Saffron Market is to Touch $861.8 Million by 2030; Rising Demand for Immersive Viewing Experiences and Increasing Adoption of UHD TVs in Homes and Businesses are fueling the propels market growth.

The Saffron Market size is estimated to reach $861.8 Million by 2030, growing at a CAGR of 8.1% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Saffron Market – By Application (Personal Care Products, Food & Beverages, Nutraceuticals, and Others), By Form (Strands and Powder), By End User (Industry (Pharmaceutical, Foodservices, and others) and Households), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” Rising Demand for Immersive Viewing Experiences and Increasing Adoption of UHD TVs in Homes and Businesses are fueling the growth of the Saffron industry during the forecast period.

In 2023, the Asia-Pacific region held the largest share of the global Saffron market, accounting for 41% of the total. This growth is driven by factors such as the presence of major Saffron-producing countries like India and Iran. Both nations, along with China, are among the world's top Saffron exporters. Saffron from Iran and India is renowned for its exceptional quality, which keeps it in high demand globally. Iran's diverse climate and the favorable weather and altitude in Indian regions like Kashmir create ideal conditions for Saffron cultivation. Additionally, India and Iran are known for their high tea consumption, further boosting the demand for Saffron, particularly in Saffron tea.

According to official customs data, Iran exported over 213,000 kilograms of Saffron in 2022, with a total value of USD 198 million. In the first nine months of the current fiscal year, nearly 206 tons of Saffron have already been exported. While the pandemic undeniably affected production and exports globally, the situation is expected to stabilize as the pandemic subsides. Additionally, the increasing use of Saffron as a coloring and flavoring agent in the food and beverage industry is anticipated to drive further growth in the Saffron market.

In today’s world, especially among young people, there is a growing concern about appearance. Many individuals strive to feel accepted, often leading to dissatisfaction with their looks. This trend has contributed to the rising popularity of Saffron, which is increasingly being used in personal care products. On the other hand, Saffron is also valued for its powerful antioxidant properties and essential nutrients, which help reduce the risks of obesity and cancer. Obesity, in particular, is a major issue in regions like North America and the Southwestern Pacific. In countries such as Nauru, Palau, and the Cook Islands, over 55% of the population has a body mass index exceeding 32. The growing prevalence of mechanization is further exacerbating obesity rates worldwide.

Key companies profiled in the Saffron Market are Taj Agro International, Great American Spice Company, Grandor Co., Noor Brand Saffron, Esfedan Saffron Co., Eyjan Persian Saffron, Rowhani Saffron Co.,  Saffron Exporter Co., G.R & Sons, Retaj Agro Farms others.