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

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.