During the projected period, Saffron market is expected to grow at a CAGR of 10.8 %. The market value is projected to increase from US$ 480 Mn in 2022 to US$ 804.4 Mn by 2032.
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 updates for an anticipated incremental opportunity of about $200 million between 2022 and 2032.
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The report reveals that retail industry will continue to be the largest end-user of saffron in these countries. More than US$ 160 Mn worth of saffron is projected to be accounted by retail businesses. Nevertheless, the market will notice considerable rise in the end-use of saffron for production of cosmetics, revenues from which will soar at 5.1% CAGR. Consumption of saffron will also be driven by its function as a spice, herb, or a flavouring ingredient. And, nearly three-fourth of saffron revenues amassed from these countries will be accounted by flavouring & spice function throughout the forecast period.
Key highlights from the report on saffron market for targeted countries include:
- Iran’s saffron market will expand at 5.7% CAGR, and register substantial growth in production of powdered saffron
- More than 90 Mn worth of saffron powder will be consumed in the US by the end of 2026
- In UK’s saffron market, medical & pharmaceutical industry will record revenue growth at 6% CAGR during forecast period
- Demand for saffron will be low in Germany as the country’s market is expected to be valued at just over US$ 4 Mn by 2026-end
- The saffron market in France, Spain, China, Luxemburg and Italy will exhibit growth at less than 3% CAGR
- Between 2016 and 2026, Netherlands’ saffron market will showcase an incremental opportunity of US$ 2 Mn
The report also profiles leading manufacturers of saffron partaking in the markets across these targeted countries, namely, Safrante Global Company, SLU, Evolva, Rowhani Saffron Co., Hijos de Eustaquio Abad & Co. SL, Sara Nuts, Tarvand Saffron Co., USMS Saffron Co. Inc., Royal Saffron Company, Saharkhiz International Group Companies, Gohar Saffron, Novin Saffron Co., and Azafranes Machegos SL.
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Market Segmentation
By Form
- Thread
- Powder
- Liquid
By End Use
- Retail
- Food Service
- Culinary Products
- Dairy Products
- Confectionery
- Tea
- Others
- Medical & Pharmaceuticals
- Cosmetics
- Skin Care
- Hair Care
- Others
By Function
- Flavouring & Spice
- Herbs
- Others
By Key Countries
- Netherlands
- Iran
- U.S.
- U.K.
- Germany
- France
- Spain
- China
- Belgium
- Luxembourg
- Italy
Frequently Asked Questions
- What is the outlook of the saffron market from 2016 to 2026?
- Which manufacturers are currently active in the global saffron industry?
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