Bakery Review|December - January 2020
If you are thinking to start your own bakery for a long time, the best time is right now. The Indian bakery market, irrespective of the condition of the economy, is growing at a healthy rate. Be it the biscuits segment or pastry, most bakery items in India are selling like hotcakes. According to a report by IMARC Group, titled “Indian Bakery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Indian bakery market reached a value of $7.22 billion in 2018. The market value is projected to exceed $12 billion by 2024, expanding at a compound annual growth rate of 9.3 percent during 2019-2024, according to the report.
But to tap the demand for bakery products, one needs to be passionate about the business. More importantly, it is essential to understand the nature of the demand and produce such products that cater to that demand. Such demands may vary from area to area. For example, if there could be demand for sugarfree bakery products in a particular area, customers in another area may crave for heavy sugar-loaded products. In yet another area, there could be demand for products belonging to both segments. While there are now bakery items which are valued in all parts of the country, every locality in a diverse country like India also has its own unique set of demands. Understanding these area-specific demands would help a budding entrepreneur a lot.
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December - January 2020