1 Global Saffron Market Insight Analysis
The global saffron market is valued at USD 697 million in 2024 and is estimated to register a CAGR of 7.19% from 2024 to 2033.
Saffron is a perennial flower of the genus Crocus of the family Iridaceae. The dried thread-like parts of the flower (stigmas) are used to make saffron spice, food coloring, and medicine. Saffron is largely cultivated in Iran and harvested by hand. It’s one of the world’s most expensive spices.
Figure Global Saffron Market Size (M USD) and CAGR (2024-2033)
2 Saffron Market Growth Drivers and Restraints
Saffron has been applied in a variety of fields, including medicine, health food, dietary supplements, cosmetics, food, etc. It has good scalability and broad market space. With the improvement of technology and production process, new application scenarios are constantly expanding, and market demand continues to grow.
The natural properties of saffron are in line with consumers’ pursuit of natural, pollution-free and green products, and it has great development potential in the global market. In the field of medicine, according to the Compendium of Materia Medica, saffron can be used to treat cardiovascular diseases. Modern research also shows that it has antioxidant, myocardial cell protection, lipid-lowering, blood viscosity-lowering, atherosclerosis prevention and treatment effects, and good immune function enhancement and anti-tumor activity, which makes saffron in the medicine and nutritional supplement market in high demand.
Global aging is intensifying. According to the data of World Population Ageing 2019, the global population aged 65 and above reached 703 million in 2019, and the number of this group is expected to continue to increase. With the increase of age, the human body function declines, and the elderly are more eager to pursue health, which has promoted the development of the global health care products market. Saffron has a high medicinal value and has benefited from the growth of the health care products industry, and the market demand has been further expanded.
Saffron is expensive, even more expensive than gold by weight, which makes it an easy target for counterfeiting. There are a large number of illegal merchants selling counterfeit saffron on the market. Common counterfeiting methods include dyeing, using other stamens to impersonate, and mixing fake flowers with real saffron. For example, Europol once assisted the Spanish authorities in cracking down on a criminal gang involved in the sale of adulterated saffron. The gang mixed herbs and chemicals with real saffron to seek higher profits. These counterfeit and shoddy problems have seriously affected consumers’ trust in saffron and had a negative impact on market development.
The picking and processing of saffron is highly dependent on manual labor. Each flower only produces 3 stigmas. It takes 15,000-16,000 flowers and 370-470 hours of manual labor to produce 1 kilogram of saffron spice. As the origin of about 90% of the world’s saffron, Iran’s rising labor costs have a huge impact on saffron production. According to local Iranian media reports, the minimum wage for workers has increased significantly since March 2022, which has directly increased the production cost of saffron, posing a huge challenge to saffron manufacturers and may inhibit further market expansion.
Saffron raw materials are natural plants. Plants from different regions and different batches in the same region have different properties. These differences affect production efficiency and lead to uneven quality of saffron on the market. Due to unstable quality, consumers face difficulties in choosing products, which is not conducive to the healthy development of the market.
3 Technological Innovations in the Saffron Market
Faced with the contradiction between the growing global demand for saffron and insufficient production, research and development and innovative planting technology have become the development trend of the industry. For example, the “IoT and Fog Enabled Model for Saffron Cultivation in Precision Farming” published in 2021 mentioned the introduction of the latest IoT technology into saffron planting, hoping to use machine learning technology to increase crop yields and provide decision support for growers in smart agriculture.
Through IoT devices, growers can monitor environmental parameters such as soil moisture, temperature, and light in real time, accurately control planting conditions, and achieve refined management, thereby increasing the yield and quality of saffron. This not only helps to meet market demand, but also improves the economic benefits of growers.
Some companies achieve resource integration and business expansion through mergers and acquisitions or cooperation. In 2022, Saffron Tech, a subsidiary of Sativus Tech Corp, signed a non-binding letter of intent with Naveh Pharma to establish a strategic partnership to jointly develop high-end cosmetics and nutritional supplements based on saffron.
The cooperation aims to take advantage of the strengths of both parties. Saffron Tech provides saffron raw materials, while Naveh Pharma is responsible for product development and marketing. Together, they will develop the fast-growing nutritional supplement market and meet consumers’ demand for natural health products. This cooperation model will help companies complement each other’s strengths in market competition, enhance their overall competitiveness, and promote the application of saffron in new fields and market expansion.
