The global saffron market is set to grow significantly, with an estimated market size of US$ 337.9 million in 2024, projected to reach US$ 687.8 million by 2034, at a healthy CAGR of 7.4%. Saffron threads, preferred for their superior quality over powdered and liquid forms, are expected to dominate, accounting for a 78.7% revenue share in 2024.
Derived from the crocus sativus flower, saffron is cherished for its vibrant red-orange color and unique flavor, enhancing various dishes. It is a staple in Indian, Persian, and Spanish cuisines and is also valued in traditional medicine, perfumes, and dyes.
The rising popularity of exotic ingredients like saffron is driven by its distinctive taste and aroma. As consumers explore diverse culinary options, the demand for high-quality saffron is increasing. Additionally, saffron’s antioxidant and anti-inflammatory properties are drawing health-conscious consumers, further boosting its sales.
Innovation in saffron products, such as saffron-infused oils, teas, and beauty products, is emerging as a key growth driver. The growing use of saffron in pharmaceuticals and cosmetics also supports market expansion. Manufacturers are focusing on product innovation and market expansion, investing in appealing and informative packaging to attract customers.
Leading manufacturers are broadening their product lines and strengthening their online presence to reach a wider audience. E-commerce platforms offer a convenient way for consumers to purchase saffron, with companies leveraging these channels to provide detailed product information. For example, in 2023, Tata Consumer Products introduced Grade 1 Kashmiri saffron under the Himalayan brand, featuring AI-enabled QR codes for authenticity verification.
As the global market for saffron continues to expand, embracing new product formats and applications, along with strong online marketing strategies, will be crucial for manufacturers to capitalize on growing consumer demand.
Global Craze for Saffron: US, UK, and India Lead the Charge
Saffron, the “king of spices,” is experiencing a global surge in popularity. This golden spice is gracing kitchens and beauty routines worldwide, driven by diverse factors across key markets.
The US: A Melting Pot of Flavors and Wellness
The United States saffron industry is poised to exhibit a CAGR of 6.5% during the assessment period. By 2034, the United States market size is expected to reach US$ 174.7 million. Some of the key drivers/trends include:
- Growing interest in international cuisines is fueling demand for saffron.
- Aromatherapy and natural ingredients are driving the use of saffron essential oil.
- Consumers are increasingly seeking natural remedies, boosting saffron-based supplements.
- Growing awareness of ethical sourcing is leading to a rise in sustainable saffron farming.
The UK: Luxury Spice with Health Benefits
- Sales of saffron in the United Kingdom are anticipated to rise at a healthy CAGR of 6.1% during the forecast period. By 2034, the United Kingdom will likely hold a market share of 19.3% in the Europe saffron market.
- Saffron’s association with exclusivity is a major draw for discerning consumers.
- The potential health benefits of saffron are attracting health-focused buyers.
- India: A Saffron Celebration
- India’s saffron market is expected to reach a valuation of around US$ 105.2 million by 2034. It is expected to hold a prominent value share of 15.3% in the South Asia saffron market. This can be attributed to factors like:
- The high quality and authenticity of Kashmiri saffron are driving its popularity within India and beyond.
- Consumers are shifting away from artificial colors and embracing natural alternatives like saffron.
- The growing awareness of saffron’s health benefits is further propelling demand.
- Government initiatives are promoting saffron cultivation and production in India.
- Saffron’s Culinary Reign Continues
- Saffron consumption is anticipated to remain high in the food & beverages processing industry during the forecast period. The target segment is expected to rise at 5.1% CAGR over the next ten years, reaching a market valuation of US$ 288.8 million in 2034.
- Natural Food Colors: The demand for natural alternatives to artificial coloring in processed food is rising.
- Clean Label Appeal: Consumers are increasingly opting for processed foods with natural ingredients.
- Healthier Choices: Food manufacturers are becoming more mindful of the potential side effects of artificial colors.
- Antioxidant Power: The health benefits associated with saffron’s antioxidants are another factor driving its use.
- Recent Developments and Key Players:
- Natac Group’s Acquisition: This strategic move strengthens their position in the saffron extract sector.
- Tata Consumer Products: The launch of their premium Kashmiri saffron range highlights the growing demand for high-quality saffron.
- Key Players to Watch:
- 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
This analysis provides valuable insights into the global saffron market, highlighting the key trends and opportunities in the US, UK, and India. As the demand for saffron continues to rise, these markets are expected to play a leading role in shaping the future of this precious spice.
