The saffron market is experiencing significant growth due to increasing consumer awareness of its health benefits and culinary applications. With its unique flavor, color, and medicinal properties, saffron is in demand across various industries, including food, cosmetics, and pharmaceuticals. The market is expected to witness steady expansion in the coming years.
During the projected period, Saffron market is expected to grow at a CAGR of 10.8 %. The market value is projected to increase from US$ 480 Mn in 2022 to US$ 804.4 Mn by 2032.
The value of the saffron market in Iran was approximately $330 million in 2021, and is expected to reach more than $500 million by the time you reach 2026. The saffron market in Iran is expected to be valued at over $600 million by the end of 2032, amounting to a CAGR of 5.7%. In the saffron market in Iran, experts forecast an opportunity of nearly $17 billion in 2022 over 2021 and updates for an anticipated incremental opportunity of about $200 million between 2022 and 2032.
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The report reveals that retail industry will continue to be the largest end-user of saffron in these countries. More than US$ 160 Mn worth of saffron is projected to be accounted by retail businesses. Nevertheless, the market will notice considerable rise in the end-use of saffron for production of cosmetics, revenues from which will soar at 5.1% CAGR. Consumption of saffron will also be driven by its function as a spice, herb, or a flavouring ingredient. And, nearly three-fourth of saffron revenues amassed from these countries will be accounted by flavouring & spice function throughout the forecast period.
Key highlights from the report on saffron market for targeted countries include:
- Iran’s saffron market 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 market, 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 market 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
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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