According to a recent report, the bakery industry is experiencing a growth of 9%. There are over a million bakeries in the unorganized sector. The market value is projected to reach $ 13.3 billion by 2025, expanding at a CAGR of 9.1% during 2020-2025. The bakery industry, today, is the third highest revenue earner among the processed foods sector in India.
The per capita consumption of bakery products, in India, is quite low as compared to the developed countries. The consumption, here, is about 2kg per annum as compared to 10-15 kg per annum in developed countries.
The Market Research Report states that the global bakery market size was estimated at $203.8 billion in 2018 and is projected to expand at a CAGR of 3.2% from 2019 to 2025.
Bakery industry is supposed to be leading above all ready-to-eat food segments. Looking at all these figures, people are keen to venture into this industry
There can be little doubt that bakery business is considered to be lucrative but it is essential for those desirous of entering this industry to not only do a market survey but also know about the problems affecting the industry.
Essentials of Starting a Bakery
To start a bakery, the first essential is the location. Besides, you must have a business plan. Creation of a business plan will force you to look at the business from every angle. This will help you not only define your business but also set goals, find ways to generate revenue, list expenses, identify your customer base and examine your competition.
To know your start up costs, you’ll need to compile a list of equipment.
The bakery equipment that you would need would be planetary mixers, spiral mixers, oven, gas, stove, cylinders, etc.
This story is from the August-September 2020 edition of Bakery Review.
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This story is from the August-September 2020 edition of Bakery Review.
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