The global saffron market was valued at USD 374.6 million in 2022 and it is anticipated to grow further to USD 804.4 million by 2032, at a CAGR of 7.9% during the forecast period.
Saffron is a spice that is derived from the Crocus sativus flower. The flower is native to Greece and Asia Minor. Saffron is used in many different cuisines around the world, including Indian, Persian, and Spanish dishes. It is also used as a dye and in perfumes.
Saffron consists of stigmas, which are the female reproductive organs of the flower. The stigmas are dried and then used either whole or ground. Saffron has a pungent, bitter taste and an intense aroma. It is used to flavor and color dishes such as risotto, paella, and bouillabaisse. It can also be used to make saffron tea.
Saffron is very expensive, due to the fact that it takes approximately 75,000 stigmas to make just one ounce of the spice. The stigmas must be carefully hand-picked, which makes the process very labor-intensive. Saffron is considered to be the most expensive spice in the world.
Market Drivers and Trends
The key drivers of the saffron market are quality, price, and availability. Saffron is a highly prized spice, and as such, its price is reflective of its quality. The best saffron is typically sourced from Iran, and as a result, Iranian saffron is often the most expensive. However, saffron from other origins can be just as good in quality, and as a result, its price is more reflective of its availability. Saffron is also a relatively rare spice, and as a result, its price is also reflective of its availability. When demand is high and supplies are low, the price of saffron will increase.
Market Restraints and Challenges
The key restraints and challenges in Saffron market include:
The global saffron market is segmented into form, application, distribution channel, and region.
Global Saffron Market by Form
By form, it is segmented into liquid, thread, and powder. The liquid segment is anticipated to dominate the market during the forecast period. Similarly, the thread segment is anticipated to witness the fastest growth during the forecast period.
Global Saffron Market by Application
By application, it is segmented into food & beverages, cosmetics, medicine, and others. The food & beverages segment is anticipated to dominate the market during the forecast period. Similarly, the cosmetics segment is anticipated to witness the fastest growth during the forecast period.
Global Saffron Market by Distribution Channel
By distribution channel, it is segmented into online stores, and offline stores. The offline stores is anticipated to dominate the market during the forecast period. Similarly, the online stores segment is anticipated to witness the forecast period.
Geographical Analysis of the Global Saffron Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America region is anticipated to dominate the market during the forecast period. Similarly, the Europe region is anticipated to dominate the market during the forecast period.
Major Players in the Global Saffron Market
The key players studied in the report are JMD Agro Foods, Taj Agro Products, Good Life Global, Saffron Tech, Royal Saffron, Shahri Food Products, Gohar Nab Sara, Pharmacive Biotech Products, Rowhani Saffron Co., and Gohar Saffron among others.
COVID-19 Impact
Nearly every business has been impacted by the unmatched worldwide public health emergency known as COVID-19, and the long-term impacts are expected to have an influence on industry growth throughout the course of the forecast period. In order to assure the inclusion of underlying COVID-19 concerns and potential future directions, our continuous study expands upon our research approach. The paper provides information on COVID-19 taking into account changes in consumer demand and behaviour, buying habits, supply chain rerouting, dynamics of contemporary market forces, and significant government initiatives. Insights, analyses, projections, and forecasts are provided in the updated study, which takes the market impact of COVID-19 into account.
Frequently Asked Questions
Q1. How big is the Saffron market?Ans. The global Saffron market size was USD 374.6 million in 2022 and it is anticipated to grow further to USD 804.4 million by 2032, at a CAGR of 7.9% from 2023 to 2032.Q2. What is the Saffron market growth rate?Ans. The growth rate of the Saffron market is 7.9%.Q3. Which region holds a major market share for the Saffron market?Ans. North America holds a major market share of the Saffron market in 2022.Q4. Which segment accounted for the largest Saffron market share?Ans. By application, food & beverages segment accounted for the largest Saffron market share.Q5. Who are the key players in the Saffron market?Ans. The global Saffron market report includes players such as JMD Agro Foods, Taj Agro Products, Good Life Global, Saffron Tech, Royal Saffron, Shahri Food Products, Gohar Nab Sara, Pharmacive Biotech Products, Rowhani Saffron Co., and Gohar Saffron among others.Q6. What are the factors driving the Saffron market growth?Ans. The major factors driving the growth of the market are the growing market in emerging countries.Q7. What are the key growth strategies of Saffron market players?Ans. The key growth strategies of Saffron market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Saffron market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Saffron market during the forecast period.
