Saffron Market

Saffron Market Outlook from 2024 to 2034

The global saffron market size is estimated to reach USD 337.9 million in 2024 and USD 687.8 million by 2034. Over the forecast period, global saffron demand is anticipated to rise at a healthy CAGR of 7.4%.

The most preferred form of saffron is saffron threads by the end-users because of their varied advantages over the other forms. This particular segment is expected to hold revenue share of 78.7% in the year 2024.

Saffron is derived from the flower of saffron crocus plant (Crocus sativus) it is best known for its vibrant reddish-orange color and is often used to add color or flavor to different dishes.

Saffron has always been a part of many traditional dishes of cuisines such as Indian, Spanish, and Persian. Other than saffron’s use in dishes it is used in many other things like perfume, dyes, and even traditional medicines.

The rising demand for saffron can be explained by its reputation of having a unique taste and aroma which when added to any dish gives a distinct flavour to it. Another reason for the high demand for high-end, exotic ingredients such as Saffron is due to consumers being more adventurous with their choices of cuisines.

The potential health benefits of saffron, including its antioxidant and anti-inflammatory properties, are attracting more and more consumers. This will further boost its sales during the assessment period.

Exploring new product formats and applications for saffron, such as saffron-infused oils, teas, or beauty products, is emerging as a key factor that will likely boost the global market. Similarly, a rise in the use of saffron is anticipated as its usage in pharmaceuticals and cosmetics is also increasing.

The companies are putting more focus on expanding and making innovations in their product offerings which is expected to stimulate sales of saffron. They are also investing more on packaging that highlights the merits of products and is also informative, to attract consumers.

To include more saffron products in their offerings leading companies are expanding their product portfolio. They are also prioritizing building a strong online presence by means of the website and social media which increases their chances to reach a wider audience.

Consumers get an easy way to purchase saffron through online shopping and e-commerce platforms, manufacturers also use online channels to spread information about their products. Many companies are introducing new products to meet growing end-user demand for high-quality saffron products. For instance,

In 2023, Tata Consumer Products expanded its product portfolio by introducing Grade 1 Kashmiri saffron under the Himalayan brand. The new saffron products are directly imported from Kashmir and wrapped with an AI-enabled QR code that can be used to verify their authenticity.

Saffron Market Overview

Attributes	Key Insights
Estimated Global Saffron Market Value (2024E)	USD 337.9 million
Projected Saffron Market Revenue (2034F)	USD 687.8 million
Value-based CAGR (2024 to 2034)	7.4%

Other Factors Fostering Saffron Market Growth

• Growing demand for saffron-based food and beverage products
• Rising sales of saffron through online shopping platforms are anticipated to boost revenue
• Surging demand for natural and exotic ingredients, driven by consumer preferences for unique flavors and experiences, is contributing to the rising popularity of saffron
• Improved global trade and distribution networks, making saffron more accessible to consumers worldwide
• Growing usage of saffron in functional meals, drinks, supplements, and wellness items due to its possible health advantages
• Increasing demand for saffron in medical and cosmetic applications due to its antioxidant, anti-inflammatory, and anti-depressant properties
• Rising popularity of golden saffron extract, especially in the pharmaceutical industry

Global Saffron Market Trends

Rising Popularity of Natural Flavoring and Coloring Agents is a Key Trend

• Increasing consumer preference for natural and premium products
• Continuous product innovation will play a key role in fostering market development
• The surging popularity of saffron is likely to create new opportunities for companies
• Saffron producers are emphasizing sustainable cultivation practices
• Rising organic saffron demand across developed and developing nations
• Increasing research into exploring the mood-enhancing and anti-cancer properties of saffron
• Growing demand for functional foods
• Investments in hydroponics and vertical farming catalyzing growth and efficiency

Factors Limiting Growth of Saffron Market

• Skyrocketing saffron prices
• Availability of fake or counterfeit products
• Growing usage of alternative natural flavors and colors

Semi-annual Market Update

Market Statistics	Details
Jan to Jun (H1), 2022 (A)	4.1%
Jul to Dec (H2), 2022 (A)	4.4%
Jan to Jun (H1), 2023 Projected (P)	4.7%
Jan to Jun (H1), 2023 Outlook (O)	5.0%
Jul to Dec (H2), 2023 Outlook (O)	5.5%
Jul to Dec (H2), 2023 Projected (P)	5.3%
Jan to Jun (H1), 2024 Projected (P)	5.2%

Historical Saffron Sales Outlook Compared to Demand Forecast from 2024 to 2034

Global sales of saffron increased at a CAGR of 6.3% from 2019 to 2023. For the next ten years, the global market for saffron is projected to progress at 7.4% CAGR, totalling a valuation of USD 687.8 million by 2034.

