Saffron Market Size, Share & Trends Analysis Report By Grade (Grade-I, Grade-II), By Application (Food Supplements, Cosmetics), By Type, By Form, By Distribution, By Region, And Segment Forecasts, 2023 - 2030

Saffron Market Growth & Trends

The global saffron market size is anticipated to reach USD 959.38 million by 2030, expanding at a CAGR of 6.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience significant growth in the forecast period due to increasing demand for the spice in medical and cosmetic applications. Saffron is a potent source of antioxidants that provide numerous health benefits, with active compounds such as picrocrocin, safranal, and crocin contributing to reducing oxidative damage and inflammation in the brain. Its antioxidant, anti-inflammatory, and memory-enhancing properties are likely to drive market growth. In addition, the cosmetics industry uses saffron as a natural UV-absorbing agent.

Image processing technology, pilot scale, and electric nose are some of the key technologies used in processing saffron. Manual separation of stigmas has been the norm, but the image processing method offers a less time-consuming approach. ISO Standard 3632 is the requirement that governs quality measurement. However, adulteration is a growing concern in the global market due to saffron's high price and increased demand, with products resembling saffron being mixed in as adulterants.

Saffron market in Middle East and Africa is growing and is attributable to the increasing demand to its use in traditional cuisine. Saffron is an essential ingredient in many dishes in the region, such as biryanis, pilafs, and tagines, and it is also used to flavor sweets and desserts. The spice is considered to be a symbol of hospitality and is often served to guests as a sign of respect.

In September 2022, Iran signed a USD 300 million deal with Qatar to supply saffron. Qatar received 200 tons of Iranian saffron, with the first shipment arrived on October 1st. The two countries have been expanding their economic and political ties, with trade exchange growing by 34% in 2021. The Qatari minister hopes to continue expanding economic, trade, and investment cooperation.

Saffron Market Report Highlights

• Grade-I dominated the grade segment with highest revenue share in 2022. This is owing to the excellent coloring and flavoring strengths and aroma of this grade
• The traditional type accounted for a revenue share of 63.8% in 2022. The market for traditional saffron harvest is driven by several factors, including its unique flavor, aroma, and color, which make it a highly valued ingredient in cooking, cosmetics, and traditional medicine
• The liquid form segment is expected to witness a significant CAGR of 7.7% in terms of revenue over the projected period. The various uses of liquid form of saffron like its culinary and medicinal uses, saffron liquid is also used in the perfume industry to add a unique and exotic aroma to fragrances, is driving the segment
• The cosmetics application is expected to witness a significant CAGR of 7.6% in terms of revenue over the projected period owing to the distinct scent and color-enhancing qualities of saffron make it a desirable ingredient in the production of perfumes and cosmetics
• The B2C distribution channel segment is expected to witness a significant revenue-based CAGR of 6.6% over the projected period owing to the rising prevalence of saffron products in online retail platforms and the increasing demand for saffron-based supplements and dietary items
• Middle East and Africa accounted for a revenue share of nearly 51.7% in 2022 owing to rising product demand in the personal care and cosmetic sector in the region owing to increasing recognition of saffron's health advantages, along with the surge in demand for organic and natural commodities

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