Saffron Market Size, Share & Trends Analysis Report By Grade (Grade-I, Grade-II, Grade-III, Grade-IV), By Application, By Type, By Form, By Distribution, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the saffron market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for saffron market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of saffron market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Saffron Market Categorization:

The saffron market was categorized into four segments, namely grade (Grade I, Grade II, Grade III, Grade IV), type (Organic, Traditional), form (Liquid, Powder, Stigma, Petals, Stamen), application (Food Supplements, Cosmetics, Personal Care Products, Food & Beverage), distribution (B2B, B2C), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The saffron market was segmented into grade, type, application, distribution, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The saffron market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Italy; Spain; China; India; Japan; Australia; Brazil; Argentina; UAE; South Africa, and Iran

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Saffron market companies & financials:

The saffron market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Mehr Saffron - Mehr Saffron is a manufacturer and supplier of high-quality and first-grade saffron in North America. It is privately owned business, established in 2011 and is headquartered in the Maryland, U.S. The company is among the highest-rated brands for high-quality saffron across the globe. The company started its operations by catering only to specialty stores and restaurants in the U.S. Over the years, it has expanded its operations in various parts of the U.S. and offers quality saffron at a competitive price in the U.S. market. The company has been increasing its online retailing through its online retail store and various e-commerce platforms to increase its reach across the global market. ISO, a federation of national standards bodies, sets the saffron classification standards. ISO 3632 exclusively deals with saffron and sets up 4 grades of color intensity such as IV (lowest), III, II, and I (purest and finest saffron quality).

• Flora Saffron - Flora Saffron operates as a privately-owned subsidiary of Avizheh Technology and Development of the Middle East, a Turkey-based conglomerate established in 2006. Flora Saffron is a supplier and exporter of Iranian saffron across the globe. The company is headquartered in Tehran, Iran and offers different varieties of saffron under its FLORA brand. The brand supplies all types of saffron such as Khorasan Mashhad saffron, Ghaen saffron, Torbat Heydariye saffron, Sargol, Negin, Pooshal, Pushali, Tied bunch, Dasteh, and red color saffron. Products of the company are certified by a certificate of analysis (COA), certificate of origin (COO), and health certificate (HC). The company offers its products in bulk and packaging formats ranging from 1 gram to 500 grams.

• Royal Saffron Company - Royal Saffron Company is a manufacturer, exporter, and supplier of natural agro products such as saffron, Kashmiri walnuts, Kashmiri walnut kernels, almond kernels, saffron powder, Kashmiri morels, mushrooms, Kashmiri honey, and Kashmiri rice. It was established in 1980 and is headquartered in Kashmir, India. The company offers a wide range of saffron products including Kashmiri saffron, Zarda saffron, Pati saffron, Mongra saffron, and Petals saffron. Its state-of-the-art manufacturing facility is well-equipped with modern machinery and provides a strong back to its manufacturing capacity. The company’s well-established distribution network allows it to cater to the various industries operating in domestic as well as global markets.

• Safrante Global Company, S.L.U. - Safrante Global Company, S.L.U. is a manufacturer and wholesaler of saffron thread or filaments and other saffron derivatives. The company is privately owned business, established in 2013 and is headquartered in Alhaurín de la Torre, Spain. The company specializes in the production of saffron and saffron extracts. The company has a diverse product portfolio including a wide range of spices, saffron filaments, saffron derivative products, gourmet sea salt, natural seasonings, and natural colorants. It also develops 100% additive-free natural saffron extracts, which retain the aroma, color, and flavor of saffron. Saffron products of the company are ISO 3632 and are HACCP certified. The company exports 90% of the total production of saffron and saffron products to 3 regions including the Americas, Europe, and the Middle East. Saffron products of the company are sold under the SAFRANTE® brand, and all the products are produced by patented formula and are 100% natural and clean labeled.

• Esfedan Saffron Company - Esfedan Saffron Company is among the leading suppliers and exporters of Persian saffron across the globe. The company was established in 1998 by Mr. Ali Salari and is headquartered in Mashhad, Iran. It operates as a privately held subsidiary of AZAFRAN ANDALUS, SL, a Spain-based conglomerate. The company offers a wide range of saffron and its derivative products. Product portfolio of the company includes negin saffron, pushal saffron, sargol saffron, and super negin saffron. The company also offers saffron derivative products such as saffron tea, rock candy, and others. Its saffron products are certified by ISO 22000 and HACCP and are also tested through the HPLC technique to ensure its purity. The company has a geographical presence in Madrid, Dubai, Istanbul, Hong Kong, Tehran, and Mashhad. It exports its products to over 28 countries across the globe, and the major export destinations include Australia, Malaysia, China, India, Austria, Hong Kong, Sweden, Spain, Saudi Arabia, and all other Arab states of the Persian Gulf. As of 2020, it had 300 employees working across the globe.

