SAN FRANCISCO, Oct. 19, 2021 /PRNewswire/ -- The global saffron market size is expected to reach USD 721.5 million by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.5% over the forecast period. The demand for saffron has been growing rapidly owing to several factors, such as the growing demand for natural ingredients in the food industry. Furthermore, the medicinal properties of saffron have also been one of the key driving factors contributing to the growth of the market. Saffron is the most versatile and costliest spice in the world. Saffron is the dry stigma of Crocus Sativus, where each flower has only 3 stigmas. The process of handpicking the saffron thread is very labor-intensive and over 70,000 flowers produce 1 pound of saffron.
Key Insights & Findings:
- The grade I segment accounted for the largest revenue share of over 59.98% in 2020 and is estimated to retain the dominant position throughout the forecast period
- The medical application segment is projected to be the fastest-growing segment over the forecast period
- The increasing product usage in dietary supplements and medicines for the treatment or prevention of various health conditions, such as high cholesterol levels and healing of second-degree burns, boosts the segment growth
- Middle East & Africa is the key region, which is anticipated to witness the fastest growth in the market over the forecast period
- Middle East holds the largest production cluster of saffron and has increasing product usage in the food as well as medical applications contributing to the highest growth of the regional market
Read 135 page market research report, "Saffron Market Size, Share & Trends Analysis Report By Application (Cosmetics, Food, Medical), By Grade (Grade I, II, III, IV), By Region (APAC, MEA, North America, Europe), And Segment Forecasts, 2020 - 2028", by Grand View Research
The extensive production process coupled with lower production volumes makes it the most expensive spice among others. Saffron corms are needed for the production of saffron, and the key suppliers of this raw material include Roco saffron, American Meadows, and Bloembollenbedrijf J.C.Koot (sattivus.com). Saffron is available in four grades including grades I, II, III, and IV. However, grade I is the highest quality of saffron containing all red stigmas having excellent coloring, flavoring, and aromatic properties, whereas grade IV is the lowest quality of the product that needs to be used in a large quantity to get the optimum results. Asia Pacific is one of the key regions in the market with the dominant share in 2020.
The demand for saffron is continuously on the rise owing to its increasing usage in the traditional cuisines of Asia Pacific countries. Furthermore, saffron is used in traditional Asian medicines to treat or prevent various diseases and health conditions. The increasing usage of the product in various dietary supplements as an ingredient is also expected to bolster the demand over the forecast period. The majority of the players operating in the global market are export-oriented and focus more on their supply chain and global distribution network to meet the increasing demand from various application industries across the globe.
Grand View Research has segmented the global saffron market on the basis of grade, application, and region:
- Saffron Grade Outlook (Volume, Tons, Revenue, USD Thousand, 2017 - 2028)
- Grade I
- Grade II
- Grade III
- Grade IV
- Saffron Application Outlook (Volume, Tons, Revenue, USD Thousand, 2017 - 2028)
- Food
- Medical
- Cosmetics
- Others
- Saffron Regional Outlook (Volume, Tons, Revenue, USD Thousand, 2017 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
List of Key Players of Saffron Market
- Esfedan Trading Company
- Safran Global Company S.L.U.
- Tarvand Saffron Co.
- Saffron Business Company
- Gohar Saffron
- Rowhani Saffron Co.
- Mehr Saffron
- Flora Saffron
- Royal Saffron Company
- Iran Saffron company
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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