Ever since the pandemic’s outburst last year, digital transformation has been at its prime. Technology has forayed into various industries and the baking sector has been no exception. New-age technology solutions have been introduced in the bakery market that have helped in disrupting the sector at unimaginable levels!
As reported by Expert Market Research in its recent study, the Indian bakery industry was valued at $7.60 billion in 2020. It is anticipated to grow at a CAGR of 8.5% by the end of 2026 and will hit the $12.39 billion mark. The report further states that the rapid growth of the Indian bakery segment will be driven by the rising demands from the consumers majorly for biscuits and cookies along with the adoption of advanced technologies and increasing population.
The Growth Of The Indian Bakery Market
The Indian bakery market is primarily backed by the ever-evolving biscuits and cookies sectors in the present times. It holds a prominent position in the Indian food processing industry and is one of the biggest markets of the country's food processing industry.
The bakery sector is indeed one of the traditional and age-old processes that has witnessed continuous evolution over the years. The outcome being that India presently boasts of being the third-largest biscuit manufacturing country after the US and China.
Over the years, bakery products have significantly gained popularity and preference as there has been a shift in consumers’ behavior and psyche. They now opt for baked items due to their fast-paced lives, increased inclination towards western taste and convenience living, along with high nutrient value and affordable pricing of the bakery items.
Technological Adoption By The Indian Bakery Industry
One of the major challenges that is being faced by the baking sector in India is the operational inefficiencies due to lack of technology and skilled talent. To cater to the rising demands of the growing population, inculcating new-age technologies is no longer an option. It has rather become the dire need of the hour for the Indian bakery market. It is not only essential to upscale their operations but also to bring about innovations in their offerings and to have a competitive edge in the market.
The Exponential Growth Of Bakery Equipment Market Due To Digital Transformation
The bakery businesses are leveraging the potential of technology majorly to innovate and revamp their equipment and food processing machinery. The bakery equipment market is undergoing a revolution owing to the adoption of advanced tech solutions. As per reports by Markets and Markets, the bakery processing equipment market was estimated at $8.9 billion in 2020. It is anticipated to reach $11.4 billion by the end of 2025 and will grow at a CAGR of 5%. The primary reason for this exponential growth will be the inculcation of technologies and the introduction of new food processing techniques so as to fulfill the rising demand of both the market and the consumers.
The increased appetite for convenience foods at economic pricing will carve the path for increased opportunities for the Indian bakery segment
The industry players are already focusing on upscaling their R&D activities, developing new machinery, and enhancing their existing ones. Be it sheeters for pizza, kulcha and puff pastries, automatic cutting along with icing and decoration machines for cakes, or fully automatic cake lines and tech-savvy ovens for baking crackers and cookies; the market is witnessing the emergence of various advanced pieces of equipment. They are rendering a helping hand in catering to the diverse and growing demands of the consumers by producing baked goods quickly, swiftly yet efficiently. This developed machinery has further been playing a pivotal role in elevating the bakery market on the whole.
The increased appetite for convenience foods at economic pricing will carve the path for increased opportunities for the Indian bakery segment. The tech advancement of the industry will majorly benefit the bakery equipment market. This will eventually help the businesses to improve their operations, increase their productivity, and seamlessly cater to the demands of the consumers. Cutting-edge tech solutions are transforming the Indian bakery landscape and are ensuring efficiency in production and supply chains. Both the bakery equipment market and the Indian bakery industry, on the whole, are being benefitted by digitization and will prosper all the more in the times ahead!