The Saffron market is on a strong development trajectory, with a 10.8% CAGR, predicted to rise from US$ 480 million in 2022 to US$ 804.4 million by 2032. With a projected value of US$ 600 million by 2032, Iran’s saffron industry—valued at US$ 330 million in 2021—is expected to experience substantial growth and offer an additional US$ 200 million in opportunities between 2022 and 2032.
The market for saffron is anticipated to expand at a CAGR of 10.8% over the forecast period. According to projections, the market value will rise from US$ 480 million in 2022 to US$ 804.4 million in 2032.
The Iranian saffron market is expected to be valued over $500 million by 2026, having been valued $330 million in 2021. Iran’s saffron market is expected to be valued over $600 million by the end of 2032, growing at a 5.7% annual rate. Experts estimate that the Iranian saffron business will offer roughly $17 billion in opportunities in 2022 compared to 2021, with an additional $200 million in opportunities anticipated between 2022 and 2032.
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As more people become aware of the culinary uses and health advantages of the spice, the market for saffron is expanding quickly. Saffron is used in a variety of industries, including food, cosmetics, and medicine because of its distinctive flavour, colour, and therapeutic qualities. In the upcoming years, it is projected that the sector would keep growing.
The majority of the saffron will still be consumed in these countries’ retail industries, the survey said. Saffron sales from retail outlets are projected to exceed US$ 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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