As per the latest analysis, the worldwide saffron market is estimated to be valued at US$ 337.9 million in 2024 and is anticipated to reach US$ 687.8 million by 2034. Over the next decade, global demand for saffron will likely increase at a CAGR of 7.4%.

Sales of saffron threads are expected to outpace those of powder and liquid ones. This is due to several advantages of saffron threads. The target segment is projected to account for a value share of 78.7% in 2024.

Multiple factors are set to spur the growth of the saffron industry during the assessment period. These include:

• Rising interest in diverse and international cuisines
• Increasing applications of saffron in the food & beverages, cosmetics, and pharmaceutical sectors
• Escalating demand for natural flavors and colorings
• Growing usage of saffron essential oil in aromatherapy
• Rising consumer awareness about the harmful effects of artificial colors
• Saffron’s association with luxury and exclusivity

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As consumers become more adventurous with their culinary preferences, the demand for high-quality and exotic ingredients like saffron is expected to rise exponentially. This will likely boost market growth during the forecast period.

Saffron is widely used in the food and beverage industries as a flavoring and coloring agent. Hence, growing demand for processed food products is expected to bolster saffron sales throughout the forecast period.

The introduction of new products and widening applications of saffron are anticipated to support the expansion of the saffron industry through 2034. Similarly, innovative marketing strategies employed by key saffron manufacturers will benefit the market.

To increase brand preference and sales, manufacturers emphasize the quality and authenticity of their saffron products. They are implementing rigorous quality control measures to ensure that the saffron meets the highest standards.

Several companies are obtaining certifications for organic, fair-trade, or other quality standards, enhancing saffron products’ credibility. Consumers often seek assurance that the saffron they purchase meets certain quality and ethical standards. This will propel the saffron market forward.

Increasing the export of saffron is another key factor expected to boost overall demand and create lucrative growth opportunities for saffron manufacturers and suppliers. Hence, a robust CAGR has been predicted for the target market during the next ten years.

“The saffron market continues to experience growth driven by increasing global demand, premium positioning, health and wellness trends, product diversification, sustainable sourcing, and online and international markets. The market’s potential for lucrative opportunities is fueled by the spice’s authenticity, versatility, and cultural significance, making it an attractive ingredient in the food and beverage industry.”- says Nandini Roy Choudhury (Client Partner for Food and Beverages at Future Market Insights, Inc.)

Key Takeaways from the Saffron Report:

• The global market for saffron is expected to reach a valuation of US$ 687.8 million by 2034.
• Global demand for saffron will likely rise at 7.4% CAGR between 2024 and 2034.
• Based on form, the saffron threads segment is set to total US$ 526.1 million in 2034.
• By end-use application, the food & beverages processing industry is expected to grow at 5.1% CAGR through 2034.
• North America will likely hold a value share of 20.5% in the global market by 2034.
• The United Kingdom market is estimated to witness a value CAGR of 6.1% through 2034.
• Saffron sales in India are projected to total US$ 105.2 million by 2034.

Competitive Landscape

Key Players in the Saffron Market Include

• Azafranes Manchegos S.L.
• Dorreen Saffron Extract
• Norfolk Saffron Extract
• Pascual Reverte S.L.
• Saharkhiz Int Group Inc.
• Rowhani Saffron Extract Co.
• Safrante Global Company S.L.U.
• Triselecta S.L.
• House of Saffron
• Surkh Saffron

Key players are focusing on expanding their portfolios by launching new high-quality products. They also use strategies such as acquisitions, advertisements, celebrity endorsements, partnerships, agreements, and mergers to gain a competitive edge in the market. For instance,

• Natac Group purchased the French biotech INOREAL to boost its market position significantly in the saffron extracts sector.

Get More Valuable Insights

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global saffron market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.

The study offers compelling insights on the saffron industry based on form (powder, threads, liquid), end-use application (culinary applications, food & beverages processing industry, cosmetics & personal care industry, fragrance, aromatherapy, and dietary supplements), functionality (food/feed/pharma grade and cosmetic grade), product claim (organic and conventional), saffron compound (crocin, crocetin, picrocrocin, safranal, others), and region.