New York, US, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Organic Saffron Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Organic Saffron Market Information by Product Type, Distribution Channel, and Region - Forecast till 2030”, The organic saffron market can anticipate expanding at a healthy rate of 6.7% from 2022 to 2030, touching USD 419.45 million by 2030.
Market Synopsis
An aromatic spice with a reddish hue, organic saffron is made from the fiber of Crocus sativus flower petals. Since ancient times, saffron has been used in cooking to make a wide range of foods and beverages. Saffron is a genuinely uncommon spice because it costs more than gold. Antioxidants included in it can aid in lowering the risk of cancer, diabetes, and heart issues.
The main drivers behind the expansion of the organic saffron market are the rising demand for organic saffron and the beauty industry's growing acceptance of it. Other major causes include rising personal disposable income, growing use of organic saffron by the food and additives industry as a seasoning or flavoring agent, and rising consumer health awareness, particularly in developing nations.
The manufacturers are also steering their focus toward e-Commerce channels, partnering up with retailers to foster their online presence. Most are focused on digitization, to create a buzz among consumers to achieve lucrative outcomes.
Iran produces 76% of the world's saffron, making it the largest producer in the world, claims the report. Around 300 tons of saffron are produced globally each year, and it is regarded as the costliest spice in the world.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 419.45 million |
| CAGR | 6.7% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing consumer health awarenes |
| growing application for organic saffron by food and additives commerce as a seasoning or flavoring agent |
Market Competitive Landscape:
The affluent companies in the organic saffron market 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),
- Noor Brand Saffron (India)
The small number of competitors active in the worldwide market is its defining feature. Middle Eastern nations account for the majority of the production. The market offers a lot of room for new and rising firms, that need widespread assistance throughout the value chain. The established as well as the emerging market participants have been placing more emphasis on strong brand management to enhance various distinctive aspects, such as portfolio diversity, multiple packaging styles, including premium packaging, and competitive pricing.
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Market USP Covered:
Market Drivers:
Heightened demand for organic saffron in cosmetic and medicinal applications is anticipated to be a major market driver over the course of the projected period. Saffron has many health advantages and is high in antioxidants. Picrocrocin, safranal, and crocin are the three primary active ingredients found in saffron. These substances aid in lowering inflammation and oxidative brain injury. Saffron is also thought to improve memory and have anti-inflammatory and antioxidant qualities, which will undoubtedly promote market expansion. In the cosmetics sector, it is also utilized as a natural UV-absorbing ingredient.
Since people have become more aware of the therapeutic capabilities and health advantages of saffron, demand has increased in the United States. After the U.S. lifted trade restrictions imposed on imports from Iran, trade between Iran and the U.S. increased significantly. American farmers are investing more money in cultivation. Growers from places like Vermont, Pennsylvania, and Washington have been making efforts to enhance the domestic supply of the goods at a reasonable price.
Due to lax rules and affordable production, the global market presents only modest entry hurdles from the perspective of competition. The market is growing because large companies frequently do research and development.
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Market Restraints:
On the other hand, the high cost of organic saffron compared to conventional saffron will pose a substantial challenge to the market's long-term growth due to the depreciating value of the product at a slow rate, which will also slow down the rate of market expansion.
COVID 19 Analysis
The COVID-19 pandemic had a significant negative impact on the global health situation. There is a connection between the aftermath and the tremendous social and economic burden on people everywhere. While big policymakers are putting new frameworks into place and industries are embracing cutting-edge expansion methods to stay relevant, people are dealing with a variety of mental trauma.
Globally, the increase in cases has sparked mental and financial problems, particularly for the elderly. In addition, the younger population has been dealing with difficulties as a result of losing their jobs and is choosing family care to deal with the effects. The development of a vaccine for COVID-19 is the main area of concentration, which diverts attention from other markets.
To assure well-being, demand for healthful products has increased significantly, such as saffron. In the long run, this should tremendously help the worldwide industry.
Market Segmentation
By Product Type
Thread, Liquid, and Powder are the product types available in the worldwide market.
By Distribution Channel
Store-Based (Supermarkets & Hypermarkets, along with Convenience Stores), as well as Non-Store-Based, are the distribution channels.
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Regional Insights
With the largest revenue share of the global market, Asia Pacific is in the lead. China and India are two of the top consumers in the Asia Pacific, with India being the region's top producer. Saffron is one of the most prized spices in these nations due to its historical significance in both food and medicine. Due to its unique flavor and color, India's Kashmiri saffron is in high demand all over the world. The main destinations for its exports are China, Australia, Japan, the United States, Germany, and a few South Asian nations.
Due to their significant competitive advantages in processing, packaging, and branding, some European Union members are a significant market for re-exports. These importers are constantly striving to obtain larger quantities of a high-quality product since the value-added gains they generate from re-exports are sizable. Re-exports by European nations are expected to rise, which would likely boost Europe's market share in the international business.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
