Market Analysis
The Organic Saffron Market was valued at USD 0.32 billion in 2023 and is expected to grow from USD 0.34 billion in 2024 to USD 0.53 billion by 2032. This growth reflects a compound annual growth rate (CAGR) of 5.65% during the forecast period (2024–2032).
Drivers
Trend for Health and Wellness to Boost Market Growth
Health-conscious consumers are on the lookout for natural and organic components in their diet. Due to its antioxidant qualities and possible health advantages, saffron is regarded as a healthy spice, which has raised need for organic saffron. Saffron has been linked to a number of health advantages, including as improved mood, anti-inflammatory qualities, and potential assistance with weight loss. Saffron's market is expanding as customers become more health aware thanks to the substance's alleged health advantages.
Opportunities
Organic Food Movement to offer Robust Opportunities
As people become more aware regarding the advantages organic agricultural practices have for the environment and their health, the worldwide market for organic food has been expanding steadily. As per the organic agriculture principles, organic saffron is grown without the use of artificial herbicides, pesticides, or chemical fertilizers.
Key Players
Eminent industry profiled in the global organic saffron market players report include Mehr Saffron (Iran), Rowhani Saffron Co.(Iran), Spicely Organics (US), Frontier Organic Products Coop. (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), among others.
Restraints and Challenges
High Cost to act as Market Restraint
High cost over traditional saffron and adulteration due to low cultivation rate may act as market restraints over the forecast period.
Market Segmentation
The global organic saffron industry is bifurcated based on distribution channel and product type.
By product type, liquid will lead the market over the forecast period.
By distribution channel, non-store based will domineer the market over the forecast period.
COVID-19 Analysis
Global supply systems, particularly those in the saffron business, were affected by the epidemic. Iran, India, & Spain are the main growing areas for saffron. Saffron production and distribution in these areas were impacted by lockdowns, travel restrictions, and labor shortages. Throughout the pandemic, there
were price swings in the saffron market. The export of saffron goods was hampered by export controls, customs holdups, and transportation issues.
Regional Analysis
APAC to Head Organic Saffron Market
In 2022, this market was mostly controlled by the Asia-Pacific Market (45.80%). India and China are the leading two consumers in the APAC region, while India is the region's largest producer. Because of the historical significance in both cuisine and medicine, saffron is one of these nations' most prized spices. The Kashmiri saffron is highly sought after worldwide due to its distinctive color and flavor. China, Australia, the United States, Japan, Germany, and some South Asian nations get the majority of its exports. Additionally, the Indian market for Organic Saffron had the maximum growth rate in the Asia-Pacific region, while China's Organic Saffron market had the greatest market share.
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