B U S I N E S S
BAKERY REVIEW
Changing Bakery Scenario India, which is the second largest producer of biscuits, after the USA, has registered a positive growth of its bakery industry in spite of the pandemic caused by COVID-19. Changing consumer habits and lifestyle enforced by the pandemic has created an increased demand globally for healthier products and alternatives, particularly when it comes to bakery goods which are now more commonly consumed daily as opposed to being a treat. Customers now want baked goods which are ‘guilt-free’ and are thus seeking gluten-free products or goods made with alternative ingredients like multigrain and whole wheat. Along with healthier options millennials, in particular, are also seeking new flavours and experiences. Ashok Malkani views the working of the bakery industry and finds that the bakery industry, unlike some other industries, has not been so badly affected by the pandemic and provides ample opportunities for new entrepreneurs 18
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he COVID-19 lockdown made people take interest in new hobbies and skills. Many, in the younger generation, loved to try their hand at baking. Even before the pandemic many had given up their cushy jobs to venture into new fields which would help them to display their skills in various domains. With the humongous change in consumer habits and lifestyles in bakery industry, many of these youngsters have either ventured into this industry or have shown a keen desire to do so. Despite certain difficulties posed by COVID-19, the interest evinced by several enterprisers for entering this industry has been due to the fact that the forecast for the Indian bakery industry is positive, with a projected market value likely to exceed $ 12 billion by 2024, expanding at a CARG of 9.3% during 2019 to 2024. Besides the forecast, there are several other reasons to tempt enterprising entrepreneurs to enter this arena. Some of them are: Increasing demand: Bakery industry is one of the largest segments in the processing sector and is currently, particularly in the pandemic, witnessing a robust growth. Work schedule: If one is starting a small bakery, he/she can have his/her own work schedule/shifts according to their own convenience. Besides this, they would also be able know, in a short span, which products are in demand and thus schedule their production accordingly. Independence in operation: In a small bakery you are your own boss. This also enables you to have a hands-on experience in managing supplies, maintaining high levels of hygienic standards
Oct-Nov ’21