• Saffron has a long history of cultural and traditional significance in many cuisines around the world. As it is often used in celebratory dishes, saffron has a traditional value in many cultures. The rise in global recognition and respect for various traditional cuisines has increased the demand for saffron since it is an important ingredient in many traditional cooking and has been used in various fusion cooking also.
• Another factor that drives the growth of the global saffron market is the ease of buying saffron made possible by the rise in e-commerce platforms and specialty food stores. Technological advancements and international trade have also aided in the increased availability of saffron.
• Increased use of saffron in dietary supplements and health care products.
• Expansion in the export of saffron market will surely increase the demand and also bring amazing growth opportunities for the producers. There are many ways to achieve this including reducing complications in trade, motivating traders to build a partnership, and advertising saffron as a premium product in the international market.
• Manufacturers are emphasizing the quality and authenticity of their saffron products. They implement rigorous quality control measures to ensure that the saffron meets the highest standards. They obtain certifications for organic, fair-trade, or other quality standards, enhancing saffron products' credibility. Consumers often look for assurance that the saffron they purchase meets certain quality and ethical standards.

Country-wise Insights

Both the USA and the UK are witnessing a rise in demand for saffron because various cultural influences have increased consumers’ interest in diverse cuisines, aided by increased ease of purchase of saffron through supermarkets and online stores.

Saffron’s health benefits have made it popular among the health-conscious consumers of the United Kingdom, it also has got its popularity for being perceived as a luxurious product.

In India, globalization has exposed consumers to international culinary trends, while saffron remains a premium gift during festive seasons. Further, saffron's appeal extends beyond culinary uses to the beauty and wellness industry.

Countries	Estimated CAGR (2024 to 2034)
United States	6.5%
United Kingdom	6.1%

Rising Interest in Diverse Cuisines Driving Demand in the United States

The United States saffron industry is poised to exhibit a CAGR of 6.5% during the assessment period. By 2034, the United States market size is expected to reach USD 174.7 million. Some of the key drivers/trends include:

• Growing interest in diverse and international cuisines
• Increasing usage of saffron essential oil in aromatherapy
• Rising consumer preference for natural and organic ingredients
• Widening applications in the thriving pharmaceutical sector
• Adoption of sustainable farming practices
• Rising demand for saffron-based supplements

The United States is witnessing a rise in interest in diverse and international cuisines. Saffron, with its unique flavor and vibrant color, is sought after by chefs and home cooks looking to experiment with new and exotic ingredients, thereby fueling its demand.

The influence of diverse cultural traditions has led to the integration of saffron into various dishes. With a multicultural population, there's an appreciation for the spice in ethnic cuisines, further driving its demand.

Saffron products are becoming more broadly offered in supermarkets and online stores. This makes them more accessible to consumers and will likely boost the growth of the saffron market in the United States during the assessment period.

Saffron's Association with Luxury and Exclusivity Fueling the United Kingdom

Sales of saffron in the United Kingdom are anticipated to rise at a healthy CAGR of 6.1% during the forecast period. By 2034, the United Kingdom will likely hold a market share of 19.3% in the Europe saffron market.

The United Kingdom saffron industry is poised to expand steadily during the forecast period. This can be attributed to a combination of factors, including:

• Saffron's association with luxury and exclusivity
• Growing health consciousness among consumers
• Escalating interest in natural and healthy flavors and colors
• Increasing usage of saffron in cosmetics
• Growing demand for saffron-based food and beverage products

Saffron is known to have potential health benefits, including antioxidant properties. As consumers in the United Kingdom are becoming more health-conscious, there is a growing interest in incorporating saffron into diets for its potential health-promoting qualities.

Improved global trade and distribution networks have made saffron more accessible to consumers in the United Kingdom. This increased availability allows a broader audience to experiment with saffron in their cooking.

Saffron's association with luxury and exclusivity makes it appealing to consumers looking for unique and high-quality ingredients. The premium image of saffron contributes to its rising demand in the United Kingdom market.

India Becoming a Dominant Saffron Market across South Asia

India’s saffron market is expected to reach a valuation of around USD 105.2 million by 2034. It is expected to hold a prominent value share of 15.3% in the South Asia saffron market. This can be attributed to factors like:

• Growing popularity of Kashmiri saffron in India and other nations due to its high quality and authenticity
• Shifting consumer preference from artificial colors to natural ones like saffron
• Rising awareness about the health benefits of saffron
• Increasing government programs and schemes to promote saffron cultivation and production

Globalization has facilitated easier access to a variety of ingredients, including saffron. Consumers in India are exposed to international cuisines and culinary trends, leading to an increased appreciation for saffron.

Saffron is often considered a premium and thoughtful gift, especially during festive seasons and special occasions. The tradition of gifting saffron contributes to its demand during specific times of the year.

Beyond culinary uses, saffron is also valued in the beauty and wellness industry. It is used in traditional skincare remedies, and an interest in natural and herbal beauty products has contributed to the demand for saffron-infused products.

