Saffron Prices in Iran Fell by 6% WoW Due to Higher Production

The wholesale price of Iranian saffron decreased by 6% WoW to USD 1,012/kg in the first week of June 2023. Decreased price is driven by the higher production of Iranian saffron in 2023.
The wholesale price of Iranian saffron decreased by 6% WoW to USD 1,012/kg in the first week of Jun-23. Decreased price is driven by the higher production of Iranian saffron in 2023. Previously, a prolonged drought in Iran caused a dramatic fall in saffron production in 2021 and 2022. Exports were impacted by the low supply in the Iranian market and the supply in the international market. Due to favorable weather at the beginning of Q1-23, saffron production has been improving in the Iranian market. In Apr-23, Iran exported 12,310 kg of saffron for USD 13.4 million, a 54% YoY rise in volume, and a 41% YoY increase in value. The increase in exports was mostly due to higher saffron availability in the Iranian market. With higher production expected, Iranian saffron is estimated to increase offers in the market which will drive down the price. It is anticipated the price will fall below USD 1,000/kg by the end of November when the harvest season ends.