Report Code: CMI44141

Published Date: March 2024

Pages: 320+

Category: Food & Beverages

Report Snapshot

CAGR: 6.8%
1.3B
2023
1.5B
2024
2.6B
2033

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Gohar Saffron
  • HEA & Co Spanish
  • Rowhani Saffron Co.
  • Linkage Internationals
  • Damon Enterprises
  • Others

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Reports Description

Global Saffron Market was valued at USD 1.5 Billion in 2024 and is expected to reach USD 2.6 Billion by 2033, at a CAGR of 6.8% during the forecast period 2024 – 2033.

Saffron is a spice obtained from the flowers of Crocus sativus, often known as the saffron crocus. It is made up of thread-like stigmas that are carefully hand-harvested and dehydrated. Saffron is highly valued for its distinct flavor, scent, and vivid color, and is utilized in a variety of culinary dishes, and also for medical and cosmetic applications.

Saffron Market: Growth Factors

Growing demand in medical and cosmetic applications

The increased demand for saffron in medicinal and cosmetic applications is a major driver of the saffron industry. Saffron’s therapeutic characteristics, which include antioxidant, anti-inflammatory, and antidepressant benefits, have resulted in growing usage in conventional therapies and pharmaceuticals.

It is used to treat a variety of illnesses, including depressive disorders, Alzheimer’s disease, and menstruation abnormalities, which increases its demand in the medical industry. Moreover, saffron involvement in cosmetic goods stems from its potential to promote skin health, brighten the complexion, and cure acne and blemishes.

As customers seek natural and organic skincare treatments, saffron has emerged as a popular element in cosmetic formulas. For instance, Saffron components have a good antitumor activity. Crocetin may suppress breast, cervical, leukaemia, liver, lung, and pancreatic cancers.

Furthermore, crocin and safranal have the best inhibitory action against cancer cells. Geromichalos’ study on the impact of saffron components on human cancer cell line growth found that safranal has a high half-maximal concentration of inhibition (IC50) value of 241 µM against the Bcr-Abl tyrosine kinase associated with chronic myelogenous leukaemia, followed by crocin.

Growing demand for saffron-based food and beverage products

The growing demand for saffron-based foods and beverages is a major driver of the saffron industry. Saffron is a highly valued ingredient in a variety of culinary applications across the world due to its distinct flavour, scent, and vivid colour.

As customers become more health-conscious and seek natural and exotic flavours, demand for saffron-infused items including teas, sweets, sauces, and spice mixes grows. Furthermore, the rising popularity of various cuisines and gourmet cookery increases the need for saffron.

Furthermore, saffron reputation as a premium and opulent ingredient boosts its commercial appeal, particularly in high-end restaurants and specialised food stores.

Moreover, growing knowledge of saffron potential health advantages, such as its antioxidant capabilities and mood-boosting effects, leads to its increased use in food and beverage items. For instance, according to research, Saffron is a natural organic colourant that, unlike other plant colourants, is extremely persistent and does not fade quickly; in fact, it is primarily employed for its great colouring strength.

As a result, it has several uses in aquatic settings, and its usage in the food business is very cost-effective. For the reasons stated above, there is an increasing trend of using saffron in food technology and the development of new saffron products that include saffron dessert powdery substances, saffron crème caramel powder, saffron drinks powder, saffron cake mix, saffron cream powder, saffron the batter powder, various semi-ready-to-use saffron soups, and various saffron spice mixtures.

Saffron Market: Restraints

High cost of production

The high cost of manufacturing is a key barrier to the saffron industry for a variety of reasons. To begin, saffron cultivation is labour-intensive, involving the physical gathering of fragile stigma from the Crocus sativus flower. This technique requires expert labour and precise attention, which raises labour expenses.

Furthermore, saffron cultivation is extremely dependent on certain meteorological conditions, such as well-drained soil, plenty of sunlight, and moderate temperatures, which may not be accessible in all places. Moreover, saffron production yields are poor in comparison to the quantity of land and labour required, which raises production expenses.

