According to a new report, published by KBV research, The Global Saffron Market size is expected to reach $895.9 million by 2030, rising at a market growth of 6.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 844.5 tonnes, experiencing a growth of 6.3% (2019-2022).
The Organic segment would witness a CAGR of 7.6% during (2023 - 2030). The presence of certified organic standards fuels the demand for organic saffron. Consumers within this segment actively look for labels and certifications that verify adherence to organic farming practices. These standards assure consumers of the saffron's purity and the absence of harmful chemicals. Thus, these aspects can pose lucrative growth prospects for the segment.
The B2B segment is registering a strong potential in the Global Saffron Market by Distribution Channel in 2022 thereby, achieving a market value of $514.7 million by 2030. The hospitality and hotel industry contributes to the B2B demand for saffron, with establishments incorporating saffron into their premium offerings. Saffron is valued for elevating the dining experience, making it a sought-after ingredient for luxury hotels, resorts, and upscale dining venues. Thus, owing to these factors, the segment will witness enhanced growth in the segment.
The Personal Care & Cosmetics segment is anticipated to have a CAGR of 6.7% during (2023 - 2030). Saffron is known for its antioxidant and anti-inflammatory properties, which can be beneficial for the skin. Some skincare products, such as creams and serums, may include saffron extract for its purported skin-enhancing effects. The increasing consumer preference for natural and organic ingredients in personal care products has driven the interest in botanical extracts like saffron. As a result, there will be increased demand in the segment.
The Petals segment is leading the Global Saffron Market by Form in 2022 achieving a market value of $346 million by 2030. The demand for saffron petals is driven by culinary innovation, with chefs and home cooks exploring creative ways to incorporate saffron into various dishes. Saffron petals provide a unique texture and visual appeal, making them a preferred choice for experimenting with new and visually stunning culinary creations. Hence, these factors will boost the demand in the segment.
The Grade II segment is experiencing a CAGR of 6.7% during (2023 - 2030). The affordability of grade II saffron makes it an attractive choice for those who seek the distinctive qualities of saffron but at a more budget-friendly price point. The versatile nature of grade II saffron makes it suitable for various culinary applications. Consumers are incorporating grade II saffron into various dishes, including savory and sweet recipes, to enhance flavors, colors, and aromas. Hence, the segment will expand rapidly in the coming years.
Full Report: https://www.kbvresearch.com/saffron-market/
The LAMEA region dominated the Global Saffron Market by Region in 2022 thereby, achieving a market value of $437.1 million by 2030, growing at a CAGR of 6.2 % during the forecast period. The Asia Pacific region is experiencing a CAGR of 7.6% during (2023 - 2030). Additionally, The North America region would witness a CAGR of 8.1% during (2023 - 2030).
By Type (Volume, Tonnes, USD Million, 2019-2030)
By Distribution Channel (Volume, Tonnes, USD Million, 2019-2030)
By Application (Volume, Tonnes, USD Million, 2019-2030)
By Form (Volume, Tonnes, USD Million, 2019-2030)
By Grade Type (Volume, Tonnes, USD Million, 2019-2030)
By Geography (Volume, Tonnes, USD Million, 2019-2030)
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