| | DECEMBER 20218TECHNOLOGY DRIVING BAKING ADVANCEMENTS AT THE EARLIESTBy Raghav Gupta, Director, Kanchan MetalsE ver 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 percent 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 MARKETThe 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 INDUSTRYOne 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 TRANSFORMATIONThe 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 VANTAGE POINTRaghav Gupta
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