Furthermore, saffron is sensitive to diseases, pests, and environmental conditions, demanding investment in safeguards and quality control. These combined causes lead to the high cost of saffron production, eventually affecting its market accessibility.

Global Saffron Market 2024–2033 (By Grade)

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Saffron Market: Opportunities

Investments in hydroponics and vertical farming

Investments in hydroponic farming and vertical farming are transforming the saffron industry by providing efficient and sustainable production practices. Hydroponics, a clean approach that uses nutrient-rich water, and vertical agriculture, which maximises space by stacking crops vertically, both provide regulated settings perfect for saffron production.

These technologies improve resource utilisation, minimise water usage, and allow for year-round production independent of climate conditions. Furthermore, they provide exact control over growth conditions, resulting in increased saffron yields and quality. The capacity to grow saffron in areas where traditional techniques are unfeasible or limited by climate increases market potential.

As a result, investments in hydroponics and vertical farming not only improve saffron production efficiency but also help market development by satisfying the rising demand for this treasured spice across many geographical locations.

Global Saffron Market 2024–2033 (By Form)

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Saffron Market: Segmentation Analysis

The global Saffron market is segmented by grade, form, application, and region.  Based on grade, the market is classified into Grade I, Grade II, Grade III and Grade IV. Grade I dominated the market in 2023 with a market share of 55% and is expected to keep its dominance during the forecast period 2024-2033.

Grade I saffron has a considerable impact on the saffron industry due to its better quality and customer demand. Saffron, a highly coveted spice originating from the Crocus sativus flower, is classified according to colour, fragrance, flavour, and intensity.

Grade I saffron is distinguished by its brilliant red colour, rich scent, and robust flavour, making it suitable for culinary, medicinal, and cosmetic applications. Its superior quality fetches higher market pricing, which drives overall market value.

Furthermore, discriminating buyers want Grade I saffron, which is real and pure. Its track record for excellence and strict quality standards help it maintain its position as a global leader, affecting consumer tastes and market dynamics.

Based on form, the market is classified into liquid, powder, stigma, petals and stamen. The Petal segment dominated the market in 2023 with a market share of 48% and is expected to keep its dominance during the forecast period 2024-2033.

Petals are important in boosting the saffron market since they play a crucial part in the saffron harvesting process. Saffron, obtained from the stigma of the Crocus sativus flower, necessitates laborious hand-picking of the fine scarlet threads.

Petals are painstakingly plucked from flowers to gain access to the precious saffron threads, a tedious procedure that adds considerably to the overall cost of saffron manufacturing. Moreover, the removal of petals guarantees that the saffron threads are pure and of excellent quality.

Saffron demand is increasing internationally, driven by its usage in culinary, medicinal, and cosmetic uses, emphasising the importance of petals in the saffron market’s sustainability. As a result, effective petal removal procedures and competent labour are critical considerations in sustaining competitiveness.

Based on application, the market is classified into food supplements, cosmetics, personal care products, food & beverage and others. The food supplements segment dominated the market in 2023 with a market share of 40% and is expected to keep its dominance during the forecast period 2024-2033.

The saffron industry is being pushed by rising demand for dietary supplements, which value saffron for its alleged health advantages. Saffron includes antioxidant components such as crocin, safranal, and picrocrocin, which may provide a variety of health benefits such as better mood, memory, and inflammation reduction.

As people become more health conscious and seek natural cures, the market for saffron-based supplements grows. Furthermore, studies emphasising the saffron potential for treating illnesses such as depression, anxiety, and age-related cognitive loss fuel its market development.

Manufacturers profit from this trend by putting saffron extracts into nutritional supplements, capsules, and health beverages. As a result, the growing popularity of dietary supplements pushes up demand for saffron, establishing it as a profitable business niche in the worldwide spice industry.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 1.5 Billion
Projected Market Size in 2033 USD 2.6 Billion
Market Size in 2023 USD 1.3 Billion
CAGR Growth Rate 6.8% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Grade, Form, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Saffron Market: Regional Insight

By region, Saffron market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific dominated the global Saffron market in 2023 with a market share of 55% and is expected to keep its dominance during the forecast period 2024-2033.

