Global Saffron Market Size to Reach USD 1,062.8 Million in 2032 | Emergen Research

Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global saffron market achieved a size of USD 588.1 million in 2022 and is projected to exhibit a revenue compound annual growth rate (CAGR) of 6.0% throughout the forecast period, as per the most recent analysis conducted by Emergen Research. A key driving factor behind the anticipated growth in market revenue is the increasing disposable incomes and evolving lifestyles among the global population. Notably recognized as the costliest plant globally, saffron is often referred to as "crimson gold" due to its high value. Despite its premium cost, saffron is known for its straightforward cultivation process. The saffron crop is characterized by its low labor requirements, with a harvesting period lasting approximately three to four months. The plant can attain a height of 15-20 cm during its growth phase. The continual rise in saffron prices contributes to significant profit potential for cultivators.

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Saffron is noted for its aphrodisiac effects, particularly among individuals utilizing antidepressants. To illustrate, males experiencing erectile dysfunction due to antidepressants observed a significant enhancement in their sexual performance, surpassing the placebo effect. This improvement was seen after a four-week daily consumption of 30 mg of saffron. Beyond its use in cosmetics and fragrances, saffron serves as a dye reagent in textiles and clothing. Furthermore, it holds substantial significance in dietary and medical applications. With its distinct flavor profile and vibrant yellow and red hues, saffron has adorned meals and beverages for centuries, while also finding a place in medicinal practices.

The medical realm harnesses saffron for its manifold benefits. It exhibits anti-inflammatory, anti-depressant, and anti-cancer properties, contributing to overall well-being. Additionally, it offers a source of joy and aids in treating conditions such as colds and coughs. The consumption of saffron induces a warm and pleasant sensation throughout the body, thereby aiding in the management of several disorders.

The global saffron industry is poised to experience heightened revenue contributions and value infusion, fueled by streamlined commerce and the application of advanced marketing and branding strategies within individual countries. Enterprises engaged in re-export often promote their products as originating from intermediary nations. However, Iranian saffron exporters encounter restrictions due to international sanctions, impacting their access to global markets. Barriers like steep import taxes curtail the direct export of Iranian saffron to countries like India, China, and the USA. As a result, a significant portion of saffron sold in regions like Spain, Afghanistan, and India is likely repackaged Iranian saffron.

Nevertheless, the market confronts challenges such as elevated pricing, concerns regarding adulteration and counterfeiting, seasonal availability, and restricted production capacity. These factors collectively inhibit the growth of market revenue.

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Scope of Research

Major Companies and Competitive Landscape

The global saffron market is fragmented, with many companies accounting for the majority of market revenue. Major companies are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective saffron. Some major companies included in the global saffron market report are:

• Esfedan Saffron Co.
• Saffron Business
• Trond Saffron Qain Company
• Mehr Saffron
• Rowhani Saffron Co.
• Pharmactive
• Tanmatra Ventures Private Limited
• MOOOI
• SoulTree
• apisindia

Strategic Development

• On 23 December 2022, the top provider of health products and superfoods in India, Rasayanam, unveiled Kashmiri Mongra Saffron Kesar. Saffron from Kashmir's Mongra region is regarded as being of the highest caliber available. This expensive spice is a valuable culinary spice all over the world because of its advantages and therapeutic qualities. According to current studies, saffron can be used as a diuretic, aphrodisiac, or carminative, and to trigger menstruation.

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Some Key Highlights From the Report

• The kashmiri saffron (Lacha Saffron) segment accounted for largest revenue share in 2022. Crocin, picrocrocin, and safranal are responsible for color, flavor, and perfume of saffron. Kashmiri saffron is more expensive than saffron from Iran or Spain and is renowned across the globe owing to its extremely high crocin content and distinctive aroma.
• The restaurants and household segment accounted for largest revenue share in 2022. A variety of nutritional compounds, including vitamin A, folic acid, riboflavin, niacin, and vitamin C, are found in saffron, a wonder of nature that helps people gain inner and physical strength over time. Saffron is used in households for fuller and stronger hair, fair skin, and good endurance in addition to being a last-resort treatment for ailments in ayurveda.

• The Middle East and Africa market accounted for largest revenue share in 2022. Iran accounted for more than 70% of the global revenue share. The best saffron that can be found elsewhere in the world is frequently thought to come from Iran.

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Emergen Research has segmented the global saffron market on the basis of product type, distribution channel, form, grade, application, end-use, and region:

• Product Type Outlook (Revenue, USD Million; 2019–2032)
  • All Red Saffron (Sargol)
  • Cut Saffron (Pushal)
  • Mongra Saffron
  • Kashmiri Saffron (Lacha Saffron)
  • Spanish Saffron
  • Others

• Distribution Channel Outlook (Revenue, USD Million; 2019–2032)
  • Offline Stores
  • Online

• Form Outlook (Revenue, USD Million; 2019–2032)
  • Liquid
  • Powder
  • Stigma
  • Petals
  • Others

• Grade Outlook (Revenue, USD Million; 2019–2032)
  • Grade I
  • Grade II
  • Grade III
  • Grade IV

• Application Outlook (Revenue, USD Million; 2019–2032)
  • Pharmaceuticals and Traditional Medicines
  • Cosmetics, Fragrances, and Personal Care Products
  • Culinary Purposes and Food Supplements
  • Herbal Teas and Infusions
  • Food and Beverages
  • Others

• End-Use Outlook (Revenue, USD Million; 2019–2032)
  • Food & Beverages
  • Restaurants and Household
  • Healthcare and Pharmaceutical Industry
  • Others

• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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