4 Global Saffron Market Size by Type
Thread Form saffron is the dominant type in the global market. In 2024, its sales revenue is projected to reach approximately $538.32 million, holding a market share of around 77.24% in terms of value. Thread Form saffron is highly favored by consumers due to its natural appearance and relatively easy identification of authenticity.
It is widely used in high – end culinary applications, especially in gourmet cooking, where its long, red – orange threads add both color and flavor to dishes. In many traditional recipes around the world, Thread Form saffron is the preferred choice, maintaining its position as the most popular type. Its market share has been stable over the years, and the growth in revenue can be attributed to the increasing demand for high – quality saffron in the food service and retail sectors.
Powder Form saffron is the second – most significant type. In 2024, it is expected to generate a revenue of about $151.82 million, with a market share of approximately 21.78%. Powder Form saffron offers convenience in use, as it can be easily incorporated into various recipes, especially those that require a more uniform distribution of flavor and color. It is often used in processed foods, such as baked goods, seasonings, and some beverages. The growth of the processed food industry has contributed to the increasing demand for Powder Form saffron. Additionally, its relatively lower price compared to Thread Form saffron makes it more accessible to a wider range of consumers, which also helps in maintaining and growing its market share.
Liquid Form saffron is the smallest segment in the market but is showing growth potential. In 2024, the revenue for Liquid Form saffron is estimated to be around $6.85 million, accounting for a market share of about 0.98%. Liquid Form saffron is mainly used in industries that require easy – to – mix and quickly – absorbed products, such as the medical and cosmetic industries. In the medical field, it can be more easily formulated into supplements or medications, and in cosmetics, it can be incorporated into serums and lotions. As these industries continue to grow and develop new products, the demand for Liquid Form saffron is expected to increase, potentially leading to an expansion of its market share in the future.
Table Global Saffron Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Thread Form | 538.32 | 77.24% |
Powder Form | 151.82 | 21.78 |
Liquid Form | 6.85 | 0.98% |
5 Global Saffron Market Size by Application
The retail segment is expected to generate a revenue of approximately $277.94 million in 2024. It holds a market share of around 39.88% in terms of value. Retail sales of saffron mainly target individual consumers, who use it for cooking, health – promoting purposes, etc. This high revenue and share are due to the wide – spread consumer demand for saffron in households for its unique flavor and potential health benefits.
The Food Service (Restaurants, Hotels, etc) application is also a significant part of the market. In 2024, it is projected to have a revenue of about $188.03 million, accounting for a market share of around 26.98%. Saffron is used as a premium spice in high – end restaurants and hotels to enhance the flavor and appearance of dishes. The growth in the food service industry, especially in the luxury dining segment, drives the demand for saffron in this application.
Medical & Pharmaceuticals is an area with growing potential. In 2024, the revenue for this application is estimated to be around $98.70 million, with a market share of approximately 14.16%. Saffron has been used in traditional medicine and modern – day research has shown its potential in treating various conditions such as depression and menstrual discomfort. As the understanding of its medicinal properties deepens, the market shares and revenue in this segment are expected to increase.
Nutritional Supplements and Cosmetics are also important applications. The Nutritional Supplements segment is expected to reach a revenue of around $88.70 million in 2024, holding a market share of about 12.73%. Saffron is added to supplements for its antioxidant and health – promoting properties. In the Cosmetics segment, with a projected revenue of about $30.66 million in 2024 and a market share of around 4.40%, saffron is used in skincare products for its ability to promote cell repair. These two segments are growing steadily as consumers become more health – and beauty – conscious.
Table Global Saffron Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Retail | 277.94 | 39.88% |
Food Service (Restaurants, Hotels, etc) | 188.03 | 26.98% |
Medical & Pharmaceuticals | 98.70 | 14.16% |
Nutritional Supplements | 88.70 | 12.73% |
Cosmetics | 30.66 | 4.40% |
Others | 12.98 | 1.86% |
6 Global Saffron Market Size by Region
The North American saffron market is a significant contributor to the global market. In 2024, its revenue is estimated to be around $138.33 million, accounting for approximately 19.85% of the global market share. The United States is the major driver in this region, with a well – developed food service and retail industry. The growing awareness of the health benefits of saffron among consumers has led to an increase in its demand in both the retail and food service sectors. For example, in the United States, saffron is increasingly used in high – end restaurants to create unique and luxurious dining experiences, and consumers are also purchasing saffron for home cooking and health – related uses.