• Tarvand Saffron Co. - Tarvand Saffron Co. is one of the leading manufacturers and exporters of saffron. It is a family-owned private organization that started its operation in 2001 and is headquartered in Ghaen, Iran. The company is a pioneer in saffron-based product development and exports across the globe. Its wide range of product portfolio includes organic saffron, conventional saffron, and saffron-based products. Saffron-based products include saffron extracts, saffron chewing gum, saffron effervescent tablets, and saffron energy drinks. These products are produced using modern technology (ultrasound) and without heat. Some of the major export destinations of the company include the U.S., Canada, Brazil, Germany, France, the UK, Spain, Italy, Switzerland, China, India, Japan, Turkey, the UAE, Thailand, Australia, and South Africa. It has agreements with over 2,000 farmers and employed over 200 personnel as of 2020.

• Saffron Business - Saffron Business is a privately owned company and is headquartered in Mashhad, Iran. It is in the business of manufacturing, processing, and supplying different types of saffron and its derivatives to various application industries across the globe. The company has been equipped with a state-of-the-art fully automatic facility for the production, processing, and packaging of saffron and saffron products. Its production facility complies with the international food processing standards such as ISO 9001:2008, ISO 22000:2005, and HACCP. The company built a cold storage warehouse with a capacity of 5,000 tons of crocus flowers and a storage capacity of 15 tons of frozen saffron. Majority of saffron and its products are exported to various countries across the globe. Its major export destinations include the U.S., Mexico, India, China, Hong Kong, Turkey, Italy, France, Germany, Spain, the UK, and Greece.

• Iran Saffron - Iran Saffron is specialized in manufacturing and trading of Persian saffron and is headquartered in Tehran, Iran. The company is an Iranian brand that provides and exports various types of high-quality Persian Saffron. It operates as a privately-owned subsidiary/brand of Ario Co, one of the most prominent, largest, and oldest manufacturers and exporters of Iranian fresh fruits, dry fruits, and spices across the globe. Product offerings of the company include premium quality saffron, dates, kiwis, apples, pomegranates, dry fruits, and other spices. The company also provides organic saffron, dry fruits, and spices for various application industries. It offers high-quality Persian saffron in packaging formats ranging from 0.2 grams to 450 grams, and services such as private label (retail packs) for Persian saffron. The company exports its saffron products across the globe owing to its fast and effective logistics system.

• Rowhani Saffron Co. - Rowhani Saffron Co. is a manufacturer and supplier of high-quality saffron across the globe. The company a privately held organization, established in 2009 and is headquartered in Mashhad, Iran. Since its inception, the company has been focusing on the manufacturing of saffron and saffron-based products. Key operations of the company include production, processing, packaging, and exporting saffron across the globe. All the stages, from production of saffron to its export are carried out by the company, which lowers end price of the saffron, and ensures best quality product is produced and delivered. It offers five types of saffron for various end-use applications. The company was established with the intent of exporting saffron to European and Asian countries. Over the past few years, it has expanded its operations and distribution network and is exporting saffron to various countries across the globe. The major export destinations of the company include Germany, Spain, France, Italy, China, India, Hong Kong, the U.S., Canada, and all the Gulf countries.

• Gohar Saffron - Gohar Saffron was established in 2004 as an exporter of saffron in the Middle East and is headquartered in Mashhad, Iran. It is a privately owned company engaged in the manufacturing and exports of saffron.The company offers saffron in various forms, quantities, and packaging formats to various enduse industries. It has established its distribution units in Spain, the UAE, and Germany. The company approximately exports 10 tons of saffron each year and 85% of the saffron is exported to European countries. This shows that its products have been compiling with the European standards. The company also exports its saffron products to the U.S., Australia, China, and all the Gulf countries. It has received Iran's Institute of Standard and Industrial Research License. The products of the company have been certified by FSSC 22000, ISO 9001, and HACCP.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Saffron Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Saffron Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.