Saffron Market Analysis

Saffron Market Analysis

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Based on grade, the grade II segment dominated around USD 452.2 million revenue in 2022. Grade II saffron is less expensive than Grade I saffron, but it is still of high quality. Grade II saffron is a good value for the money, and it is a popular choice for both home cooking and commercial use. It is used in a variety of dishes, including curries, rice dishes, desserts, and beverages. Grade II saffron is also used in a variety of personal care products and supplements.
 

Based on form, the thread form segment accounted for 65% of the saffron market share in 2022, because this form of saffron is the least processed and closest to its natural state, ensuring purity and authenticity. Consumers often prefer whole threads as they can visually verify the saffron's origin and quality.  Saffron threads contain the highest concentration of the spice's characteristic flavor and aroma compounds. When saffron threads are steeped or infused in a dish or liquid, they release their distinct and intense flavor and aroma, which are highly valued in cooking and culinary applications.
 

Based on application, the food & beverage industry will gain remarkable momentum during the forecast timeline. Saffron has a rich history of culinary use, dating back centuries. It is a prized and iconic spice in various world cuisines, including Indian, Persian, Spanish, and Middle Eastern cuisines. Its unique flavor, aroma, and vibrant color make it a favorite ingredient in a wide range of dishes, from biryanis and paellas to desserts like saffron ice cream and cakes. Saffron's versatility in food and beverage applications is a key factor. It can be used in both savory and sweet dishes, enhancing the flavor profile and adding a visually appealing golden hue.
 

Based on distribution channel, the saffron market from B2B segment is poised to show tremendous growth through 2032. Saffron is often purchased in bulk quantities by businesses such as food manufacturers, restaurants, and spice distributors. B2B channels allow for the efficient sale and delivery of large volumes of saffron, making it the preferred choice for businesses looking to meet their supply needs. Businesses that rely on saffron for their products or dishes require a consistent and high-quality supply. B2B relationships often involve direct interactions between saffron suppliers and buyers, allowing for quality assurance measures, such as product samples, certifications, and traceability, to be easily established and maintained.
 

Asia Pacific saffron market size held over USD 374.4 million in 2022. Saffron cultivation has historical roots in Asia, particularly in regions such as Iran, where it has been cultivated for thousands of years. The history of saffron production and usage in Asia-Pacific countries, including India, Iran, and some Middle Eastern nations, has established a deep cultural connection to the spice. Saffron is an integral part of the culinary traditions of many Asian and Middle Eastern countries. It is used to flavor and color a wide range of dishes, from biryanis and pilafs in India to Persian rice dishes and Middle Eastern sweets. The spice's unique aroma and flavor have made it a cherished ingredient in these culinary traditions.