Organic Saffron Market Foresight
Organic saffron is produced by applying organic farming methods that do not use harmful fertilizers and chemicals during agriculture. The growing acceptance of a healthy lifestyle by consumers encourages farmers to adopt organic farming. The organic saffron market size is expected to reach $ 395.15 million by 2024, with a compound annual growth rate of 6.10% for the 2019-2024 forecast period, according to the Market Research Future. The global organic saffron market has grown considerably in product launches. Major manufacturers are introducing new products in different countries to accept organic saffron. However, the higher price of organic saffron compared to conventional saffron should limit the growth of the global organic saffron market during the forecast period.
The saffron market is expected to experience strong growth, driven by growing demand from the food and beverage industry. Growing demand for saffron in the foods of various cuisines around the globe as an essential ingredient in culinary dishes is the driving force of the market. In addition, the growth of the global restaurant sector is likely to boost the size of the saffron market. Moreover, growing awareness about the adulteration in spices and other food products is estimated to uplift the demand rate of the organic saffron.
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The intensification of research and development activities aimed at increasing saffron yield in different countries should increase the size of the product market. In addition, the product is used in the perfume industry to produce perfumes and as a yellow dye in the food industry.
Organic Agro Exports from Iran bagged $43 million in the previous year. According to Reza Nourani, chief of Iran Organic Association large number of organic products was exported in the previous year from Iran comprised saffron, pistachios, figs, dates, and medicinal plants.
The global organic saffron market is segmented by shape and distribution channels.
The global market for organic saffron is classified according to its shape in yarn, powder, and liquid.
According to the distribution channel, the global market is divided into store-based and non-store based. The distribution channel segment in the store is also segmented into supermarkets and hypermarkets, convenience stores, and others.
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The Asia Pacific region is projected to sustain its dominant position during the forecast period 2019-2024, both in value and volume. The growth of the organic saffron market in the region must be driven by several factors. Increased consumer awareness of health problems in the Asia Pacific region is expected to bolster the growth of the organic saffron market over the forecast period. Demand for organic saffron is increasing among consumers due to its use in different desserts in different countries. Organic saffron consumption is high in China, India, and Indonesia. Moreover, owing to suitable farming conditions in Middle East, particularly in the GCC countries and Iran the export volume of organic saffron has drastically increased.
Europe is also expected to grow enormously in recent years due to the growing consumer inclination for organic foods and beverages. The use of organic saffron is gaining ground in the production of homemade desserts throughout the region.
Some of the leading players operating in the global organic saffron market include Tatva Health & Wellness Private Limited, Rowhani Saffron Co., Mehr Saffron, Organic India, Inc., Frontier Natural Products Co-op., Spicely Organics, Alpen Food Group, Epicure Garden, Noor Brand Saffron, and Valgosa S.L. Manufacturers are majorly adopting various other strategies in terms of agricultural innovations, manufacturing process enhancements, and regional expansions at favorable trade conditions. This trend has uplifted the growth of the global saffron market.
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