USD 477 billion
Saffron Oil Market Size, Share, Growth Analysis, By Nature(Organic, Conventional), By Application(Food Additives, Medical, Pharmaceuticals, Dietary Supplements), By Form(liquid, thread, and powder), By Distribution channel(Online and offline stores), By Region - Industry Forecast 2024-2031
Report ID:
SQSG30C2030 |
Region:
Global |
Published Date: April, 2024
Pages:
237
|Tables:
120
|Figures:
77
Saffron Oil Market Insights
Global Saffron Oil Market size was valued at USD 477 billion in 2019 and is poised to grow from USD 505 billion in 2023 to USD 861 billion by 2031, growing at a CAGR of 6% in the forecast period (2024-2031).
Saffron oil is but the oil derived from saffron spice or the stigmas of the crocus sativus flower. Saffron is one of the most expensive spices, it is frequently used in food as a coloring and flavor ingredient. It is also thought to be more nutrient-dense than other spices since it contains vitamin B, dietary minerals, and manganese; which encourages its adoption. In addition to these, saffron is widely utilized in the pharmaceutical sector due to its medical characteristics, which can be used to treat a variety of ailments including cough, asthma, measles, colds, and others. In a recent study, the Center of Investigation in Clinical Nutrition, Belgium, reported that 6 weeks of saffron supplementation improved the quantity and quality of sleep in 66 participants between 2019 and 2020. Additionally, the study was able to make allegations that Saffron might turn out to be a natural and safe replacement for sleeping pills in a longer duration of time. Hence, attributing to such wide variety of benefits possessed by saffron is projected to enhance the overall growth of the saffron oil market in the upcoming years.
US Saffron Oil Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Organic
Fastest Growth
Organic
Growth Rate
6% CAGR
Global Saffron Oil Market 2021-2028 ($ Mn)
Country Share for Asia-Pacific Region- 2021 (%)
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Saffron Oil Market Segmental Analysis
The global saffron oil market is segmented based on nature, application, form, distribution channel, and region. Based on the nature, the market is segmented into organic and conventional. Based on the application, the market is segmented into food additives, medical and pharmaceuticals, dietary supplements, fragrance and aromatherapy, cosmetics and skin care, and others. Based on form, the market is segmented into liquid, thread, and powder. Based on distribution channel, the market is segmented into offline and online stores. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Saffron Oil Market Analysis by Application
Based on the application, the market is segmented into food additives, medical and pharmaceuticals, dietary supplements, fragrance and aromatherapy, cosmetics and skin care, and others. Among these, the food and beverage segment of the market is projected to hold the most substantial share in the market. The segmental growth of the market is attributed to the increased demand for saffron oil for flavoring and coloring of food and beverages. Due to the saffron enormous significance to the industry as a flavoring ingredient and herb in various culinary items, the food and beverage segment of the entire saffron oil market is expected to experience massive growth in the following years. Since saffron is so well-known, numerous state and federal governments have taken extreme measures to produce the spice in large quantities and export it around the world.
The Kashmiri saffron has earned the GI (geographical indication) label, and the Jammu and Kashmir administration had declared in 2020 that it was ready to introduce the spice to the UAE market. This action places the J&K brand on the world stage. Hence, such aforementioned factors are likely to contribute to the growth of the market in the upcoming years.
Global Saffron Oil Market By Nature, 2021 (%)
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Saffron Oil Market Regional Insights
Saffron is native to Southwest Asia. The main nations that produce saffron are Iran, India, Greece, Spain, Morocco, Italy, and Azerbaijan, while Europe and North America are the two regions that import the most saffron extract. Due to the enormous popularity of saffron spice as a food coloring and flavoring agent, saffron extract will experience an increase in demand in areas like Western Europe and Asia Pacific. The demand for saffron extract is anticipated to increase throughout the forecast period due to the growing number of preventive and therapeutic health benefits it offers.
In 2021, the Middle East and African region is expected to have the biggest market share. Attributing to the factors such as an increased saffron product across these MEA countries is one of the major aspects that contributes to the regional growth of the market. Apart from these, the North American and Asia-Pacific region are also likely to witness a significant growth in the market. The regional growth of the market is attributed to the presence of a large number of saffron oil players in the region along with an increased demand from the food and beverage industry in the regions.
Global Saffron Oil Market By Geography, 2021 - 2028
- Largest
- Fastest
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Saffron Oil Market Dynamics
Saffron Oil Market Driver
- Saffron oil is frequently utilized in the manufacturing of numerous foods, beverages, and cosmetics. However, the growing interest in saffron medicinal uses as well as its inclusion in cosmetics and fragrances could present profitable opportunities for market participants worldwide. The food and beverage sector of the global saffron market is anticipated to grow significantly over the next few years, mostly as a result of the spice's substantial value as a flavoring agent.
Saffron Oil Market Restraint
- The high cost of saffron, a lack of supply due to the COVID-19 crisis, and the availability of artificially colored counterfeit saffron and its flavor in global markets are all major impediments to market growth. Nonetheless, growing awareness of its medicinal properties, as well as increased use of saffron in personal care products and perfumes, may create lucrative opportunities for players in the global saffron oil market in the coming years.
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Saffron Oil Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Saffron Oil Market Top Players' Company Profiles
- Rowhani Saffron Co.
- Gohar Saffron
- Grandor Co.
- Novin Saffron Co.
- saffronir
- Golden Saffron Co.
- King Kesariya
- Shiva Saffron
- Taj Agro Products
- Great American Spice Company
- Frontier Co-op
- Halcyon Organics
- Iranian Saffron Company
- Royal Spices International
- Azafran de la Mancha
- Phytocompounds
- Greenleaf Bioceuticals
- Kishor Spices Co.
- Saffron Valley
- Shahsaffron.
Saffron Oil Market Recent Developments
- In May 2020, CASA KOKOBERNA unveiled its new Beautiful Body Collection, with its first product, Saffron Body Oil, for strengthening and illuminance of the skin. The handmade saffron oil was priced at $450.
Saffron Oil Key Market Trends
- The younger generation is increasingly interested in healthy food in today's environment, which is actually driving up demand for active lives. There has been an upsurge in the number of health-conscious consumers worldwide during the last several years. The demand for food products that promote good health has increased as more people pursue active, healthy lifestyles. Obesity, food sensitivity, and other ailments are still on the rise, thus living a healthy lifestyle is becoming a traditional way of life. So, as people's knowledge of health and wellbeing has expanded, so has the need for healthy meals and high-quality products. Saffron and its compounds aid to heal wounds, prevent inflammation, lessen pigmentation, and provide protection against dangerous UV radiation. To fulfil the growing demand from customers for skin whitening, numerous for-profit companies in the cosmetic sector have investigated and created products using saffron
Saffron Oil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global saffron oil market is segmented based on nature, application, and region. Based on the nature, the organic segment of the market is projected to grow at a substantial rate in the market. Based on the application, the food and beverage segment of the market is projected to grow at a substantial rate in the market. While, based on the region, the Asia-Pacific and Middle East and African regions of the market are projected to grow at a substantial rate in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 477 billion |
| Market size value in 2031 | USD 861 billion |
| Growth Rate | 6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Saffron Oil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Saffron Oil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Saffron Oil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Saffron Oil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Saffron Oil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Saffron Oil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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