Profiling the leading players in the saffron market between 2022 and 2026
With a 5-year compound annual growth rate of 5.3%, the saffron market in target countries (Netherlands, Iran, United States, United Kingdom, Germany, France, Spain, China, Belgium, Luxembourg, and Italy) is expected to reach roughly US$620 million in 2026.
Saffron consumption in these countries is driven by rising demand for plant-based natural ingredients, according to Future Market Insights report “Saffron Market”: Global Industry Analysis and Opportunity Assessment, 2016-2026”. There is an increased expectation of demand for saffron threads, in particular, in the report. The value of saffron threads consumed across the targeted countries in 2016 exceeded US$ 200 million. While saffron powder demands are growing, a 6.6% CAGR is also predicted through 2026 for powdered saffron.
There are a number of countries that will continue to use saffron primarily for the retail industry. Retail businesses are anticipated to account for more than US$ 160 million in sales of saffron. It is expected that the use and sales of saffron for cosmetics will rise at a rate of 5.1% CAGR, which is a significant increase over the past few years. Besides being used as a spice, herb, and flavoring ingredient, saffron is also used to enhance savory dishes. Throughout the forecast period, about three-fourths of saffron revenues will be attributable to the flavoring & spice function.
According to the report on the saffron market for targeted countries, the following highlights were found: There will be a substantial increase in powdered saffron production in Iran at a 5.7% CAGR As of 2026, the US will consume over 90 million pounds of saffron powder.
During 2014-2024, the medical & pharmaceutical sector is forecast to grow at a compound annual growth rate of 6% in the UK’s saffron market.
By 2026, the German market for saffron is expected to total just over US$ 4 million, making the country a low-demand market.
A CAGR of less than 3% is forecast for the saffron market in France, Spain, China, Luxembourg, and Italy An incremental opportunity of US$ 2 million will be available in Netherlands’ saffron market between 2016 and 2026
- By Form
- By End Use
- Food Service
- Culinary Products
- Dairy Products
- Medical & Pharmaceuticals
- Skin Care
- Hair Care
- By Function
- Flavouring & Spice
- By Key Countries