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% |
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| 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% |
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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.
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% |
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:
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.
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 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’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:
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.
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.
| 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% |
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 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:
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.
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
The global market for saffron is valued at USD 337.9 million in 2024.
The saffron market is set to reach USD 687.8 million by 2034.
Global saffron demand is projected to grow at 7.4% CAGR through 2034.
North America is expected to lead the market with a share of 20.5% in 2034.
The saffron industry registered a CAGR of 6.3% from 2019 to 2023.
Saffron is used in the food & beverage, cosmetics, and dietary supplement industries.
| Estimated Market Size (2024E) | USD 5,461.5 million |
|---|---|
| Projected Market Value (2034F) | USD 9,944.5 million |
| Value-based CAGR (2024 to 2034) | 6.2% |
| Estimated market value (2024E) | USD 7,402.30 million |
|---|---|
| Projected market Value (2034F) | USD 16,736.5 million |
| Value-based CAGR (2024 to 2034) | 8.5 % |
| Market Estimated Size (2023E) | USD 33.9 million |
|---|---|
| Projected Market Valuation (2033F) | USD 97.3 million |
| Value-based CAGR (2023 to 2033) | 11.0% |
| Expected Market value in 2023 | USD 1.2 Billion |
|---|---|
| Projected Market Value in 2033 | USD 2.1 Billion |
| CAGR (2023 to 2033) | 5.7% |
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Saffron Market
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