Saffron and cardamom are two spices that are most profitable to trade in global market. In 2020, global saffron market was pegged at $374.6 million and expected annual CAGR between 2020 and 2028 is pegged at 8.5% for it. This annual CAGR is expected to be achieved on the back of medicinal and cosmetic application of saffron. Saffron has notable health benefits and is a known source of antioxidants. Cardamom is second only to pepper in usage in food preparations and cardamom trade is comparable to saffron trade in profitability.
Saffron is costliest spice and trade of no other spice offers better profit margin to global spices traders. Though primary use of saffron is for food seasoning but utilization in pharmacy is also noteworthy. Iran is largest producer of saffron and dominates export market too. Re-exporters like Spain rely heavily on Iranian saffron and 50% of Iranian saffron is imported by Spain.
Asia Pacific Leads Saffron Market
Asia pacific has dominated saffron market since ages and in 2020 more than one third of revenues came from this region alone. Iran is part of this region; it is largest producer of saffron and dominates world saffron market. India is one of the leading producers and a big consumer of this spice. China is also a big consumer of saffron and saffron produced in Kashmir is imported extensively by it. Demand for Kashmiri saffron is huge in global market and US, Japan, Australia, Germany and many South Asian nations import it.
Major Exporters Of Saffron
Largest exporter of saffron is Iran. Iran sells 50% of saffron produced to Spain, one of the largest re-exporters of saffron. Hong Kong and UAE are other big importers of Iranian saffron. Scores of countries import saffron from Iran. Spain is next largest producer of saffron but still depends heavily on imports from Iran to maintain its status as major exporter of saffron. Afghanistan also exports saffron. Kashmiri saffron from India is in good demand and makes India an important exporter of saffron. Morocco also exports its high quality saffron to the outside world. Greece, Italy and china also export saffron.
European countries possess excellent processing and packaging facilities and their branding is also superior, so re-exports of saffron from Europe is rampant. Re-exports offers considerable profits on account of value-addition and hence attempt is there to pick up as much stock of saffron as possible for re-exporting purposes. European re-exports will jack up share of Europe in global saffron market.
Middle East And African Saffron Market To Grow Fastest
Annual CAGR of 9.3% is expected in MEA (Middle East and Africa) saffron market. Iran, the leading producer of Saffron, is part of this region and produces 90% of total saffron produced globally. Many countries from this region (Egypt, Israel, Morocco and Azerbaijan) boast of saffron production, though at a very small-scale.
Cardamom is one of the most widely used spices and comparable only to pepper in the world of culinary. As far as profit margin is concerned, it is next only to saffron. Importance of cardamom is immense in spices market and saffron is no match to it. Tiny sized cardamom is earning considerable foreign exchange for big countries like India. Primarily cardamom is used to spice up dishes but perfume and pharma industries also need cardamom. Small cardamom is regarded as true cardamom and is native to southern part of India. India is major producer of small cardamom and it has been producing it for 4000 years now. In global market demand for Indian cardamom is huge and driven by seasoning, garnishing, preservative and medicinal uses. Use of cardamom by perfumery and cosmetics industries also drives demand.
Top Producers of Cardamom
India and Guatemala are top producers of cardamom and quite naturally top exporters too. About 85% of total cardamom is produced in India, Guatemala and Indonesia and their share in export is 78%. Cardamom exporters are fast shifting to online B2B procurement platforms to sell online. Tradologie.com next generation B2B procurement platform offers services to traders dealing in all types of spices. Spice traders can sell bulk spices online using tradologie.com. This enquiry to delivery B2B marketplace is one of the best platforms for online spice trade. Importers need to just register on this platform using few easy steps to import spices online. Tradologie.com is peerless online Indian spices marketplace and preferred by tens of thousands of spices traders.