The Asia-Pacific region is a major driver of the saffron industry due to rising demand for this treasured spice. Saffron, renowned for its distinct flavour, scent, and medicinal characteristics, is frequently utilised in Asian cuisines, traditional medicine, and ceremonies.

Saffron is produced by key countries in the area, including India, Iran, and Afghanistan, which contributes to its availability and accessibility. Furthermore, cultural customs and holidays throughout Asia-Pacific, where saffron is an essential element in meals such as biryanis, curries, and sweets, drive its popularity.

Furthermore, a rising understanding of saffron health advantages, such as its antioxidant capabilities and ability to treat specific health disorders, fuels its popularity. The mix of culinary legacy, cultural importance, and supposed health advantages strengthens Asia-Pacific’s position as a significant driver.

Global Saffron Market 2024–2033 (By Billion)

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Saffron Market: Recent Developments

  • In June 2023, Natac acquired Inoreal to broaden its saffron product range. Natac anticipates an eightfold rise in saffron production over the next three years and intends to pursue prospects in Latin America.
  • In August 2023, Tata Consumer Products expanded its product portfolio by introducing Grade 1 Kashmiri saffron through its Himalayan brand, which is obtained directly from Kashmir.
  • In June 2022, SoulTree, a brand that specialises in Ayurvedic beauty and wellness goods, launched its Advanced Kumkumadi range of products. This product is made from 100% pure, certified organic Mogra Saffron and is based on Ayurvedic principles.

List of the prominent players in the Saffron Market:

  • Gohar Saffron
  • HEA & Co Spanish
  • Rowhani Saffron Co.
  • Linkage Internationals
  • Damon Enterprises
  • Esfahan Pishro
  • Rowhani
  • Iran Saffron Company
  • Saffron Business Co.
  • Royal Saffron
  • Grandor
  • Golden Pars Maha
  • Shahri Food Products
  • Rah Abrisham Sialk International
  • Taj Agro Products
  • Jmd Agro Foods
  • Good Life Global
  • King Kesariya
  • Great American Spice
  • Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Saffron Market is segmented as follows:

