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Saffron Market is Expected to Grow at a CAGR of 10.8 % and is Estimated to hit a Revenue of US$ 480 Mn in 2022 and Breach US$ 804.4 Mn by year 2032-end, Analysis by Future Market Insights, Inc.
[November 23, 2022]

Saffron Market is Expected to Grow at a CAGR of 10.8 % and is Estimated to hit a Revenue of US$ 480 Mn in 2022 and Breach US$ 804.4 Mn by year 2032-end, Analysis by Future Market Insights, Inc.

The North American Saffron market is expected to register a 6.8% CAGR between 2022 and 2032. China Saffron market is projected to grow at a CAGR of around 7.5% over the next ten years. Germany Saffron Slicers market is projected to grow at a CAGR of around 7.3% over the next ten years.

NEWARK, Del., Nov. 23, 2022 /PRNewswire/ -- The global saffron market is expected to create lucrative growth opportunities by registering a CAGR of around 10.8% throughout the projection period from 2022 to 2032. The global market is projected to increase from US$ 480 Mn in 2022 to US$ 804.4 Mn by 2032. The thread segment is expected to have a 65.4 % share by the end of 2022.

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The powder classification was expected to have a value of 44.3 % by the end of 2022. The liquid segment is anticipated to hold around 6.3% value share by the end of 2022. By 2022, the associated segment's sales growth could be stifled due to a lack of liquid items.

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By the end of 2022, the thread segment is expected to account for a total of 60.4% share. The thread segment is anticipated to remain dominant in regard to market share by 2032, while worth losing about 500 BPS by that year. The powder segment is anticipated to account for a value of 38.6 % by the 2016 end, gain 510 basis points over the forecast period, and gain a value of 43.7 % by the 2026 end. 

Saffron is used as a powerful element in the food and beverage industry. It also comprises diverse medical applications which are anticipated to bolster revenue growth in the segment. The liquid segment was estimated to account for a value share of 5.6% by 2022 end. This segment is expected to lose 100 basis points ongoing.

Key Takeaways

  • The segment for power includes an above-average CAGR attributed to the higher quarterly revenue. The thread segment is predicted to register a CAGR of 5.4% based on revenue throughout the forecast period. The liquid segment is also showing a promising growth outlook over the forecast period by registering a total CAGR of 3%. The low availability of products in liquid form may restrain market growth in the indicated segment over the forecast period.
  • The value of the saffron market in Iran was approximately $330 million in 2021 and is expected to reach more than $500 million by the time you reach 2026. The saffron market in Iran is expected to be valued at over $600 million by the end of 2032, amounting to a CAGR of 5.7%. In the saffron market in Iran, experts forecast an opportunity of nearly $17 billion in 2022 over 2021 and update for an anticipated incremental opportunity of about $200 million between 2022 and 2032.
  • The large-scale production of fake saffron has impacted the saffron market's growth. Retailers are expected to attempt to sell counterfeit saffron at a significant power price, therefore, adversely affecting the industry as a whole. Counterfeit saffron-producing businesses threaten the confidence consumers have in the industry. Furthermore, the market has poor legitimacy, which is likely to limit the deloyment of restrictive laws to control the flow of counterfeit saffron in the marketplace. This is likely to dampen market growth over the forecast period.

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Competitive Landscape

The global saffron market is extremely fragmented and competitive because of the existence of multiple local and regional rivals. Dominant market players are focusing on employing a wide range of marketing strategies such as partnerships, expansions, mergers and acquisitions, and collaborations.

More Insights into the Saffron Market

The surging demand for saffron-infused food and beverages, cosmetics, and pharmaceuticals is anticipated to drive the growth of the U.S. saffron market. In addition to that increasing popularity of saffron as a natural coloring agent is expected to assist the market growth over the assessment period.

India is yet another country expected to bolster the growth of the global saffron market as it is considered one of the most vital and expensive spices by weight. Saffron has gained immense popularity in developing countries like India which has resulted in a thriving market for spice. The majority of Indian saffron is grown in Kashmir, with other notable growing regions including Himachal Pradesh, Uttarakhand, and Jammu.

Saffron Market by Category

By Form, Saffron Market is Segmented as:

  • Thread
  • Powder
  • Liquid

By End Use, Saffron Market is Segmented as:

  • Retail
  • Food Service
    • Culinary Products
    • Dairy Products
    • Confectionery
    • Tea
    • Others
  • Medical & Pharmaceuticals
  • Cosmetics
    • Skin Care
    • Hair Care
  • Others

By Function, Saffron Market is Segmented as:

  • Flavouring & Spice
  • Herbs
  • Others

The saffron market in China is also flourishing over the projection period because Chinese people have a long history of using this spice in their cuisine and it is an important part of many traditional dishes. The market for saffron in China is growing rapidly as more and more people are becoming aware of its benefits and its unique flavor.

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Table of Content

1. Executive Summary

    1.1. Global Market Outlook
    1.2. Demand-side Trends
    1.3. Supply-side Trends
    1.4. Technology Roadmap Analysis
    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy
    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics
        3.1.1. Drivers
        3.1.2. Restraints
        3.1.3. Opportunity
        3.1.4. Trends

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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