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- Chapter 1. Market Introduction
- 1.1. Objectives of the Study
- 1.2. Market Definition and Research & Scope
- 1.3. Research Methodologies
- 1.4. Market Estimation Techniques
- Chapter 2. Executive Summary
- 2.1. Summary
- 2.2. Key Highlights of the Market
- Chapter 3. Saffron Market Outlook
- 3.1. Saffron Market segmentation
- 3.2. Market Dynamics
- 3.2.1. Market Drivers
- 3.2.1.1. Driver 1
- 3.2.1.2. Driver 2
- 3.2.1.3. Driver 3
- 3.2.2. Market Restraints
- 3.2.2.1. Restraint 1
- 3.2.2.2. Restraint 2
- 3.2.3. Market Opportunities
- 3.2.3.1. Opportunity 1
- 3.2.3.2. Opportunity 2
- 3.3. Porter’s Five Forces Analysis
- 3.3.1. Threat of New Entrants
- 3.3.2. Threat of Substitutes
- 3.3.3. Bargaining Power of Buyers
- 3.3.4. Bargaining Power of Supplier
- 3.3.5. Competitive Rivalry
- 3.4. PESTLE Analysis
- 3.5. Value Chain Analysis
- 3.5.1. Raw Material Suppliers
- 3.5.2. Manufacturers
- 3.5.3. Wholesalers and/or Retailers
- 3.6. Impact of the Russia and Ukraine War on the Saffron Market
- Chapter 4. Economic Impact of COVID-19
- 4.1. Overall Impact of COVID-19
- 4.2. Impact of COVID On the Saffron Market
- 4.3. Economic Impact Analysis
- Chapter 5. Saffron Market By Form
- 5.1. Market Overview
- 5.2. Liquid,
- 5.2.1. Market Size and Forecast, 2021-2031 ($Million)
- 5.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 5.3. Thread
- 5.3.1. Market Size and Forecast, 2021-2031 ($Million)
- 5.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 5.4. Powder
- 5.4.1. Market Size and Forecast, 2021-2031 ($Million)
- 5.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 6. Saffron Market By Application
- 6.1. Market Overview
- 6.2. Food and Beverage
- 6.2.1. Market Size and Forecast, 2021-2031 ($Million)
- 6.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 6.3. Cosmetics
- 6.3.1. Market Size and Forecast, 2021-2031 ($Million)
- 6.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 6.4. Medicine
- 6.4.1. Market Size and Forecast, 2021-2031 ($Million)
- 6.4.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 6.5. Others
- 6.5.1. Market Size and Forecast, 2021-2031 ($Million)
- 6.5.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 7. Saffron Market By Distribution Channel
- 7.1. Market Overview
- 7.2. Online Stores
- 7.2.1. Market Size and Forecast, 2021-2031 ($Million)
- 7.2.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- 7.3. Offline Stores
- 7.3.1. Market Size and Forecast, 2021-2031 ($Million)
- 7.3.2. Market Size and Forecast, by Region, 2021-2031 ($Million)
- Chapter 8. Saffron Market, by Region
- 8.1. Overview
- 8.2. North America
- 8.2.1. Key Market Trends and Opportunities
- 8.2.2. North America Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.2.3. North America Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.2.4. North America Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.2.5. The U.S.
- 8.2.5.1. The U.S. Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.2.5.2. The U.S. Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.2.5.3. The U.S. Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.2.6. Canada
- 8.2.6.1. Canada Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.2.6.2. Canada Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.2.6.3. Canada Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.2.7. Mexico
- 8.2.7.1. Mexico Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.2.7.2. Mexico Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.2.7.3. Mexico Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.3. Europe
- 8.3.1. Key Market Trends and Opportunities
- 8.3.2. Europe Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.3.3. Europe Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.3.4. Europe Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.3.5. Germany
- 8.3.5.1. Germany Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.3.5.2. Germany Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.3.5.3. Germany Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.3.6. France
- 8.3.6.1. France Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.3.6.2. France Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.3.6.3. France Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.3.7. U.K.
