By The most expensive spice in the world, Saffron is the dried stigmas of the Crocus sativus flower. Used across several applications such as medicine, cuisine, and coloring saffron has a humungous market. According to MarkNtel Advisors, the Global Saffron Market size is valued at around USD 684 million in 2023 and is projected to grow at a CAGR of about 7.5% during the forecast period of 2024-30.
The report states that the growing demand for saffron across numerous sectors, such as food & beverages, cosmetics, personal care, and pharmaceuticals is fueling the market growth. Even though saffron is the most expensive spice in the world, its popularity is no less and it is used in a wide variety of cuisines and delicacies worldwide to enhance their taste and flavor. Additionally, saffron also plays a crucial role in treating several illnesses like depression, anxiety, and menstrual pain, and is utilized in their traditional medicines. All these factors are boosting the market growth in the present times and are likely to continue in the future as well.
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Besides, one major restraint that the Global Saffron Market might face is the high production cost since the harvesting and processing of the spice is labor intensive. The key competitors are finding ways to tackle this problem and are trying their best to ensure the smooth growth of the Global Saffron Market.
Global Saffron Market Segmentation Analysis
- By Type (Dasteh Saffron, Pushal Saffron, Sargol Saffron, Super Negin Saffron, Konj/White Saffron, andOthers (Kashmiri Saffron, Moroccan Saffron, etc.))
- By Forms (Threads, Powder, and Liquid)
- By Grade (Grade I, Grade II, Grade III, and Grade IV)
- By Nature (Organic and Conventional)
- By Application (Food & Beverages, Personal Care, Textile Industry, and Pharmaceutical)
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
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The thread form of saffron accounts for the highest share in the Global Saffron Market owing to its massive popularity and ease of usage. Moreover, the growing inclination of consumers towards pure and unadulterated products is also leading to the demand for saffron in the thread form since it holds the spice’s original form without the mixing of additives or processing, making sure that consumers get a genuine and healthy product profile.
Moreover, saffron threads represent authenticity, and richness, and enhance the garnishing of the dishes which is why they are highly popular in gourmet and fine-dining restaurants. All these aspects are propelling the growth of saffron threads thus proliferating the overall market growth.
In the historical years, Europe seized a significant share of the Global Saffron Market while in the coming years, Asia-Pacific is likely to lead the market. The increasing demand for saffron from highly populous countries like India and China due to the rising disposable income of the population is resulting in the proliferated consumption of saffron, thus boosting the market growth in the Asia-Pacific region. Additionally, saffron encompasses several health benefits and is used in the preparation of a wide variety of delicacies which are also augmenting its market growth in the region.
Top Competitors Holding a Substantial Share in the Global Saffron Market
The major competitors in the Global Saffron Market include Safrante Company S.L.U., Evolva, Rowhani Saffron Co, Sara Nuts, Tarvand Saffron Co, Hijos de Eustaquio Abad & Co. S.L., USMS Saffron Co. Inc., Royal Saffron Company, Saharkhiz International Group Companies, Gohar Saffron, Novin Saffron Co., Azafranes Manchegos SL and Others. These companies altogether hold a generous amount of market share and are significantly boosting the growth of the Global Saffron Market.
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