Organic Saffron Market Insights
The Global Organic Saffron Market Size is estimated to be worth USD 0.53 Billion by 2032, registering a 6.70% CAGR during the forecast period (2023- 2032).
Organic saffron is a red-shaded flavor spice obtained from the fiber of the Crocus Sativus flowers. Saffron has been utilized in cooking across the world for thousands of years to produce a variety of dishes and drinks. Saffron is more costly than gold which makes it truly a rare spice. It correspondingly contains antioxidants, which can aid reduce the risk of heart problems, diabetes, and cancer.
The increasing popularity of organic saffron worldwide and its growing acceptance by the cosmetic sector are significant factors nurturing the growth of the organic saffron market. Boosting consumer health awareness, particularly in developing economies, rising application for organic saffron by food and additives commerce as a seasoning or flavoring agent, and growing personal disposable income are other indirect organic saffron market growth factors. Augmenting penetration of-commerce platforms, the enlarged focus of the manufacturers on product inventions, and shifting consumer lifestyles will similarly generate profitable and attractive organic saffron market growth opportunities during the forecast period.
The rising frequency of the organic saffron seeds market throughout the globe and amplified acknowledgment by the corrective business are the central points for cultivating the development of the organic saffron market. Evolving purchaser well-being cognizance, especially in creating economies, increasing application of organic saffron by food and added substances industry as preparing specialists or seasoning specialists, and amplifying individual discretionary income are other backhanded market growths determinants.
Regional Analysis
The Global Organic Saffron Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Asia Pacific ushered the global market in 2020 accounting for a revenue share of more than 37.5%. India is the steering producer in Asia Pacific wherein India and China are among the piloting consumers in the region. Saffron is one of the most appraised spices in these countries, having traditional significance in food and medical applications. The Kashmiri saffron produced by India is in huge demand across the world owing to its distinct color and flavor. It's majorly exported to China, Australia, Japan, the U.S., Germany and some parts of South Asian countries.
Europe is a significant market for re-exports as some member nations have bulky competitive advantages in terms of processing, packaging and branding credentials. Value-added profits generated from re-exports are eloquent, so these importers are constantly looking to source larger amounts of high-quality products. The boosting re-exports by European nations are likely to increase the market share of Europe in the global industry.
Middle East & Africa is expected to witness the fastest growth of 9.3% over the forecast period. Iran is the largest producer in Middle East & Africa and across the world. It produces more than 90% of the world's production. Also, the countries in the MEA region, like as Afghanistan, Egypt, Israel, Azerbaijan, and Morocco have micro-scale cultivation in the region.
Market Segmentation
The global Organic Saffron Market is segmented into the following types;
By Form
· Thread
· Powder
· Liquid
By Application
· Food
· Personal Care Products
· Pharmaceuticals
By Distribution Channel
· Store-Based
· Supermarkets & Hypermarkets
· Convenience Stores
· Others
· Non-Store-Based
Key Players
The global Organic Saffron Market’s prominent key players are Mehr Saffron (Iran), Rowhani Saffron Co. (Iran), Spicely Organics (US), Frontier Organic Products Co-op. (Norway), Valdosta S.L. (Spain), Epicure Garden (US), Alpen Food Group B.V.(Netherlands), Tatva Health & Wellness Private Limited (India), Organic India, Inc. (India) and Noor Brand Saffron (India).
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