The global saffron market size was valued at USD 374.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2020 to 2028. Growing demand for saffron in medical and cosmetic applications is expected to be a key driving factor for the market in the forecast period. Saffron is rich in antioxidants and offers several health benefits. The main active compounds present in saffron include picrocrocin, safranal, and crocin. These compounds help reduce oxidative damage and inflammation in the human brain. Furthermore, saffron is known for its memory-enhancing, antioxidant, and anti-inflammatory properties, which is likely to propel the growth of the market. Furthermore, it is used as a natural UV-absorbing agent in the cosmetics industry.
Key technologies used in processing include image processing technology, pilot scale, and electric nose. The process of separating stigmas has been done manually so far, however, using the image processing method to separate stigmas is less time-consuming. ISO Standard 3632 is the requirement that concerns merely the measurement of the quality. Adulteration has been growing rapidly in recent years owing to the high price and increased demand in the global market. The adulteration includes the mixing of products that look similar to saffron.
The adulteration results in variations in the quality of the product and the consequent variation of prices. The standard comprises 2 parts, ISO 3632-1 and ISO 3632-2, which identify the test methods for various classifications of dried, cut threads, powders, and threads. The main purpose of the standards is to test the strength of flavor, scent, and color of saffron, which helps protect consumers from purchasing a fake product that is expensive as well as has no food value.
The U.S. has witnessed increasing demand over the past few years owing to the growing awareness among consumers about the medicinal properties and health benefits of saffron. The trade between Iran and the U.S. witnessed a surge after the U.S. revoked trade restrictions that were imposed by it on imports from Iran. Growers in the U.S. have been increasingly investing in cultivation. The growers from the states, such as Vermont, Pennsylvania, and Washington, have been taking initiatives with an aim to increase the product’s cost-effective domestic supply.
Grade I is the finest quality available in the global market. The grade I segment accounted for the maximum revenue share of more than 59% in 2020. The grade I includes neigin and sargol, wherein, ISO reading of Negin is usually more than 270 and the ISO reading of Sargol ranges between 260 and 270. The coloring and flavoring strengths and aroma of grade I products contributed to the segment’s highest share. High coloring and flavoring strength of the grade I saffron makes it suitable for premium culinary applications, fragrances, and premium personal care products.
Increasing popularity of premium products boosts demand for high-quality saffron, which fuels the segment growth. ISO 3632 standard inspects the authenticity and the quality based on the grading of saffron and checks their labeling and packaging as well. The market price of the product is dependent on the grade and the results of such inspections. Grade III is utilized in cosmetics and personal care products, as well as in the fragrance industry owing to its excellent safranal (fragrance) content.
The medical application segment is estimated to witness the fastest growth of 8.8% over the forecast period. The importance of saffron in the traditional medicines in countries, such as Iran, India, and China, is anticipated to boost the growth of the segment over the forecast period.
It is believed that saffron may help fight against free radicals that cause several diseases, such as inflammatory joint disease, asthma, diabetes, and cancer. Furthermore, it has varied applications in the cosmetics industry, such as in skincare and other personal care products. More recently, saffron has attracted a renewed interest for its use in cosmetic products. Besides the antioxidant properties, it presents multiple interests for cosmetic applications. Moreover, saffron has various applications in the food, textile, and fragrance industries.
Asia Pacific led the global market in 2020 accounting for a revenue share of more than 37.5%. India is the leading producer in Asia Pacific wherein India and China are among the leading consumers in the region. Saffron is one of the most valued spices in these countries, having traditional importance in food and medical applications. The Kashmiri saffron produced by India is in high demand across the globe owing to its distinct color and flavor. It is majorly exported to China, Australia, Japan, the U.S., Germany, and some parts of South Asian countries.
Europe is a major market for re-exports as some member countries have large competitive advantages in terms of processing, packaging, and branding capabilities. Value-added profits generated from re-exports are significant, so these importers are always looking to source larger quantities of a high-quality product. The increasing re-exports by European countries are likely to increase the market share of Europe in the global industry.
Middle East & Africa is anticipated to witness the fastest growth of 9.3% over the forecast period. Iran is the largest producer in Middle East & Africa and across the globe. It produces more than 90% of global production. Moreover, the countries in the MEA region, such as Afghanistan, Egypt, Israel, Azerbaijan, and Morocco, have micro-scale cultivation in the region.
The global market is characterized by the limited presence of players. The production is concentrated in the Middle Eastern countries. The market has a high potential for emerging and new players that require broad support across the value chain. The established, as well as new market players, have been focusing more on robust brand management for enhancing various differentiating factors, such as portfolio diversity, different packaging formats including premium packaging, and competitive pricing. Some of the prominent players in the global saffron market include:
Esfedan Trading Company
Safran Global Company S.L.U.
Tarvand Saffron Co.
Saffron Business Company
Gohar Saffron
Rowhani Saffron Co.
Mehr Saffron
Flora Saffron
Royal Saffron Company
Iran Saffron company
Report Attribute |
Details |
Market size value in 2021 |
USD 444.14 million |
Revenue forecast in 2028 |
USD 721.5 million |
Growth Rate |
CAGR of 8.5% from 2020 to 2028 |
Base year for estimation |
2020 |
Historical data |
2017 - 2019 |
Forecast period |
2020 - 2028 |
Quantitative units |
Volume in tons, revenue in USD thousand/million, and CAGR from 2020 to 2028 |
Report coverage |
Revenue forecast, volume forecast, ranking, competitive landscape, growth factors, and trends |
Segments covered |
Grade, application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; Germany; France; Italy; Spain; U.K; China; Japan; Australia; India; Brazil; Argentina; UAE; South Africa; Saudi Arabia |
Key companies profiled |
Mehr Saffron; Flora Saffron; Royal Saffron Company; Safrante Global Company; Esfedan Saffron Company; Tarvand Saffron Company; Saffron Business Company; Iran Saffron Company; Rowhani Saffron; Gohar Saffron |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global saffron market report on the basis of grade, application, and region:
Grade Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
Grade I
Grade II
Grade III
Grade IV
Application Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
Food
Medical
Cosmetics
Others
Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Asia Pacific
China
India
Japan
Australia
Central & South America
Brazil
Argentina
Middle East & Africa
UAE
South Africa
Saudi Arabia
b. The global saffron market size was estimated at USD 374.6 million in 2020 and is expected to reach USD 444.14 million in 2021.
b. The saffron market is expected to grow at a compound annual growth rate of 8.5% from 2020 to 2028 to reach USD 721.5 million by 2028.
b. Grade I saffron dominated the saffron market as of 2020 with a share of 59.98% and is expected to advance at a substantial CAGR of 8.6% through 2028.
b. Some of the key players in the market are Mehr Saffron, Flora Saffron, Royal Saffron Company, Safrante Global Company, Esfedan saffron Company, Tarvand Saffron Company, Saffron Business Company, Iran Saffron Company, Rowhani Saffron, and Gohar Saffron.
b. Increasing demand for saffron in processed food and medical applications is expected to boost the saffron demand in coming years.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.
"The quality of research they have done for us has been excellent."
Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for COVID-19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.