In 2023, the global saffron trade was valued at $214.9 million. Saffron, renowned for its unique sweet honey and hay-like aroma, is widely used as a culinary spice, in traditional medicine, and as a key ingredient in fabric dyes and perfumes. In India, saffron also plays a significant role in religious ceremonies.

Over the past five years, the global saffron export market has experienced a sharp decline. In 2019, exports were valued at $408.7 million, representing a 47.4% decrease by 2023. Year-on-year, the value of saffron exports dropped by 36.3%, down from $337.3 million in 2022.

Key Insights into Saffron Imports and Exports

The top five saffron-exporting nations in 2023 were Iran, Spain, Afghanistan, Portugal, and France. Together, these countries accounted for 91% of the world's saffron exports, highlighting their dominance in the global saffron trade.

From a continental perspective:

· Asia led saffron exports, generating $136.1 million, or 63.3% of global trade.

· Europe followed, contributing 35.9%.

· Other regions, such as North America (0.5%), Africa (0.2%), Latin America and the Caribbean (0.09%), and Oceania (0.02%), had minimal shares.

On the import side, the top five saffron-importing countries in 2023 were Spain, India, mainland China, the United States, and Italy. These countries collectively accounted for 65.4% of total global saffron imports by value, reflecting their significant demand for this high-value spice.

Globally, saffron imports showed a broader distribution:

· Europe was the largest saffron-importing region, accounting for 49.1% of total imports.

· Asia followed with 37.7%, while North America imported 9.1%.

· Smaller shares went to Latin America (2%), Oceania (0.8%), and Africa (0.5%).

Top Companies in the Saffron Trade

Leading Importers

The following companies were the biggest players in saffron imports by value in 2023:

1. ДП УКРАЇНСЬКЕ АВІАЦІЙНО ТРАНСПОРТНЕ ПІДПРИЄМСТВО ХОРІВ АВІА: $42.42 million (23.58%)

2. ELITE BASKET PRIVATE LIMITED: $19.3 million (10.73%)

3. CÔNG TY CỔ PHẦN HÀNG KHÔNG VIETJET: $9.04 million (5.02%)

4. CÔNG TY CỔ PHẦN XUẤT NHẬP KHẨU HÀNG KHÔNG: $7.22 million (4.02%)

5. ACHINTYA: $7.05 million (3.92%)

Leading Exporters

On the export side, the top companies in the saffron trade included:

1. CÔNG TY CỔ PHẦN XUẤT NHẬP KHẨU HÀNG KHÔNG: $21.83 million (42.58%)

2. NİSHANE İSTANBUL TASARIM ORGANİZASYON TURİZM TİCARET VE SANAYİ ANONİM ŞİRKETİ: $8.17 million (15.93%)

3. CÔNG TY CỔ PHẦN DỊCH VỤ KỸ THUẬT HÀNG KHÔNG: $2.51 million (4.9%)

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Top Importers of Saffron by Country

In 2023, global saffron imports totaled $214.7 million, reflecting a 3.9% decline compared to 2019 and a 9.1% drop from 2022. Below are the top 15 saffron-importing countries by value:

1. Spain: $45.2 million (21.1% of total imports)

2. India: $36 million (16.8%)

3. Mainland China: $26.5 million (12.4%)

4. United States: $18.3 million (8.5%)

5. Italy: $14.4 million (6.7%)

6. France: $10.8 million (5%)

7. Sweden: $7.7 million (3.6%)

8. United Kingdom: $5.1 million (2.4%)

9. Germany: $5.1 million (2.4%)

10. United Arab Emirates: $4.7 million (2.2%)

Among these markets, the fastest-growing saffron importers since 2022 were:

1. Argentina: Up 353.7%

2. Mainland China: Up 103.4%

3. India: Up 94.3%

4. Germany: Up 30.0%

Conversely, countries that saw the sharpest declines in saffron imports included:

1. Saudi Arabia: Down 87.2%

2. United Arab Emirates: Down 83.2%

3. United States: Down 8.6%

Top Exporters of Saffron by Country

In 2023, the top 15 saffron-exporting countries accounted for 97.9% of global saffron exports. Leading the pack were:

1. Iran: $89.8 million (41.8% of total exports)

2. Spain: $55.3 million (25.7%)

3. Afghanistan: $42.8 million (19.9%)

4. Portugal: $3.8 million (1.8%)

5. France: $3.8 million (1.8%)

Notable growth among exporters since 2022 included:

1. Bangladesh: Up 75.5%

2. Belgium: Up 43.3%

3. Portugal: Up 32.3%

4. France: Up 25.8%

Major declines were seen in countries like:

1. Iran: Down 55.5%

2. Greece: Down 29.2%

3. Germany: Down 23.1%

Conclusion

The global saffron market has faced significant challenges, with declining trade values in recent years. Despite this, certain countries and companies remain dominant players, offering opportunities for targeted trade and investment strategies. By focusing on both growing import markets and leading exporters, businesses can leverage these insights to navigate the evolving saffron trade landscape.

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In the past, Tendata has been invited to attend numerous major events such as the China International Import Export, the Belt and Road Summit, and the China Enterprise Digital Transformation CIO Summit, and has hosted many enterprise salon sharing sessions. In the future, Tendata will continue to adhere to the customer-centric cooperation concept, striving for continuous technological innovation, enhancing its brand influence, and providing high-quality services to more industry customers.

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