SAFFRON
Saffron has been selected as ODOP product from district Pulwama. Saffron a perennial herb known for its aroma and taste, is an important commodity and is of great significance in the agricultural economics of Jammu and Kashmir. Saffron is popularly known as red gold and is used in industries such as food processing, pharmaceuticals, cosmetics, perfumery as well as in textile dyes. In India, most of the saffron production is limited to Jammu and Kashmir. Besides, having tremendous medicinal values, saffron has traditionally been associated with the famous Kashmiri cuisine and undoubtedly represents the rich cultural heritage of Kashmir. Saffron is one of the world’s most expensive spices. Uniqueness and Historical proofs for Kashmir Saffron has been rewarded by Patent Authority of India in the form of Geographical Indication Tag (GI) to Kashmir Saffron Under GI No 635 and Certificate No 366 dated 1-05-2020. Kashmir saffron is unique in the world which is branded with GI Tag from India.
Export Scenario of Saffron
The global saffron market size was valued at USD 374.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2020 to 2028. Growing demand for saffron in medical and cosmetic applications is expected to be a key driving factor for the market in the forecast period. Saffron is rich in antioxidants and offers several health benefits. The main active compounds present in saffron include picrocrocin, safranal, and crocin. These compounds help reduce oxidative damage and inflammation in the human brain. Furthermore, saffron is known for its memory-enhancing, antioxidant, and anti-inflammatory properties, which is likely to propel the growth of the market. With the GI tag, Kashmir saffron is also expected to gain more prominence in the export market.
Following HS Code have been used to export Saffron from India In order to assess export potential of Saffron of J&K, below is the HS-code (of J&K utilizes during
exports.
Product Category – Saffron
HSN Code – 091020