Saffron Market By Form (Liquid, Thread and Powder), By Application (Food & Beverage, Cosmetics, Medicine and Textile), and By Region - Trends, Analysis and Forecast till 2034

Saffron Market accounted for USD 707.1 Million in 2024 and is estimated to be USD 1334.9 Million by 2034 and is anticipated to register a CAGR of 7.20%.

Saffron is a spice that is made from the dried stigmas of the saffron plant. It is derived from the flower of Crocus sativus also known as saffron crocus. It is considered as the most expensive spice of the world as cultivation and harvesting of saffron requires a large amount of labor work as it completely done by hand. In food, saffron is used as spice, yellow food coloring and flavoring agents as it tastes sweet and grassy. In product manufacturing, saffron is used as fragrance to manufacture perfumes or dyes.

Saffron is used as medicine for treatment of asthma, whooping cough, cancer, insomnia, atherosclerosis, hemoptysis, heat burn, depression, etc.Saffron is a spice that is made from the dried stigmas of the saffron plant. It is derived from the flower of Crocus sativus also known as saffron crocus. It is considered as the most expensive spice of the world as cultivation and harvesting of saffron requires a large amount of labor work as it completely done by hand. In food, saffron is used as spice, yellow food coloring and flavoring agents as it tastes sweet and grassy. In product manufacturing, saffron is used as fragrance to manufacture perfumes or dyes. Saffron is used as medicine for treatment of asthma, whooping cough, cancer, insomnia, atherosclerosis, hemoptysis, heat burn, depression, etc.

Increasing Demand for Saffron in Food Sector

There is an increasing demand for saffron in food sector due to a high preference for natural coloring and flavoring agents which is a major factor expected to drive the growth of the  saffron market. Moreover, rising demand for saffron based natural medicines which has anti-tumor, anti-depressant, antioxidant and also anti-asthma properties and it use in treatment of diseases such as Alzheimer’s, depression, asthma, insomnia, and cancer, foster the saffron market. For instance, according to World Health Organization, in March 2018, globally, more than 300 million individuals of all ages suffer from depression which is the leading cause of disability over the , and is therefore a major contributor to the overall global burden of disease. In addition, increased awareness of use of saffron in improving the skin conditions and make it more radiant by treating acne, dullness and dryness has also flourished the saffron market. Additionally, increased use of saffron in cosmetics due to its natural medicinal properties is another factor expected to drive the growth of the saffron market in the near future. For instance, according to World Traditional Medicine Strategy 2014, the number of states attributed to implementation of WHO traditional medicine strategy have been increasing rapidly which was up to 119 states in 2012. However, the high cost of saffron and lack of supply chain is expected to restrain the growth of the saffron market over the forecast period. Moreover, it takes around 75,000 blooms to produce a single pound of saffron, hence it takes a large amount of time for the production which may restrain the growth of the target market. In addition, availability of artificially colored forged saffron in the market will also affect the growth of the target market. Newer strategies for the growth of the saffron plant is the major trend in the growth of the saffron market.

Saffron market is segmented based on form, application, and region.

On the basis of form, the target market is divided into liquid, thread and powder. On the basis of application, the saffron market is divided into food & beverage, cosmetics, medicine and textile.

Regional Insights:

The Saffron market accounted for US$ 707.1 Million in 2024 and is estimated to be US$ 1334.9 Million by 2034 and is anticipated to register a CAGR of 7.20%.On region the Saffron market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2023, The Asia Pacific region has the largest share in the revenue followed by the other regions and expected to maintain its position over the forecast period. This is mainly due to higher production of saffron in countries like India and Iran and use of saffron in many traditional recipes. Further, growing use of saffron for its medicinal properties will also probably boost the growth of the saffron market in this region. Europe market is expected to have a significant growth rate to the saffron market over the forecast period due to increased use of saffron in the food industry, especially deserts and sweet products.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the Saffron market report based on form, application and region.

Saffron Market, By Region:

North America

• U.S.
• Canada

• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the saffron market includes Gohar Saffron, Iran Saffron, Safrante Global Company, Evolva, Rowhani Saffron Co., Tarvand Saffron Co., Baby Brand Saffron, Royal Saffron Co., Novin Saffron, Hijos de Eustanquio Abad & Co. SL. Established and emerging market participants have been concentrating more on strong brand management in order to improve various differentiating elements such as portfolio diversity, varied package styles, including premium packaging, and competitive pricing.

Recent Development:

• In October 2023, Himalayan, from the House of Tata Consumer Products Limited (TCPL) announced its entry into the premium Kashmiri Saffron segment. This launch is in line with the Company’s focus on expanding into new categories with differentiated products with strong quality credentials. With the launch of Grade 1, 100% pure Kashmiri saffron, the brand Himalayan is extending its existing product portfolio comprising of Natural Mineral water, Honey, and Fruit Spreads into this new category. Himalayan is directly sourcing the Grade 1 Kashmiri saffron, recognized for its purity and quality, from the picturesque valleys of Kashmir.

• Gohar Saffron
• Iran Saffron
• Safrante Global Company
• Evolva
• Rowhani Saffron Co.
• Tarvand Saffron Co.
• Baby Brand Saffron
• Royal Saffron Co.
• Novin Saffron
• Hijos de Eustanquio Abad & Co. SL