- 8.3.7.1. U.K. Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.3.7.2. U.K. Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.3.7.3. U.K. Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.3.8. Spain
- 8.3.8.1. Spain Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.3.8.2. Spain Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.3.8.3. Spain Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.3.9. Italy
- 8.3.9.1. Italy Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.3.9.2. Italy Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.3.9.3. Italy Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.3.10. Rest of Europe
- 8.3.10.1. Rest of Europe Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.3.10.2. Rest of Europe Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.3.10.3. Rest of Europe Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.4. Asia-Pacific
- 8.4.1. Key Market Trends and Opportunities
- 8.4.2. Asia-Pacific Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.4.3. Asia-Pacific Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.4.4. Asia-Pacific Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.4.5. China
- 8.4.5.1. China Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.4.5.2. China Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.4.5.3. China Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.4.6. India
- 8.4.6.1. India Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.4.6.2. India Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.4.6.3. India Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.4.7. Japan
- 8.4.7.1. Japan Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.4.7.2. Japan Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.4.7.3. Japan Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.4.8. South Korea
- 8.4.8.1. South Korea Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.4.8.2. South Korea Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.4.8.3. South Korea Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.4.9. Rest of APAC
- 8.4.9.1. Rest of APAC Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.4.9.2. Rest of APAC Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.4.9.3. Rest of APAC Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.5. Rest of the World
- 8.5.1. Key Market Trends and Opportunities
- 8.5.2. Rest of the World Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.5.3. Rest of the World Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.5.4. Rest of the World Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.5.5. Latin America
- 8.5.5.1. Latin America Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.5.5.2. Latin America Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.5.5.3. Latin America Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.5.6. Middle East
- 8.5.6.1. Middle East Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.5.6.2. Middle East Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.5.6.3. Middle East Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- 8.5.7. Africa
- 8.5.7.1. Africa Saffron Market Size and Forecast By Form, 2021-2031, ($Million)
- 8.5.7.2. Africa Saffron Market Size and Forecast By Distribution Channel, 2021-2031, ($Million)
- 8.5.7.3. Africa Saffron Market Size and Forecast By Application, 2021-2031, ($Million)
- Chapter 9. Competitive Landscape
- 9.1. Market Overview
- 9.2. Market Share Analysis/Key Player Positioning
- 9.3. Developmental Strategy Benchmarking
- 9.3.1. New Product Development
- 9.3.2. Product Launches
- 9.3.3. Business Expansions
- 9.3.4. Partnerships, Joint Ventures, and Collaborations
- 9.3.5. Mergers and Acquisitions
- Chapter 10. Company Profiles
- 10.1. JMD Agro Foods,
- 10.1.1. Company Snapshot
- 10.1.2. Financial Performance
- 10.1.3. Product Offerings
- 10.1.4. Key Strategic Initiatives
- 10.1.5. SWOT Analysis
- 10.2. Taj Agro Products
- 10.2.1. Company Snapshot
- 10.2.2. Financial Performance
- 10.2.3. Product offerings
- 10.2.4. Key Strategic Initiatives
- 10.2.5. SWOT Analysis
- 10.3. Good Life Global
- 10.3.1. Company Snapshot
- 10.3.2. Financial Performance
- 10.3.3. Product offerings
- 10.3.4. Key Strategic Initiatives
- 10.3.5. SWOT Analysis
- 10.4. Saffron Tech
- 10.4.1. Company Snapshot
- 10.4.2. Financial Performance
- 10.4.3. Product offerings
- 10.4.4. Key Strategic Initiatives
- 10.4.5. SWOT Analysis
- 10.5. Royal Saffron,
- 10.5.1. Company Snapshot
- 10.5.2. Financial Performance
- 10.5.3. Product offerings
- 10.5.4. Key Strategic Initiatives
- 10.5.5. SWOT Analysis
- 10.6. Shahri Food Products.,
- 10.6.1. Company Snapshot
- 10.6.2. Financial Performance
- 10.6.3. Product offerings
- 10.6.4. Key Strategic Initiatives
- 10.6.5. SWOT Analysis
- 10.7. Gohar Nab Sara
- 10.7.1. Company Snapshot
- 10.7.2. Financial Performance
- 10.7.3. Product offerings
- 10.7.4. Key Strategic Initiatives
- 10.7.5. SWOT Analysis
- 10.8. Pharmacive Biotech Products,
- 10.8.1. Company Snapshot
- 10.8.2. Financial Performance
- 10.8.3. Product offerings
- 10.8.4. Key Strategic Initiatives
- 10.8.5. SWOT Analysis
- 10.9. Rowhani Saffron Co
- 10.9.1. Company Snapshot
- 10.9.2. Financial Performance
- 10.9.3. Product offerings
- 10.9.4. Key Strategic Initiatives
- 10.9.5. SWOT Analysis
- 10.10. Gohar Saffron
- 10.10.1. Company Snapshot
- 10.10.2. Financial Performance
- 10.10.3. Product offerings
- 10.10.4. Key Strategic Initiatives
- 10.10.5. SWOT Analysis
- *The list of company is subject to change during the final compilation of the report
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