Agribusiness in Bangladesh is perhaps the only business in the country that will never be lost in vein. The huge population of the country is a blessing in this case. The simplest theory of economics – “demand, supply and equilibrium” will always take this business to the profitable quadrant of the picture.
In this series of writeups, i will post various aspects ofagribusinss in Bangladesh, sequentially. And here goes the first installment.
Potential Sectors of Future Growth in Agribusiness Industry
Data from Bangladesh Bureau of Statistics show that production of temporary fruits such as Banana and Water Melon are growing every year at a very high rate. Permanent fruits such as Mango, Jackfruit, Orange, Ber, Star Fruit (Kamranga), Olive, Tamarind, Lichi, Guava, and Wood Apple production also increased heavily during 2006-2007. Last year, Bangladesh Bureau of Statistics officially reported more than 37 million metric tons of Black Berry production in Bangladesh. A qualitative market survey has shown that during last few years many new fruit juice businesses have emerged in Bangladesh. The major packed fruit juices include mango juice, orange juice and lemon flavored soft drinks in the country. Jam and Jelly business have come one step further with Lichi Flavored Jello Candies available in the market. The fruit juice, fruit jelly, and Jello has already experienced a good demand in the market. Along with these products, highly potential future growth in this sector lies in canned fruit supply. The seasonal fruits such as Mango, Lichi, Tamarind, Water Melon possess a very high future growth potential for Canned Fruit Business.
BBS also have reported growth in few Condiments and Spices such as Onion, Garlic, Turmeric, Ginger, and Corriender Seed during last fiscal year. Increased domestic production of these highly demanded condiments and spices is a positive sign for the packed spices business in the country. Similarly to the natural fruit juice business, packed spices industry is also experiencing new companies coming into the business as there is a very high market growth.
Original Writing Date: October 15, 2008