Category-wise Insights

The table below provides in-depth insights into leading segments in the saffron market. This information can help companies invest in popular forms and frame their strategies accordingly.

• Based on form, the threads segment is estimated to account for a revenue share of 78.7% in 2024.
• By functionality, the food/feed/pharma grade segment will likely account for a value share of 69.5% in 2024.
• Based on end-use applications, the food & beverages processing industry is set to hold a market share of 56.9% in 2024.
• The conventional saffron category is expected to have a market share of 58.7% in 2024.
• By saffron compound, the crocin segment is anticipated to account for 42.8% of the market share in 2024.

Segment	Estimated Market Share (2024)
Threads (Form)	78.7%
Food & Beverages Processing Industry (End-use Application)	56.9%
Food/Feed/Pharma Grade (Functionality)	69.5%
Conventional (Product Claim)	58.7%
Crocin (Saffron Compound)	42.8%

Saffron Threads Remain the Most Sought-after Form Globally

Based on form, demand is expected to remain high for saffron threads during the assessment period, accounting for a revenue share of 78.7% in 2024. As per the latest analysis, the saffron threads segment is projected to reach a valuation of USD 526.1 million in 2034.

Saffron threads are gaining immense popularity among consumers due to their several advantages. These include their high quality and authenticity, slower release pattern, more flavorful nature, and less risk of adulteration.

• Saffron threads release their aroma and flavor slowly, allowing for a more delicate and nuanced experience compared to the instant release of liquid and powdered saffron. This is contributing to their increasing demand globally.
• Saffron threads offer versatility in culinary applications. They can be used in various recipes, including rice dishes, stews, desserts, and beverages. The threads can be infused in liquids or crushed into powder, allowing for precise control over the amount and intensity of saffron flavor and color in a dish.
• Saffron threads have a longer shelf life compared to saffron powder. Properly stored saffron threads can retain their quality and potency for several years. This longer shelf life appeals to consumers who want saffron readily available for occasional or special occasions without worrying about it losing its flavor.
• Another factor fueling demand for saffron threads is their low risk of adulteration. These threads are less prone to adulteration with cheaper substances like paprika and turmeric.

The versatility of Saffron Makes it Popular in Food & Beverages Processing Industry

Saffron consumption is anticipated to remain high in the food & beverages processing industry during the forecast period. The target segment is expected to rise at 5.1% CAGR over the next ten years, reaching a market valuation of USD 288.8 million in 2034.

Several factors are expected to increase the usage of saffron in the food & beverages processing industry during the assessment period. These include:

• Growing demand for natural food colors in the food & beverages processing industry
• Rising consumer preference towards processed foods and beverages with natural ingredients
• Increasing awareness about the potential side effects of artificial colors among food manufacturers as well as consumers
• Health benefits of saffron due to the presence of antioxidants

Saffron is often associated with luxury and premium quality. Its high price point compared to other spices contributes to this perception. By incorporating saffron into their products, food and beverage manufacturers can position their offerings as premium and cater to consumers willing to pay a premium for unique, high-quality flavors.

The food & beverages processing industry is constantly evolving, with a focus on creating new and innovative products. Saffron provides an opportunity for culinary experimentation and innovation. Its versatility allows manufacturers to include saffron in a wide range of products, including baked goods, desserts, beverages, sauces, and even savory dishes.

Competitive Landscape

Leading saffron manufacturers and suppliers are focusing on offering high-quality products in attractive packaging. They are investing rigorously in advertisements and celebrity endorsements to reach their target audience and educate them about the potential benefits of their products.

Several saffron companies are also using strategies such as mergers, partnerships, acquisitions, distribution agreements, collaborations, and advertisements. These strategies will help them expand their global footprint and boost their sales.

Recent Developments in the Saffron Market

• Natac Group significantly boosted its market position in the saffron extracts sector in June 2022 after purchasing the French biotech INOREAL. Customers will now have simpler access to high-quality, added-value bioactive components thanks to the acquisition, and Natac will be able to "provide consumers with branded ingredients supported by clinical data."
• In August 2023, Tata Consumer Products (TCP) launched a new premium Kashmiri saffron range under its Himalayan brand.

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

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

Frequently Asked Questions

How much is the saffron market worth?

The global market for saffron is estimated to be valued at USD 337.9 million in 2024.

What is the expected size of the worldwide saffron industry by 2034?

The global saffron market size is set to reach USD 687.8 million by 2034.

What is the demand outlook for saffron?

Global saffron demand is expected to increase at 7.4% CAGR through 2034.

Which region is expected to dominate the global saffron market?

North America is expected to lead the market with a share of 20.5% in 2034.

What was the historical CAGR for the saffron industry?

The saffron industry registered a CAGR of 6.3% from 2019 to 2023.

Which industries use saffron?

Industries that use saffron include food & beverages, cosmetics, and dietary supplements.