Amid the ongoing war between Russia & Ukraine, not only has there been loss of lives but it also impacted the economy across the world. The Black Sea port region—an arterial supply route for trade from former soviet states to parts of the globe has also witnessed disruption in operations.
The war has also had a negative impact on equity markets, leading to a surge in prices across industries and commodities like crude oil, base metal, and agricultural products. This further impacts the baking industry, economically and operationally.
Given that the Russia-Ukraine region is one of the major exporters of agricultural products globally, there is a huge gap and spike in prices of items like wheat, oils & fats, food additives, multigrain seeds, and much more. This further affects the supply of staple products like pasta, flour and bread, making them more expensive in India.
Impact on manufacturing of baking products:
Being a bakery expert and India’s leading ingredient supplier, Director of ARS Group, Mr. Akshit Gupta is concerned about the future of the Indian Baking Industry. Here’s what he thinks and predicts —
An outlook from the other side of the table — being an Indian producer
Even though there has been a lot of ifs and buts, back & forth of calculations for the future that awaits us, there is also a positive side that Mr. Akshit Gupta speaks of. He says —
“With a robust customer base and demand forecast of bakery ingredients, we at Asha Ram & Sons support the industry and humankind, and pray for a better, peace loving world.” says Akshit.