Saffron Market Size, Share, Growth Analysis, By Grade(Grade I, Grade II, Grade III, Grade IV), By Type(Organic, Traditional), By Form(Liquid, Powder, Stigma, Petals), By Application(Food supplements, Cosmetics, Personal Care Products, Food & Beverage), By Distribution Channel(B2B, B2C), By Region - Industry Forecast 2024-2031

Saffron Market size was valued at USD 1.29 billion in 2022 and is poised to grow from USD 1.39 billion in 2023 to USD 2.45 billion by 2031, growing at a CAGR of 7.4% during the forecast period (2024-2031).

Production is mainly concentrated in Middle Eastern nations, and a select few companies dominate the global market. However, there is a lot of potential for up-and-coming players who require complete support across the value chain. In order to increase critical differentiators like portfolio diversity and competitive pricing, both existing and new market players are placing an increasing emphasis on excellent brand management. Furthermore, people prefer to purchase saffron through B2C sales channels. Manufacturers in the sector are launching online platforms to offer dependable and large amounts to domestic use and home cooks as a result. 'Iran Saffron Company (Iran)', 'Espigoladors S.L. (Spain)', 'Gohar Saffron (Iran)', 'Tarvand Saffron Co. (Iran)', 'United Saffron Co. (Iran)', 'Safrante Global Company (Iran)', 'Pars Saffron (Iran)', 'La Mancha Foods Australia Pty Ltd. (Australia)', 'Azafranes Jiloca S.L. (Spain)', 'Rumi Spice LLC (United States)', 'Red Gold Saffron (Iran)', 'Saharkhiz Saffron Co. (Iran)', 'Saffron 2020 (Iran)', 'Zamouri Spices (United States)', 'Kashmir Box (India)', 'Ferdows Saffron Co. (Iran)', 'Sadaf Foods (United States)', 'Green Valley Saffron Co. (Iran)', 'Krokos Kozanis Products (Greece)', 'Shah Trading Company (Canada)', 'Saffron Business Co. (Iran)'

Saffron has been used for centuries in traditional medicine due to its potential medicinal properties. It contains compounds like crocin, safranin, and picrocrocin, which possess antioxidant, anti-inflammatory, and antidepressant properties. The growing awareness of these health benefits has resulted in an increased demand for saffron-based dietary supplements and herbal remedies.

Increasing Popularity of Saffron-based Functional Foods : Saffron is increasingly being incorporated into functional foods and beverages that offer specific health benefits beyond basic nutrition. Manufacturers are developing saffron-infused products like saffron-infused tea, energy bars, health supplements, and fortified beverages targeting health-conscious consumers. The trend is driven by the growing demand for natural and plant-based functional ingredients.

With a 51.7% sales share in 2022, the Middle East and Africa dominated the market. This is due to the growing interest in using it in traditional foods. In addition to being used to flavor desserts and sweets, saffron is a crucial component of many regional foods like biryanis, pilafs, and tagines. As a token of respect, guests are frequently served the spice, which is seen as a symbol of hospitality.