By Grade

  • Grade I
  • Grade II
  • Grade III
  • Grade IV

By Form

  • Liquid
  • Powder
  • Stigma
  • Petals
  • Stamen

By Application

  • Food Supplements
  • Cosmetics
  • Personal Care Products
  • Food & Beverage
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Saffron Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Saffron Market: snapshot
  • Chapter 3. Global Saffron Market – Industry Analysis
    • 3.1 Saffron Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Growing demand in medical and cosmetic applications
      • 3.2.2 Growing demand for saffron-based food and beverage products
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Grade
      • 3.7.2 Market Attractiveness Analysis By Form
      • 3.7.3 Market Attractiveness Analysis By Application
  • Chapter 4. Global Saffron Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Saffron Market: Company Market Share, 2024
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Saffron Market – Grade Analysis
    • 5.1 Global Saffron Market Overview: By Grade
      • 5.1.1 Global Saffron Market Share, By Grade, 2024 and – 2033
    • 5.2 Grade I
      • 5.2.1 Global Saffron Market by Grade I, 2024 – 2033 (USD Billion)
    • 5.3 Grade II
      • 5.3.1 Global Saffron Market by Grade II, 2024 – 2033 (USD Billion)
    • 5.4 Grade III
      • 5.4.1 Global Saffron Market by Grade III, 2024 – 2033 (USD Billion)
    • 5.5 Grade IV
      • 5.5.1 Global Saffron Market by Grade IV, 2024 – 2033 (USD Billion)
  • Chapter 6. Global Saffron Market – Form Analysis
    • 6.1 Global Saffron Market Overview: By Form
      • 6.1.1 Global Saffron Market Share, By Form, 2024 and – 2033
    • 6.2 Liquid
      • 6.2.1 Global Saffron Market by Liquid, 2024 – 2033 (USD Billion)
    • 6.3 Powder
      • 6.3.1 Global Saffron Market by Powder, 2024 – 2033 (USD Billion)
    • 6.4 Stigma
      • 6.4.1 Global Saffron Market by Stigma, 2024 – 2033 (USD Billion)
    • 6.5 Petals
      • 6.5.1 Global Saffron Market by Petals, 2024 – 2033 (USD Billion)
    • 6.6 Stamen
      • 6.6.1 Global Saffron Market by Stamen, 2024 – 2033 (USD Billion)
  • Chapter 7. Global Saffron Market – Application Analysis
    • 7.1 Global Saffron Market Overview: By Application
      • 7.1.1 Global Saffron Market Share, By Application, 2024 and – 2033
    • 7.2 Food Supplements
      • 7.2.1 Global Saffron Market by Food Supplements, 2024 – 2033 (USD Billion)
    • 7.3 Cosmetics
      • 7.3.1 Global Saffron Market by Cosmetics, 2024 – 2033 (USD Billion)
    • 7.4 Personal Care Products
      • 7.4.1 Global Saffron Market by Personal Care Products, 2024 – 2033 (USD Billion)
    • 7.5 Food & Beverage
      • 7.5.1 Global Saffron Market by Food & Beverage, 2024 – 2033 (USD Billion)
    • 7.6 Others
      • 7.6.1 Global Saffron Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 8. Saffron Market – Regional Analysis
    • 8.1 Global Saffron Market Regional Overview
    • 8.2 Global Saffron Market Share, by Region, 2024 & – 2033 (USD Billion)
    • 8.3. North America
      • 8.3.1 North America Saffron Market, 2024 – 2033 (USD Billion)
        • 8.3.1.1 North America Saffron Market, by Country, 2024 – 2033 (USD Billion)
    • 8.4 North America Saffron Market, by Grade, 2024 – 2033
      • 8.4.1 North America Saffron Market, by Grade, 2024 – 2033 (USD Billion)
    • 8.5 North America Saffron Market, by Form, 2024 – 2033
      • 8.5.1 North America Saffron Market, by Form, 2024 – 2033 (USD Billion)
    • 8.6 North America Saffron Market, by Application, 2024 – 2033
      • 8.6.1 North America Saffron Market, by Application, 2024 – 2033 (USD Billion)
    • 8.7. Europe
      • 8.7.1 Europe Saffron Market, 2024 – 2033 (USD Billion)
        • 8.7.1.1 Europe Saffron Market, by Country, 2024 – 2033 (USD Billion)
    • 8.8 Europe Saffron Market, by Grade, 2024 – 2033
      • 8.8.1 Europe Saffron Market, by Grade, 2024 – 2033 (USD Billion)
    • 8.9 Europe Saffron Market, by Form, 2024 – 2033
      • 8.9.1 Europe Saffron Market, by Form, 2024 – 2033 (USD Billion)
    • 8.10 Europe Saffron Market, by Application, 2024 – 2033
      • 8.10.1 Europe Saffron Market, by Application, 2024 – 2033 (USD Billion)
    • 8.11. Asia Pacific
      • 8.11.1 Asia Pacific Saffron Market, 2024 – 2033 (USD Billion)
        • 8.11.1.1 Asia Pacific Saffron Market, by Country, 2024 – 2033 (USD Billion)
    • 8.12 Asia Pacific Saffron Market, by Grade, 2024 – 2033
      • 8.12.1 Asia Pacific Saffron Market, by Grade, 2024 – 2033 (USD Billion)
    • 8.13 Asia Pacific Saffron Market, by Form, 2024 – 2033
      • 8.13.1 Asia Pacific Saffron Market, by Form, 2024 – 2033 (USD Billion)
    • 8.14 Asia Pacific Saffron Market, by Application, 2024 – 2033
      • 8.14.1 Asia Pacific Saffron Market, by Application, 2024 – 2033 (USD Billion)
    • 8.15. Latin America
      • 8.15.1 Latin America Saffron Market, 2024 – 2033 (USD Billion)
