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. Iran’s saffron industry, which was valued at US$ 330 million in 2021, is likely to grow significantly and present an additional US$ 200 million in prospects between 2022 and 2032, with a projected value of US$ 600 million by that time.
Over the course of the projected period, it is expected that the saffron market will grow at a CAGR of 10.8%.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. By the end of 2032, the Iranian saffron market is projected to be worth over $600 million, expanding at a 5.7% annual pace. Experts estimate that the Iranian saffron business will offer roughly $17 billion in opportunities in 2022 compared to 2021, with an additional $200 million in opportunities anticipated between 2022 and 2032.
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Key Market Insights:
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- Stellar Growth Projection: The saffron market anticipates a robust growth trajectory with a projected 10.8% CAGR, escalating from US$ 480 million in 2022 to an estimated US$ 804.4 million by 2032.
- Iran’s Saffron Industry Surge: Iran’s saffron market, valued at US$ 330 million in 2021, is poised for significant expansion, exceeding US$ 600 million by 2032 at a steady 5.7% annual rate. This growth presents an incremental US$ 200 million opportunity between 2022 and 2032.
- Diverse Applications Driving Market: The saffron market’s swift growth is attributed to the increasing awareness of the spice’s culinary applications and health benefits. Saffron, known for its unique flavor, color, and medicinal properties, finds applications in various industries, including food, cosmetics, and medicine.
- Market Segmentation Insights: The retail sector in targeted countries is expected to continue as the major consumer of saffron, with retail sales surpassing 160 million US dollars. However, there is a notable surge in saffron usage in cosmetics, witnessing a 5.1% CAGR in sales development.
The market for saffron is growing swiftly as more people become aware of the spice’s culinary applications and health benefits. Because of its unique flavour, colour, and medicinal properties, saffron is employed in many industries, including food, cosmetics, and medicine. The industry is predicted to continue expanding in the years to come.
According to the assessment, the retail sectors in these countries will continue to use the majority of the saffron. Retail sales of saffron are expected to surpass 160 million US dollars. Nonetheless, the market will witness a significant rise in the use of saffron in the production of cosmetics, with a 5.1% CAGR in sales development. Whether saffron is used as a spice, herb, or flavouring determines how much is ingested. Additionally, during the course of the projected period, about three-fourths of the revenue generated by saffron in these countries will be attributed to the flavouring and spice industry.
Key highlights from the report on saffron market for targeted countries include:
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- 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
Key Companies :
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.
The saffron market is experiencing robust growth, projected to achieve a remarkable 10.8% Compound Annual Growth Rate (CAGR) from 2022’s US$ 480 million to an estimated US$ 804.4 million by 2032. Iran’s saffron industry, valued at US$ 330 million in 2021, is set to exceed US$ 600 million by 2032, presenting a substantial growth potential and an additional US$ 200 million opportunity between 2022 and 2032.
Key Takeaways:
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- Iran’s Growth Dynamics: Iran’s saffron industry anticipates substantial growth, expanding at a 5.7% CAGR. The production of powdered saffron is expected to witness remarkable growth.
- U.S. Consumption: The U.S. is set to consume over 90 million worth of saffron powder by the end of 2026.
- U.K. Market Expansion: The U.K.’s saffron industry, particularly in the medical and pharmaceutical sector, is poised for revenue growth at a 6% CAGR during the forecast period.
- Market Challenges in Germany: The saffron market in Germany is expected to be valued at just over US$ 4 million by 2026, reflecting relatively low demand.
- European Market Dynamics: France, Spain, China, Luxemburg, and Italy are expected to exhibit growth at less than 3% CAGR in the saffron market.
- Netherlands Incremental Opportunity: Between 2016 and 2026, the Netherlands’ saffron industry is projected to showcase an incremental opportunity of US$ 2 million.
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Market Segmentation
By Form
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- Thread
- Powder
- Liquid
By End Use
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- Retail
- Food Service
- Culinary Products
- Dairy Products
- Confectionery
- Tea
- Others
- Medical & Pharmaceuticals
- Cosmetics
- Skin Care
- Hair Care
- Others
By Function
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- Flavouring & Spice
- Herbs
- Others
By Key Countries
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- Netherlands
- Iran
- U.S.
- U.K.
- Germany
- France
- Spain
- China
- Belgium
- Luxembourg
- Italy
Recent Developments:
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- Key Manufacturers: Leading manufacturers in the saffron market include 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.
- Market Entry Opportunities: Seize the opportunity to gain entry to the lucrative saffron markets by making a strategic purchase here.
Frequently Asked Questions
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- 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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