Press Release

Increasing Adoption of Saffron in Food & Beverage Industry to Drive the Global Saffron Market

The Global Saffron Market size is valued at around USD 684 million in 2023 and is anticipated to grow at a CAGR of about 7.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Saffron can be found in a variety of foods and beverages, such as rice dishes, pastries, soups, and beverages. Saffron demand in the food and beverage industry is being driven by the growing popularity of ethnic cuisines, as well as the growing desire for gourmet and premium food products. Saffron is most commonly used as a spice, herb, and flavoring. It is the finest natural substitute for synthetic additives and also has nutritional benefits. As a result, they are positively contributing to market growth.

In today's environment, the younger generation is getting more interested in nutritional meals, which increases the demand for active lives. Globally, there has been a growth in the number of health-conscious consumers in recent years. Saffron, which is high in antioxidants, offers a plethora of health benefits that are enticing the younger generation and, as a result, offering several prospects for the Saffron Market to grow in the next years.

Saffron growing has a significant environmental impact, including water consumption, pesticide use, and soil erosion. Furthermore, customers are increasingly concerned about the social impact of saffron cultivation and are looking for fair and ethical saffron. As a result, people are increasingly looking for saffron-producing processes that are both environmentally and socially responsible. Thus, increasing demand for environmentally and socially responsible products is anticipated to create good opportunities for market growth during the forecast period, further states the research report, “Global Saffron Market Analysis, 2024.”

Segmentation Analysis

Food & Beverages Segment Expected to Hold Major Market Share

Based on the application, the market is further bifurcated into food & beverages, medical, cosmetics, and others. Based on application, the food and beverages segment is the market leader, as saffron is utilized for a variety of uses in this area. Saffron is frequently used in food and beverage applications to impart a distinct color, aroma, and flavor. It's frequently found in rice dishes, breads, soups, and desserts. Saffron demand in the food and beverage business has increased because of the growing popularity of ethnic cuisines, particularly Indian and Iranian cuisine.

As a result, the high demand for saffron from the food and beverage category is expected to boost the growth of the Global Saffron Market during the forecast period.

Asia-Pacific Region Anticipated to Lead the Market

Over the projected period, Asia Pacific is expected to be the fastest-growing regional saffron market, led by increased saffron demand in India and China. Saffron demand in the Asia-Pacific area is expected to rise as consumers in emerging markets have more discretionary money, leading to increased spending on luxury commodities such as saffron.

Furthermore, as consumers become more aware of saffron's health benefits, demand for spice rises, and as a result of urbanization, a greater variety of cuisines are becoming available, increasing demand for saffron. As a result of the increasing demand for saffron in the Asia-Pacific region, the Global Saffron Market size is expected to rise sharply in the future years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Safrante Global Company S.L.U., Evolva, Rowhani Saffron Co, Sara Nuts, Tarvand Saffron Co, Hijos de Eustaquio Abad & Co. S.L., USMS Saffron Co. Inc., Royal Saffron Company, Saharkhiz International Group Companies, Gohar Saffron, Novin Saffron Co., Azafranes Manchegos SL and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends that have shaped the industry to its current form?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition shaped across various provinces, followed by their comparative factorial indexing?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?