        • 8.15.1.1 Latin America Saffron Market, by Country, 2024 – 2033 (USD Billion)
    • 8.16 Latin America Saffron Market, by Grade, 2024 – 2033
      • 8.16.1 Latin America Saffron Market, by Grade, 2024 – 2033 (USD Billion)
    • 8.17 Latin America Saffron Market, by Form, 2024 – 2033
      • 8.17.1 Latin America Saffron Market, by Form, 2024 – 2033 (USD Billion)
    • 8.18 Latin America Saffron Market, by Application, 2024 – 2033
      • 8.18.1 Latin America Saffron Market, by Application, 2024 – 2033 (USD Billion)
    • 8.19. The Middle-East and Africa
      • 8.19.1 The Middle-East and Africa Saffron Market, 2024 – 2033 (USD Billion)
        • 8.19.1.1 The Middle-East and Africa Saffron Market, by Country, 2024 – 2033 (USD Billion)
    • 8.20 The Middle-East and Africa Saffron Market, by Grade, 2024 – 2033
      • 8.20.1 The Middle-East and Africa Saffron Market, by Grade, 2024 – 2033 (USD Billion)
    • 8.21 The Middle-East and Africa Saffron Market, by Form, 2024 – 2033
      • 8.21.1 The Middle-East and Africa Saffron Market, by Form, 2024 – 2033 (USD Billion)
    • 8.22 The Middle-East and Africa Saffron Market, by Application, 2024 – 2033
      • 8.22.1 The Middle-East and Africa Saffron Market, by Application, 2024 – 2033 (USD Billion)
  • Chapter 9. Company Profiles
    • 9.1 Gohar Saffron
      • 9.1.1 Overview
      • 9.1.2 Financials
      • 9.1.3 Product Portfolio
      • 9.1.4 Business Strategy
      • 9.1.5 Recent Developments
    • 9.2 HEA & Co Spanish
      • 9.2.1 Overview
      • 9.2.2 Financials
      • 9.2.3 Product Portfolio
      • 9.2.4 Business Strategy
      • 9.2.5 Recent Developments
    • 9.3 Rowhani Saffron Co.
      • 9.3.1 Overview
      • 9.3.2 Financials
      • 9.3.3 Product Portfolio
      • 9.3.4 Business Strategy
      • 9.3.5 Recent Developments
    • 9.4 Linkage Internationals
      • 9.4.1 Overview
      • 9.4.2 Financials
      • 9.4.3 Product Portfolio
      • 9.4.4 Business Strategy
      • 9.4.5 Recent Developments
    • 9.5 Damon Enterprises
      • 9.5.1 Overview
      • 9.5.2 Financials
      • 9.5.3 Product Portfolio
      • 9.5.4 Business Strategy
      • 9.5.5 Recent Developments
    • 9.6 Esfahan Pishro
      • 9.6.1 Overview
      • 9.6.2 Financials
      • 9.6.3 Product Portfolio
      • 9.6.4 Business Strategy
      • 9.6.5 Recent Developments
    • 9.7 Rowhani
      • 9.7.1 Overview
      • 9.7.2 Financials
      • 9.7.3 Product Portfolio
      • 9.7.4 Business Strategy
      • 9.7.5 Recent Developments
    • 9.8 Iran Saffron Company
      • 9.8.1 Overview
      • 9.8.2 Financials
      • 9.8.3 Product Portfolio
      • 9.8.4 Business Strategy
      • 9.8.5 Recent Developments
    • 9.9 Saffron Business Co.
      • 9.9.1 Overview
      • 9.9.2 Financials
      • 9.9.3 Product Portfolio
      • 9.9.4 Business Strategy
      • 9.9.5 Recent Developments
    • 9.10 Royal Saffron
      • 9.10.1 Overview
      • 9.10.2 Financials
      • 9.10.3 Product Portfolio
      • 9.10.4 Business Strategy
      • 9.10.5 Recent Developments
    • 9.11 Grandor
      • 9.11.1 Overview
      • 9.11.2 Financials
      • 9.11.3 Product Portfolio
      • 9.11.4 Business Strategy
      • 9.11.5 Recent Developments
    • 9.12 Golden Pars Maha
      • 9.12.1 Overview
      • 9.12.2 Financials
      • 9.12.3 Product Portfolio
      • 9.12.4 Business Strategy
      • 9.12.5 Recent Developments
    • 9.13 Shahri Food Products
      • 9.13.1 Overview
      • 9.13.2 Financials
      • 9.13.3 Product Portfolio
      • 9.13.4 Business Strategy
      • 9.13.5 Recent Developments
    • 9.14 Rah Abrisham Sialk International
      • 9.14.1 Overview
      • 9.14.2 Financials
      • 9.14.3 Product Portfolio
      • 9.14.4 Business Strategy
      • 9.14.5 Recent Developments
    • 9.15 Taj Agro Products
      • 9.15.1 Overview
      • 9.15.2 Financials
      • 9.15.3 Product Portfolio
      • 9.15.4 Business Strategy
      • 9.15.5 Recent Developments
    • 9.16 Jmd Agro Foods
      • 9.16.1 Overview
      • 9.16.2 Financials
      • 9.16.3 Product Portfolio
      • 9.16.4 Business Strategy
      • 9.16.5 Recent Developments
    • 9.17 Good Life Global
      • 9.17.1 Overview
      • 9.17.2 Financials
      • 9.17.3 Product Portfolio
      • 9.17.4 Business Strategy
      • 9.17.5 Recent Developments
    • 9.18 King Kesariya
      • 9.18.1 Overview
      • 9.18.2 Financials
      • 9.18.3 Product Portfolio
      • 9.18.4 Business Strategy
      • 9.18.5 Recent Developments
    • 9.19 Great American Spice
      • 9.19.1 Overview
      • 9.19.2 Financials
      • 9.19.3 Product Portfolio
      • 9.19.4 Business Strategy
      • 9.19.5 Recent Developments
    • 9.20 Others.
      • 9.20.1 Overview
      • 9.20.2 Financials
      • 9.20.3 Product Portfolio
      • 9.20.4 Business Strategy
      • 9.20.5 Recent Developments
List Of Figures

