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 Million in 2022 to US$ 804.4 Million by 2032.
In 2021, the Iranian saffron market was estimated to be worth $330 million, and by 2026, it is predicted to be worth more than $500 million. By the end of 2032, the saffron market in Iran is projected to be worth over $600 million, with a CAGR of 5.7%. Experts predict an approximately $17 billion opportunity in the Iranian saffron market for 2022 over 2021, with updates for an expected incremental opportunity of about $200 million between 2022 and 2032.
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As more people become aware of the culinary uses and health advantages of the spice, the market for saffron is expanding quickly. Saffron is used in a variety of industries, including food, cosmetics, and medicine, because of its distinctive flavour, colour, and therapeutic qualities. The sector is expected to keep growing throughout the upcoming years.
According to the research, the retail sector would remain the main consumer of saffron in these nations. Retail enterprises are expected to account for more than US$ 160 Mn in saffron. However, the market will observe a significant increase in saffron’s final usage in the manufacture of cosmetics, with a 5.1% CAGR in revenue growth. The use of saffron as a spice, herb, or flavour component will also influence consumption. Additionally, over the course of the projected period, the flavouring & spice function will account for approximately three-fourths of the saffron revenues generated in these nations.
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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