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Market News
Indian bakery industry to reach $21.2 bn by 2028.
Jan 03, 2024
Rapid urbanisation, rising disposable income, retail boom and the ever-evolving consumer tastes and preferences, are leading to phenomenal growth in the Indian bakery industry. According to a report by market research firm IMARC, the industry is expected to grow at a 10.8% to reach $21.2 billion by 2028, from $11.3 billion in 2022.
Changing consumer lifestyle is influencing the demand for ready-to-eat (RTE) and bakery products. India’s thriving e-commerce food-delivery platforms that offer convenience of doorstep delivery are further augmenting this market growth. Current trends also indicate that the industry’s growth trajectory has innovation at its core.
Some of the trends that are emerging in this space include:
Healthier indulgence
Consumers palette is now inclined towards taste, good mouthfeel, exotic flavours and texture. Postpandemic, consumers are opting for mindful, portion-controlled indulgences and nutritionally fortified snack solutions such as high fibre, high protein bakes like dry fruit cake, nutty cookies and so on. Increasing popularity for natural and plant-based ingredients in baking (natural sweeteners, trans-fat free) compared to traditional baked goods.
Many of these are unique products created especially for the Indian market, where there is a rise in demand for snacks that are healthier yet tastier and keeping in mind the needs and challenges of the domestic bakery industry.
Healthy Bakes
With consumers increasingly inclining towards healthy eating habits, the bakery industry is witnessing a demand for healthy and nutritious baked food items. Along with multigrain, whole wheat or brown bread, there’s demand for gluten-free bread, cake, pastries, and biscuits. Consequently, bakery manufacturers are looking to introduce healthier options and working with partners who can invest in R&D to cater to evolving consumer demands, besides sourcing healthier ingredients, vegan fats and oils, iTFA (industrially produced trans fatty acids)-free products.
Bakers are also seeking help to develop innovative recipes in health cookies, energy bars and sugar-free bakes. As per reports, the market may see further expansion to reach $25.16 billion by 2032. Home bakers’segment is thriving on innovative recipes.
Longer shelf-life
In recent times, food manufacturers are looking for solutions to increase product shelf life, reduce wastage and keep costs under control. All these efforts ultimately lead to a better Return on Investment and help combat inflationary pressures, making it a win-win situation for everyone involved.
Innovative Customisation
Indian baking industry is also seeing a spurt in customisation and personalisation of products, driving demand for innovation.
There is a growing preference for premium and artisanal offerings in high-quality baked goods. The industry is also seeing a significant increase in artisanal bakers who seek value from their partners in the form of differentiation. They aim to bring in localised differentiation for their consumers by seeking application support, consumer insights, and regulatory advice from their corporate partners.
Emerging channels that drive growth
With Out of Home (OOH) consumption rapidly increasing in the country, large HoReCa (Hotels, Restaurants, Cafes) channel that contributes to approximately 7% of India’s GDP, is bound to be a lucrative channel of growth for the baking sector. In recent years, the emergence of online food delivery platforms has revolutionised the HoReCa industry for better.
Interactive and experimental baking
There’s a shift seen towards more interactive and experimental baking of regional styles. From taking online classes /workshops or trying out DIY kits to simply looking up recipes from different parts of the world and recreate them is a new trend favoured by new-age home bakers and artisanal bakers.
Partnerships & innovation
There’s intense competition among small, mid to large food manufacturers – all vying for a share of the same pie in the bakery industry. Home baking, which began during pandemic, has grown manifold. Home bakers are now successful entrepreneurs running business from their kitchen with easy access to technology, low investment, and marketing on social media.
Given the need for constant innovation in bakery sector, we organise boot camps at our Food Innovation Centre (Cargill Innovation Center) in Gurgaon and co-create recipes/solutions for customers. We offer market insights on bakery trends, offer customised and holistic solutions to meet unique needs of customers, among others. Our chefs, commercial and R&D teams work closely with customers to solve their challenges, becoming their go-to-partner for innovation and growth.
In line with consumers’ preferences for healthier, low-calorie baked items, we have also conducted live sessions on healthy bakes and demonstrated our product usage among bakers.
Road Ahead
The current growth momentum offers a great potential for business expansion, innovation, and employment generation – making bakery a flourishing sector for both established and new entrants in the market. Higher profitability the sector provides is an icing on the cake.
However, the industry is also evolving and adopting changes to meet the environment and sustainability goals. To reduce environmental impact, lately, the baking industry has shifted to sustainable packaging with introduction of boxes/ cartons, paper bags, pouches and large containers and avoiding single-use plastic.
There are also some regulations in place when it comes to quality and food safety. India has implemented strict regulations (like FFA norms focusing on interesterified fats) right from the quality of ingredients that go into making the baked product to the final selling at the store.
In a nutshell, the bakery industry is brimming with endless possibilities with creativity and innovation at its core and poised to stand the test of time in the coming years.
fnbnews.com
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