Europe has been a traditional and important market for saffron. In 2024, the revenue here is projected to be around $233.88 million, with a market share of about 33.56%. Countries like Germany, France, and Italy have a long – standing culinary tradition that incorporates saffron. In Germany, saffron is used in a variety of traditional dishes, and the demand from the food service and retail sectors is stable. The region also has a growing interest in the medicinal and cosmetic applications of saffron, which is further fueling the market growth.
The Asia Pacific region is experiencing rapid growth in the saffron market. In 2024, its revenue is expected to reach around $148.40 million, with a market share of approximately 21.29%. China, in particular, is a key market in this region. The increasing disposable income and the growing interest in Western – style cuisine, as well as the traditional use of saffron in some Chinese herbal medicines, have led to a significant increase in demand. In addition, countries like Japan and South Korea are also showing a growing preference for saffron in food and cosmetic products.
The Latin American saffron market is relatively smaller but growing steadily. In 2024, the revenue is estimated to be around $17.13 million, accounting for about 2.46% of the global market share. Countries such as Mexico and Brazil are gradually increasing their consumption of saffron, mainly in the food service and retail sectors. As the economy in the region develops and consumer preferences change, the demand for saffron is expected to rise further.
Middle East & Africa has a long – standing connection with saffron. In 2024, the revenue is projected to be around $159.27 million, with a market share of about 22.85%. Iran, a major saffron – producing country, has a significant influence on the regional market. Saffron is widely used in local cuisine, and the region also serves as an important trading hub for saffron. The local demand for saffron in food, traditional medicine, and other applications remains strong.
Figure Global Saffron Market Size (M USD) by Region in 2024
7 Global Saffron Market Analysis by Major Players
7.1 Esfedan Trading Company
Company Introduction and Business Overview:
Esfedan Trading Company is a leading producer of high-quality saffron, established in 1975 with its headquarters in Iran. The company has a strong presence in major markets across Europe, the Middle East, Asia, and North America. Esfedan is renowned for its diverse range of saffron-based products, including Saffron Rock Candy, Saffron Jelly Powder, Saffron Cake Powder, and Saffron Herbal Tea.
Esfedan Trading Company has been at the forefront of the saffron industry for over four decades, focusing on the production and export of premium saffron. The company’s commitment to quality and innovation has enabled it to expand its product portfolio and maintain a competitive edge in the global market.
Products:
Esfedan offers a variety of saffron products, including Pocket Saffron in different packaging sizes (0.5, 1, 3, and 4.25 grams) with a coloring strength of 230. These products cater to both retail and commercial customers, ensuring a wide range of applications.
Market Performance in 2022:
In 2022, Esfedan Trading Company achieved a revenue of $40.21 million, with a gross margin of $13.00 million, representing a gross margin percentage of 32.32%.
7.2 Gohar saffron
Company Introduction and Business Overview:
Gohar Saffron Co. is a premier saffron exporter based in Iran, established in 2004. The company has expanded its product offerings to include fresh dates, raisins, barberries, watermelon seeds, and dried limes. Gohar Saffron is known for its high-quality saffron and commitment to customer satisfaction.
Gohar Saffron has established itself as a key player in the global saffron market by focusing on the production and export of top-tier saffron. The company’s dedication to quality and customer service has enabled it to build a strong reputation and expand its market presence.
Products:
Gohar Saffron offers bulk saffron products in various packaging sizes ranging from 450 grams to 1 kilogram. These products are designed to meet the diverse needs of customers, ensuring that both small-scale retailers and large commercial buyers can access high-quality saffron.
Market Performance in 2022:
In 2022, Gohar Saffron achieved a revenue of $20.92 million, with a gross margin of $6.42 million, representing a gross margin percentage of 30.70%.
7.3 Krokos-Kozani
Company Introduction and Business Overview:
Krokos-Kozani is a Greek company that produces PDO (Protected Designation of Origin) certified Greek Red Saffron. Established in 1971, the company is headquartered in Kozani, Greece, and is known for its high-quality saffron produced by a cooperative of small villages surrounding the town of Krokos.
Krokos-Kozani has built a strong reputation for producing high-quality saffron with a unique flavor and aroma. The company’s commitment to traditional farming methods and quality control has enabled it to maintain a competitive edge in the global market.
Products:
Krokos-Kozani offers Filaments Red Saffron in a 28-gram jar. This product is known for its high coloring strength and intense aroma, making it a popular choice among consumers and commercial buyers.
Market Performance in 2022:
In 2022, Krokos-Kozani achieved a revenue of $16.94 million, with a gross margin of $5.02 million, representing a gross margin percentage of 29.64%.