Saffron Oil Market Size, Share, Industry Analysis, Trends, Growth, 2032

Saffron Oil Industry Prospective:

The global saffron oil market size was evaluated at $413 billion in 2023 and is slated to hit $510 billion by the end of 2032 with a CAGR of nearly 7% between 2024 and 2032.

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Saffron Oil Market: Overview

Saffron oil is extracted from crocus sativus. It offers a variety of benefits such as anti-aging and aromatherapy. Furthermore, the saffron from which the oil is derived is known by different names such as Jafran in Bengali, Kumkuma pubba in Telugu, Zaeafran in Arabic, and kumkumappu in Tamil.

Key Insights

• As per the analysis shared by our research analyst, the global saffron oil market is projected to expand annually at the annual growth rate of around 7% over the forecast timespan (2024-2032)
•  In terms of revenue, the global saffron oil market size was evaluated at nearly $413 billion in 2023 and is expected to reach $510 billion by 2032.
• The global saffron oil market is anticipated to grow rapidly over the forecast timeline owing to the escalating preference of people towards varied cuisines owing to their exceptional aroma and flavor.
• In terms of nature, the organic segment is slated to register the highest CAGR over the forecast period.
• Based on application, the food additives segment is predicted to contribute majorly towards the global industry share in the upcoming years.
• Region-wise, the Asia-Pacific saffron oil industry is projected to register the fastest CAGR during the projected timespan.

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Saffron Oil Market: Growth Factors

Growing awareness about health among consumers to boost global market trends

With the massive use of the product in the preparation of various foods, cosmetics, and beverages, the market for saffron oil is predicted to gain traction in the years ahead. Moreover, a rise in the awareness about health & fitness among individuals is anticipated to prop up the growth of the global market. Additionally, the escalating preference of people towards varied cuisines owing to their exceptional aroma and flavor is anticipated to expedite the scope of the global market surge in the ensuing years. Apart from this, a surge in product innovations along with an increase in promotional activities on various media will contribute significantly towards the global market earnings in the coming years.

Saffron Oil Market: Restraints

Surging prices of saffron oil to impede the global industry expansion by 2032

A rise in product costs and easy availability of duplicate products can hinder the expansion of the global saffron oil industry in the years ahead. Disruptions in the supply chain activities will further restrict the growth of the global industry.

Saffron Oil Market: Opportunities

Huge product usage in various end-use sectors to open new growth avenues for the global market

Escalating use of product in health & wellness, personal care & cosmetic items, and pharmaceuticals will open new avenues of growth for the global saffron oil market in the near future. Massive product sales due to its use in cuisines in Asia, Latin America, and Africa are anticipated to prop up the expansion of the market globally.

Saffron Oil Market: Challenges

A surge in the operating prices can curtail the expansion of the global industry over the assessment period

A rise in manufacturing costs and growing trade barriers have put up a huge challenge for the global saffron oil industry. Furthermore, demand-supply imbalance and lack of monitoring and legislation over the quality of the product can further obstruct the expansion of the global industry.

Saffron Oil Market: Segmentation

The global saffron oil market is divided into nature, application, and region.                                          

In terms of nature, the saffron oil market across the globe is bifurcated into organic and conventional segments. Additionally, the organic segment, which gained approximately 39% of the global market revenue in 2023, is expected to record the highest CAGR in the forecast timespan. The expansion of the segment in the next eight years can be due to the reason that saffron is cultivated or harvested through organic farming.

Based on the application, the global saffron oil industry is divided into medical, dietary supplements, food additives, and pharmaceuticals segments. Furthermore, the food additives segment, which gathered approximately two-thirds of the global industry earnings in 2023, is set to make major contributions towards the global industry size in the coming years. The expansion of the segment in the forecast timeline can be credited to the large-scale use of saffron oil in food additives.

Saffron Oil Market: Report Scope

Saffron Oil Market: Regional Insights

North America is expected to maintain a numero uno position in the global market in the forecast timeline

North America, which accounted for 55% of the global saffron oil market revenue in 2023, is expected to establish a leading position in the global market in the next couple of years. In addition to this, the regional market surge in the forecast timeline can be credited to a rise in the end-user inclination towards natural products. Apart from this, new product development and growing know-how about the benefits of consuming saffron oil will further spearhead the expansion of the market in North America. Presence of key players in countries such as Canada and the U.S. will proliferate the growth of the market in North America.

Asia-Pacific saffron oil industry is predicted to record the highest growth rate yearly in the coming few years. The industry expansion in the APAC region over the forecast period can be a result of growing product purchases and sales as the product is a part of cuisines in many countries of Asia. Moreover, it finds lucrative applications in Ayurveda, Unani, and Chinese medicine. Flourishing cosmetics & personal care items is likely to drive the industry trends in APAC.

Saffron Oil Market: Competitive Space

The global saffron oil market profiles key players such as"

• Grandor Co.
• Kishor Spices Co.
• Novin Saffron Co.
• Rowhani Saffron Co.
• Golden Saffron Co.
• Great American Spice Company
• Taj Agro Products
• Gohar Saffron
• Halcyon Organics
• Greenleaf Bioceuticals
• Shahsaffron
• Shiva Saffron
• Iranian Saffron Company
• Saffron Valley
• Frontier Co-op
• Azafran de la Mancha
• Royal Spices International
• Phytocompounds
• King Kesariya
• Saffronir.

 The global saffron oil market is segmented as follows:

By Nature

• Organic
• Conventional

By Application

• Medical
• Dietary Supplements
• Food Additives
• Pharmaceuticals

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa