The global organic saffron market size can reach a commendable value of USD 395.15 million by 2024. It can display a CAGR of 6.10% over the forecast period.
The expansion of the food and food services industries increased expendable income levels of consumers, and improved living standards are major drivers of the market. Its use as an additive to provide color, aroma, and taste to foods can bode well for the market. The willingness of consumers to attempt new dishes, emergence of malls, and new hangout places can offer new growth opportunities for the market.
Skin care is a new niche and the presence of crocin and safranal in saffron can be used in treating various diseases in the healthcare sector. Huge demand for organic and natural skin care products can act as a catalyst. The lift of embargo of saffron from certain countries can bode well for the market and facilitate its expansion plans.
But the high price of organic saffron can dampen the market growth in the coming years. The outbreak of the COVID-19 pandemic can lead to shopping for saffron from online channels and provide it a stimulus during this period.
Epicure Garden, Spicely Organics, Noor Brand Saffron, Frontier Natural Products Co-op., Rowhani Saffron Co., Valgosa S.L., Tatva Health & Wellness Private Limited, Alpen Food Group B.V., Mehr Saffron, and Organic India, Inc. are key players of the global organic saffron market.
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The global organic saffron market has been segmented by form and distribution channel.
The global organic saffron market has been classified, based on form, into thread, powder, and liquid.
The global organic saffron market has been divided, based on distribution channel, into store-based, non-store-based. The store-based distribution channel segment is further segmented into supermarkets & hypermarkets, convenience stores, others.
The global organic saffron market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is touted to dominate the market over the forecast period owing to awareness of health benefits among the public. Consumption of desserts and penchant for sweets can drive market demand due to its inclusion in its formulations. India, Indonesia, and China are responsible for the regional market growth. Moreover, presence of the largest saffron producers in India and availability of ample land for cultivation can fuel the regional market growth.
On the other hand, the Middle East in RoW can contribute the maximum revenue owing to its consumption by the public residing in Iran and Gulf Cooperation Council (GCC) countries. The use of saffron as a spice in indigenous culinary dishes can culminate in massive market demand. In addition, the production of the spice in Afghanistan can influence the market in the coming years.
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