Why Bangladeshi Young Entrepreneurs Should Invest in the Food Industry
Bangladeshi Young Entrepreneurs Should Invest in the Food Industry
Those who are Bangladeshi young entrepreneurs they can invest in the food industry because the food and dining industry is an attractive one for them. Whatever the earning status, everyone has to eat. Although there are several aspiring entrepreneurs who want to invest their money somewhere, do not know which industry is the best to put their money that would offer them maximum returns.
Over the years the food industry has grown remarkably and has been expanding at an astounding speed. The rise of digital technology is reshaping the market as in so many other sectors.
That’s why consumers are getting accustomed to shopping online through apps and websites that offer maximum convenience and transparency. When it comes to ordering dinner the same can be said. This is because the Bangladeshi young entrappers should invest in the food industry.
An Overview of the Food Industry for the Bangladeshi Young Entrepreneurs
According to a report by the Food and Agriculture Organization (FAO), Bangladesh is one of the largest food producers in the world. But, that’s not enough for the entire population of 116 million.
Although in Bangladesh the richness of food, spices, and flavors has left an impression on the tongue of Bangladeshi consumers which builds the demand for a food business, it also increases the competition. Bangladeshi organic food market will grow three times than the current value by 2020, which is estimated by a report.
On the other hand, the restaurant market of Bangladesh has estimated at BDT 4,500 crore in the last year and by 2021 the restaurant sector will contribute 2.1 percent of the country’s GDP by the recent report.
Apart from these, cost of food in Bangladesh increased 5.97% in August of 2018 over the same month in the previous year. In addition of these, Food Inflation in Bangladesh averaged 6.70% from 2013 until 2018 that has reached an all-time high of 9.09% on May of 2014 and a record low of 3.77% in February of 2016.
Reasons for Bangladeshi Young Entrepreneurs to Invest in the Food Industry
If you’re Bangladeshi young entrepreneurs then it’s essential to know when and why to invest in a business in the food industry. As the food industry is a promising industry, it has itself diversified segments for business services.
So, buying a business in this industry is a good idea because the demand for a food business never fades away. In this case, it’s the first thing you should do that’s to remain up-to-date with the current trends of the along with check the prices for a business you want to buy constantly.
For example, you are making a mistake as it’s the time that seller will charge more if you buy a business in the festival season.
Consumers Pay More
When it comes to health, convenience, and values, consumers are increasingly willing to trade low prices for products that satisfy other needs.
For example, as they will pay a premium for products that fall into the allergen-free (nut-free, gluten-free), natural/organic, and vegetarian/vegan categories, it’s something we have clearly seen through working with our portfolio company Simple Mills.
Including salad kits and vegetable side dishes, despite higher prices, an increased focus on convenience across all industries has sparked a demand for pre-made and pre-packaged options. Those are local, sustainable, and fair trade, consumers will pay more for food and beverage options.
The products are aligning with their values beyond food, consumers are looking for them. And those are locally sourced in order to support local businesses and reduce their carbon footprint, they want to purchase and consume products that.
Because they are easier on the environment, they may buy cage-free eggs to support values around the humane treatment of animals, or sustainable products. While newer players can seize on consumer sentiment to build their businesses, entrenched players in food and beverage manufacturers can capitalize on this trend to expand their product offerings.
Focusing More on Health
As the public becomes more aware of the fact that more than two in three adults are considered to be overweight in Bangladesh, the health and fitness industry has received a surge in recent years. This is because it has created a strong need among Americans for healthier food options and food startups are taking the helm.
And it’s a convenient way to eat healthier and improve your lifestyle because meal prep companies help customers set up a diet plan and then sends them pre-made meals based their needs. Since more consumers are now turning to meal-prep experts, they tell them exactly what to eat and when.
Cooking Without Sacrificing Convenience
The percentage of Bangladeshis who cook their own meals is declining less than 60% of dinners served at home were actually cooked at home due to more chaotic lifestyles.
They just don’t have the time, but it’s not that people don’t want to cook. Customers open up the package, add hot water and enjoy a healthy dinner without the time and effort that a home-cooked meal requires with high-quality ingredients and freeze-dried technology.
Looking for more Affordable Organic Options
One thing usually stands in the way it’s typically more expensive as much as people would love to eat organic food. While the organic option will run you $4.99 non-organic eggs generally cost around $2.49. When it comes to eating organic the cost food startups have recognized this and are creating non-branded organics for those who only have one obstacle.
Looking for New Ways to Get Delivery
Although people have loved the convenience of food delivery since the beginning of the dining industry, getting a pizza delivered isn’t cutting it anymore as consumers desire more diverse options. In this case, it’s known to you that online food delivery still presents a $210 million market opportunity.
This is because food startups have jumped into the game while they are allowing consumers to satisfy any craving, anytime. When it comes to delivery options you’re no longer limited to pizza.
Increasing the Investment
It’s planning to increase investment in various sectors with food industry 83% by food and beverage companies. In the emerging food tech space to create industry-specific solutions, this creates an incredible opportunity.
There are more emerging opportunities for global logistics solutions as Food and Beverage manufacturers continue supplying and exploring global markets.
These are the potential reasons that Bangladeshi young entrepreneurs can invest in the food industry. This is because the food and dining industry is an attractive one for them. Apart from these, whatever the earning status, everyone has to eat. So, if you’re a young entrepreneur then be continued & Good Luck!