argentina
5.3.4.2 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Iran
5.3.5.2 Turkey
5.3.5.3 United Arab Emirates
5.3.5.4 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles*
6.3.1 Everest Food Products Private Limited
6.3.2 Azafranes Manchegos SL
6.3.3 Mozaffari Saffron L.L.C
6.3.4 Usms Saffron Co Inc (Baby Brand Saffron)
6.3.5 Safrante Global Company Slu
6.3.6 La Casa De Los Aromas S (HEA&CO)
6.3.7 Taj Agro International
6.3.8 Veles Farming
6.3.9 Heray Spice
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Saffron Industry Segmentation
Saffron, a spice derived from the flower of Crocus sativus, commonly known as the "saffron crocus," is used to flavor foods and as a dye. The report only includes raw saffron for market sizing and the scope excludes any saffron-infused products.
The Global Saffron Market is Segmented by Grade (Grade 1, Grade 2, Grade 3, Grade 4), Application (Food Industry, Cosmetics, Other Applications), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa). The report offers market sizing and forecasts in Value (USD).
| Grade | |
| Grade 1 | |
| Grade 2 | |
| Grade 3 | |
| Grade 4 |
| Application | |
| Food | |
| Cosmetics | |
| Other Applications (Pharmaceuticals, Perfumes) |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Saffron Market Research FAQs
How big is the Saffron Market?
The Saffron Market size is expected to reach USD 1.23 billion in 2024 and grow at a CAGR of 4.51% to reach USD 1.54 billion by 2029.
What is the current Saffron Market size?
In 2024, the Saffron Market size is expected to reach USD 1.23 billion.
Who are the key players in Saffron Market?
Usms Saffron Co Inc (Baby Brand Saffron), Azafranes Manchegos SL, Everest Food Products Private Limited, La Casa De Los Aromas S (HEA&CO) and Veles Farming are the major companies operating in the Saffron Market.
Which is the fastest growing region in Saffron Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Saffron Market?
In 2024, the Asia accounts for the largest market share in Saffron Market.
What years does this Saffron Market cover, and what was the market size in 2023?
In 2023, the Saffron Market size was estimated at USD 1.17 billion. The report covers the Saffron Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Saffron Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saffron Industry Report
Statistics for the 2024 Saffron market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saffron analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
