NEWARK, Del, Feb. 14, 2024 (GLOBE NEWSWIRE) -- As per the latest analysis, the worldwide saffron market is estimated to be valued at US$ 337.9 million in 2024 and is anticipated to reach US$ 687.8 million by 2034. Over the next decade, global demand for saffron will likely increase at a CAGR of 7.4%.
Sales of saffron threads are expected to outpace those of powder and liquid ones. This is due to several advantages of saffron threads. The target segment is projected to account for a value share of 78.7% in 2024.
Multiple factors are set to spur the growth of the saffron industry during the assessment period. These include:
- Rising interest in diverse and international cuisines
- Increasing applications of saffron in the food & beverages, cosmetics, and pharmaceutical sectors
- Escalating demand for natural flavors and colorings
- Growing usage of saffron essential oil in aromatherapy
- Rising consumer awareness about the harmful effects of artificial colors
- Saffron's association with luxury and exclusivity
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As consumers become more adventurous with their culinary preferences, the demand for high-quality and exotic ingredients like saffron is expected to rise exponentially. This will likely boost market growth during the forecast period.
Saffron is widely used in the food and beverage industries as a flavoring and coloring agent. Hence, growing demand for processed food products is expected to bolster saffron sales throughout the forecast period.
The introduction of new products and widening applications of saffron are anticipated to support the expansion of the saffron industry through 2034. Similarly, innovative marketing strategies employed by key saffron manufacturers will benefit the market.
To increase brand preference and sales, manufacturers emphasize the quality and authenticity of their saffron products. They are implementing rigorous quality control measures to ensure that the saffron meets the highest standards.
Several companies are obtaining certifications for organic, fair-trade, or other quality standards, enhancing saffron products' credibility. Consumers often seek assurance that the saffron they purchase meets certain quality and ethical standards. This will propel the saffron market forward.
Increasing the export of saffron is another key factor expected to boost overall demand and create lucrative growth opportunities for saffron manufacturers and suppliers. Hence, a robust CAGR has been predicted for the target market during the next ten years.
"The saffron market continues to experience growth driven by increasing global demand, premium positioning, health and wellness trends, product diversification, sustainable sourcing, and online and international markets. The market's potential for lucrative opportunities is fueled by the spice's authenticity, versatility, and cultural significance, making it an attractive ingredient in the food and beverage industry.”- says Nandini Roy Choudhury (Client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Saffron Report:
- The global market for saffron is expected to reach a valuation of US$ 687.8 million by 2034.
- Global demand for saffron will likely rise at 7.4% CAGR between 2024 and 2034.
- Based on form, the saffron threads segment is set to total US$ 526.1 million in 2034.
- By end-use application, the food & beverages processing industry is expected to grow at 5.1% CAGR through 2034.
- North America will likely hold a value share of 20.5% in the global market by 2034.
- The United Kingdom market is estimated to witness a value CAGR of 6.1% through 2034.
- Saffron sales in India are projected to total US$ 105.2 million by 2034.
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Competitive Landscape
Key Players in the Saffron Market Include
- Azafranes Manchegos S.L.
- Dorreen Saffron Extract
- Norfolk Saffron Extract
- Pascual Reverte S.L.
- Saharkhiz Int Group Inc.
- Rowhani Saffron Extract Co.
- Safrante Global Company S.L.U.
- Triselecta S.L.
- House of Saffron
- Surkh Saffron
Key players are focusing on expanding their portfolios by launching new high-quality products. They also use strategies such as acquisitions, advertisements, celebrity endorsements, partnerships, agreements, and mergers to gain a competitive edge in the market. For instance,
- Natac Group purchased the French biotech INOREAL to boost its market position significantly in the saffron extracts sector.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global saffron market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study offers compelling insights on the saffron industry based on form (powder, threads, liquid), end-use application (culinary applications, food & beverages processing industry, cosmetics & personal care industry, fragrance, aromatherapy, and dietary supplements), functionality (food/feed/pharma grade and cosmetic grade), product claim (organic and conventional), saffron compound (crocin, crocetin, picrocrocin, safranal, others), and region.
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Saffron Market by Category
By Form:
- Powder
- Threads
- Liquid
By End-use Application:
- Culinary Applications
- Food & Beverages Processing Industry
- Bakery and Confectionary
- Dressings & Condiments
- Baby Food & Sauces
- Beverages
- Soups and Spreads
- Salad
- Meat and Meat Products
- Seafood
- RTE Meals
- Dairy Products
- Cosmetics & Personal Care Industry
- Lip Care
- Skin Care
- Hair Care
- Sun Care
- Bath & Body
- Cosmetics
- Fragrance
- Perfumes
- Colognes
- Body Mists
- Aromatherapy
- Dietary Supplements
By Functionality:
- Food/Feed/Pharma Grade
- Antidepressant
- Heart Health
- PMS Treatment
- Boosts Memory
- Cancer Prevention
- Antioxidants and Anti-inflammatory Compounds
- Promoting Weight Loss
- Flavor Enhancer
- Insomnia Treatment
- Cosmetic Grade
- Antioxidants and Anti-inflammatory Compounds
- Antiaging
- Heals Scars
- Protects against UV Radiation
- Reduces Pigmentation
- Fights Inflammation
- Dry Skin
- Prevents Hair Loss
By Product Claim:
- Organic
- Conventional
By Saffron Compound:
- Crocin
- Crocetin
- Picrocrocin
- Safranal
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and one million+ data points, the team has lucidly analyzed the food & beverage industry in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Author by
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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