Figures No 1 to 30

List Of Tables

Tables No 1 to 77

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Gohar Saffron
  • HEA & Co Spanish
  • Rowhani Saffron Co.
  • Linkage Internationals
  • Damon Enterprises
  • Esfahan Pishro
  • Rowhani
  • Iran Saffron Company
  • Saffron Business Co.
  • Royal Saffron
  • Grandor
  • Golden Pars Maha
  • Shahri Food Products
  • Rah Abrisham Sialk International
  • Taj Agro Products
  • Jmd Agro Foods
  • Good Life Global
  • King Kesariya
  • Great American Spice
  • Others

FAQs

The restraints of the Saffron market is high cost of production.

The major driver for the Saffron market is growing demand in medical and cosmetic applications and food and beverage products.

The “Food Supplements” had the largest share in the global market for Saffron.

The key players in the market are Gohar Saffron, HEA & Co Spanish, Rowhani Saffron Co., Linkage Internationals, Damon Enterprises, Esfahan Pishro, Rowhani, Iran Saffron Company, Saffron Business Co., Royal Saffron, Grandor, Golden Pars Maha, Shahri Food Products, Rah Abrisham Sialk International, Taj Agro Products, Jmd Agro Foods, Good Life Global, King Kesariya, Great American Spice, Others.

“Asia-Pacific” had the largest share in the Saffron Market.

The global market is projected to grow at a CAGR of 6.8% during the forecast period, 2024-2033.

The Saffron Market size was valued at USD 1.5 Billion in 2024.

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