The global saffron market was valued at USD 374.6 million in 2022 and it is anticipated to grow further to USD 804.4 million by 2032, at a CAGR of 7.9% during the forecast period.
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Saffron is a spice that is derived from the Crocus sativus flower. The flower is native to Greece and Asia Minor. Saffron is used in many different cuisines around the world, including Indian, Persian, and Spanish dishes. It is also used as a dye and in perfumes.
Saffron consists of stigmas, which are the female reproductive organs of the flower. The stigmas are dried and then used either whole or ground. Saffron has a pungent, bitter taste and an intense aroma. It is used to flavor and color dishes such as risotto, paella, and bouillabaisse. It can also be used to make saffron tea.
Saffron is very expensive, due to the fact that it takes approximately 75,000 stigmas to make just one ounce of the spice. The stigmas must be carefully hand-picked, which makes the process very labor-intensive. Saffron is considered to be the most expensive spice in the world.
Market Drivers and Trends
The key drivers of the saffron market are quality, price, and availability. Saffron is a highly prized spice, and as such, its price is reflective of its quality. The best saffron is typically sourced from Iran, and as a result, Iranian saffron is often the most expensive. However, saffron from other origins can be just as good in quality, and as a result, its price is more reflective of its availability. Saffron is also a relatively rare spice, and as a result, its price is also reflective of its availability. When demand is high and supplies are low, the price of saffron will increase.
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Major Players in the Global Saffron Market
The key players studied in the report are JMD Agro Foods, Taj Agro Products, Good Life Global, Saffron Tech, Royal Saffron, Shahri Food Products, Gohar Nab Sara, Pharmacive Biotech Products, Rowhani Saffron Co., and Gohar Saffron among others.
COVID-19 Impact
Nearly every business has been impacted by the unmatched worldwide public health emergency known as COVID-19, and the long-term impacts are expected to have an influence on industry growth throughout the course of the forecast period. In order to assure the inclusion of underlying COVID-19 concerns and potential future directions, our continuous study expands upon our research approach. The paper provides information on COVID-19 taking into account changes in consumer demand and behaviour, buying habits, supply chain rerouting, dynamics of contemporary market forces, and significant government initiatives. Insights, analyses, projections, and forecasts are provided in the updated study, which takes the market impact of COVID-19 into account.
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Market Segments
- By Form
- Liquid
- Thread
- Powder
- By Application
- Food and Beverage
- Cosmetics
- Medicine
- Others
- By Distribution Channel
- Online Stores
- Offline Stores
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