Crisis in Saffron Industry in Iran causes Skyrocketing prices

The wholesale price of saffron in Iran escalated by 150.24% YoY. Iranian saffron sold at USD 714.01 per kg in W2 Jan 2022, which was USD 285.34 per kg in the previous year. Drought led to Iranian saffron production being disrupted. As a result, the Iranian saffron supply decreased in 2021. Not only that, but Iran also experienced a high labor cost and shipping cost in 2021. It is reflected that in October 2021, which was the harvest season, Iranian saffron imported to Hong Kong decreased by -99.4% YoY in terms of volume. Thus reasons put pressure on Iranian saffron price in W2 Jan 2022.