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Posted by bobbie48uio on August 4, 2024 at 2:17am 0 Comments 0 Likes
The global Saffron Market size is anticipated to reach USD 959.38 million by 2030, expanding at a CAGR of 6.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is expected to experience significant growth in the forecast period due to increasing demand for the spice in medical and cosmetic applications. Saffron is a potent source of antioxidants that provide numerous health benefits, with active compounds such as picrocrocin, safranal, and crocin contributing to reducing oxidative damage and inflammation in the brain. Its antioxidant, anti-inflammatory, and memory-enhancing properties are likely to drive market growth. In addition, the cosmetics industry uses saffron as a natural UV-absorbing agent.
Image processing technology, pilot scale, and electric nose are some of the key technologies used in processing saffron. Manual separation of stigmas has been the norm, but the image processing method offers a less time-consuming approach. ISO Standard 3632 is the requirement that governs quality measurement. However, adulteration is a growing concern in the global market due to saffron's high price and increased demand, with products resembling saffron being mixed in as adulterants.
Saffron market in Middle East and Africa is growing and is attributable to the increasing demand to its use in traditional cuisine. Saffron is an essential ingredient in many dishes in the region, such as biryanis, pilafs, and tagines, and it is also used to flavor sweets and desserts. The spice is considered to be a symbol of hospitality and is often served to guests as a sign of respect.
In September 2022, Iran signed a USD 300 million deal with Qatar to supply saffron. Qatar received 200 tons of Iranian saffron, with the first shipment arrived on October 1st. The two countries have been expanding their economic and political ties, with trade exchange growing by 34% in 2021. The Qatari minister hopes to continue expanding economic, trade, and investment cooperation.
List of Key Players in the Saffron Market
Related Press Release@ Saffron Market Report
Saffron Market Report Highlights
Report Attribute |
Details |
Market size value in 2023 |
USD 602.2 million |
Revenue forecast in 2030 |
USD 959.38 million |
Growth rate |
CAGR of 6.4% from 2022 to 2030 |
Base year for estimation |
2022 |
Historical data |
2017 - 2021 |
Forecast period |
2023 - 2030 |
Saffron Market Segmentation
Grand View Research has segmented the global saffron market based on grade, type, form, application, distribution, and region:
Saffron Grade Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Saffron Type Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Saffron Form Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Saffron Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Saffron Distribution Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
Saffron Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2030)
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