Benefits of the Saffron Extract
Saffron is a scarlet spice derived from the filaments of the Crocus sativus flower. It is harvested and dried before being utilized as a coloring and flavoring component in various culinary goods. It is also applied to add aromas to perfumes and the desired color to textile dyes. Saffron is high in vitamins and minerals, and it has anti-depressant, antioxidant, and antibacterial characteristics, which make it popular in the treatment of asthma, cough, cold, and measles. The bulk of the health benefits of saffron is related to its high amounts of particular antioxidants. Because oxidative stress and free radicals play a part in creating many health disorders, including cancer and heart disease, antioxidants like saffron may help safeguard a person’s health (Johnson, 2019). Saffron is commercially accessible in thread, liquid, and powder forms and is widely used to produce culinary additives, nutritional supplements, scents, cosmetics, and skincare commodities.
An Overview of the Global Saffron Market
As the global cosmetics business continues to develop, so does the market’s forecast for the foreseeable future. Additionally, saffron’s anti-cancer and anti-tumor qualities and its neuroprotective and cardiovascular health benefits are driving the saffron industry. Also expected to boost the market is the manufacture of organic and chemical-free saffron to meet the needs of health-conscious customers. The wholesale price of saffron from the United States is expected to cost between $13.06 and $13.9 per pound in 2022 or between $28.8 and $30.65 per kilogram. Saffron costs anywhere from $112 to $280 per ounce on the US market.
Trends in Export Market Prices for US Saffron (since 2015)
During the years 2016, 2017, 2018, and 2019, the prices of saffron per tonne in the United States were US$ 6,684.21, US$ 11,871.79, US$ 30,647.06, and US$ 28,800.00 respectively (“US Saffron Market Insights,” n.d.). The price of saffron has risen significantly. Saffron was selling for US$11.87 per kilogram in 2017 and US$30.65 per kilogram in 2018. This was the case before 2019. The export price decreased by -5.374 percent to $29.00 per kilo in 2019.
Latest Export Values for Saffron in the US
The total value of saffron exports to the United States in US dollar thousand for the years 2016, 2017, 2018, and 2019 was US$ 381, US$ 463, US$ 521, and US$ 576 in that sequence in US dollar thousand (“US Saffron Prices,” n.d.). In 2019, the United States exported saffron worth 0.58 million USD, registering a growth of 11.32 percent over the previous year’s total saffron export of 0.521 million USD. Between 2017 and 2018, the value of US saffron changed by 12.527 percent every year on average. Comparing the amount of saffron exported from the United States between 2017 and 2019, the average yearly fluctuation in quantity was -48.72 percent, opposed to a difference in the growth rate of 17.647 percent between 2018 and 2019. The figure below shows the market value trends for US saffron between 2010-2020:
Reasons why Saffron is Expensive
Each saffron bloom has just three stigmata. The stigmata (and their crimson pistils) are dried after being extracted from the plant to retain their color and taste. Because just a little portion of the bloom is utilized, one pound of saffron spice requires 75,000 saffron flowers. Saffron comprises 15 to 20 thousand stigmas per pound (Robicelli, 2022). Another reason for its expensive price is that the blossoms are very fragile, and the only way to extract their saffron threads properly is by manually plucking them. It is so fragile that if the saffron threads are not harvested soon after the blooms bloom, they will wilt and become worthless. According to Robicelli, a pound of saffron requires 370 to 470 hours of effort.
Johnson, J. (2019, November 15). Saffron: Health benefits, side effects, and how to use it. Medical News Today. Retrieved March 20, 2022, from https://www.medicalnewstoday.com/articles/327017.
Robicelli, A. (2022, March 4). Why is saffron so expensive? Reader’s Digest. Retrieved March 20, 2022, from https://www.rd.com/article/why-saffron-worlds-most-expensive-spice/.