Saffron Market Size - By Grade (Grade I, Grade II, Grade III, Grade IV), By Form (Liquid, Powder, Thread, Others), Applications (Food & Beverage, Personal Care, Supplements, Others), Distribution Channel (B2B, B2C), Regional Outlook & Forecast, 2023 - 203

Saffron Market Size - By Grade (Grade I, Grade II, Grade III, Grade IV), By Form (Liquid, Powder, Thread, Others), Applications (Food & Beverage, Personal Care, Supplements, Others), Distribution Channel (B2B, B2C), Regional Outlook & Forecast, 2023 - 2032

Saffron market size is projected to expand at 4.1% CAGR between 2023 and 2032. The increasing consumer awareness of the numerous health benefits associated with saffron, such as its antioxidant properties and potential mood-enhancing effects is driving the demand for saffron-based products.

On account of its distinct and pleasant flavor, saffron records diverse application scope in the culinary, pharmaceuticals, and cosmetics industries. For instance, in August 2023, Tata Consumer Products (TCP), a leading FMCG industry player, launched the Himalayan brand – Grade 1 Kashmiri saffron to meet its strategy to diversify distinctive product categories while emphasizing strong quality credentials. Additionally, the traditional significance of saffron in various cultures and its perceived luxury status is surging its popularity as a valuable and sought-after commodity. The growing popularity of ethnic cuisines and the emerging trend of natural and organic ingredients in food products are also boosting the product consumption.

The saffron market is segregated into grade, form, application, distribution channel, and region.

In terms of grade, the market share from the grade 1 segment is projected to rise at 3.2% CAGR during 2023-2032. The growth can be attributed to the increasing demand for superior quality saffron, driven by its robust flavor, intense aroma, and vibrant color. The growing consumer preference for premium grades, often associated with higher potency and purity, will further contribute to the product demand.

Saffron market share from the powder form segment is estimated to record 5.6% CAGR through 2032, fueled by the convenience offered in culinary applications along with easy integration into various dishes, and efficient dispersion in recipes. The versatility and ease of use of powdered saffron is further driving its demand in both commercial and household settings.

Regionally, the Europe saffron market size is slated to expand at 4.9% CAGR from 2023 to 2032, due to the increasing awareness of the culinary and health benefits. The rising demand for exotic and premium ingredients, and the higher incorporation of saffron in various cuisines will boost the regional market expansion.