Saffron is considered to be the world’s most precious spice. But what is saffron so expensive? How much is premium quality saffron? The main reason behind the price of saffron is its extensive manual labor. The harvesting process is tedious, as saffron flowers are extremely delicate and must be gently picked.
The field workers pick saffron flowers, and then they are shipped to an assembly line where another team has to examine the handpicked saffron. And once the saffron gets separated based on its quality, the saffron threads then have to be dried. The whole process determines the quality of saffron.
Why is Saffron Expensive?
As mentioned above, saffron has to be harvested by hand, and each saffron flower only produces three red threads that we know as saffron. In addition, Crocus sativus only blooms for one week every 12 months, and it must be harvested by hand and in the morning.
Premium quality saffron takes around 1000 flowers just to produce 28 grams of pure saffron, which you can buy Saffron Spice Online or from your local store. This rarity and the effort involved in its cultivation are the main reasons why saffron is often listed among the Expensive Spices in the World.
Price of Saffron in 2021
Each year, the price of saffron changes, and there are several factors as to why this happens. For instance, since saffron is so sensitive, it can’t be stored for a long time, and it must be packed and distributed as soon as possible. In addition, the weather plays a huge role in the production of saffron. As mentioned above, the saffron flower only blooms for one week every 12 months, and if the weather is bad, it affects the amount of saffron. Also, if the weather is suitable, a large harvest can cause the price of saffron to drop dramatically.
Factors behind the decline in saffron prices
In 2020, the top importer of saffron was Hong Kong, followed by the UAE and Spain. However, the global pandemic and Covid19 severely impacted the industry. Restaurants and the hospitality industry, which are the biggest, weren’t able to use any of the ingredients they purchased or buy bulk saffron for their customers.
Furthermore, transportation has created its own issues as every country has closed its borders due to COVID-19. In some rare cases, national transporters only import necessary facilities. Even if some restaurants in small towns could be opened, there are difficulties in importing certain spices, resulting in market depression.
As a result, the price of saffron in 2020 fell to the floor due to COVID-19. However, in 2021, the price of saffron was the lowest it’s ever been since 1980. Traditional consumers of premium quality saffron, like Spain and Italy, went into strict lockdowns, and the consumption of saffron and other expensive goods that are non-necessities has dropped dramatically.
The cost of saffron in 2021 is predicted to increase because the borders are starting to be opened and a few COVID-19 vaccines are being used around the globe, and fortunately, cultivating saffron isn’t a requirement for the use of modern equipment, and it can be achieved using manual laborers who adhere to the protocols for COVID-19. For 2021, it is our anticipation that the industry will fully recover and suppliers will be able to offer the same level of service as they did before the outbreak in 2020.
