With the advancement in technology and improvement of the standard of living, the need requirement for everything, ranging from food, electronics, essentials, household items, chemicals, medication, raw materials and much more, has also seen a massive increase over the past few years. And to keep up with this demand, the production and manufacturing industry has also witnessed a surge. The final products of this industry may be readily sold and used or could be used as raw material for the production of other items.

History and importance of the industry:

The manufacturing industries started growing after the initiation of the socio-economic as well as the technological transformation of lifestyle in the western countries during the mid and late 19th century, this was popularly known as the industrial revolution. During this time the labour-intensive industries saw the incorporation of machines and technology to increase productivity. A revolution, true to its name that began in the Kingdom of Britain has now been conquered by the East Asian nations. The revolution never really stopped, the thirst for higher productivity kept it going.

Industries of this magnitude and size provide a huge number of employment opportunities as well as having an important impact on the economy of a country. Everything from instruments and machines of defence such as planes, tanks and weapons to daily, basic survival essentials like food and beverage products need a certain rate of manufacturing to keep up with the demand and requirement.

Market size and economics:

The manufacturing industry in India is expected to be rise among the top 5 largest manufacturing nations by the end of 2020, thanks to our Prime Minister- Mr. Narendra Modi's "Make in India" initiative that has already succeeded in putting India on the globe as a manufacturing hub. As per the annual national income estimates published by the Indian Government, in the financial years between 2012 and 2018, this industry has grown at a CAGR of 4.34%. By the year 2020, India is said to be one among the top three manufacturing destinations of the world and by 2025, the sector has a potential to peak at $1 trillion.

Sectors of the industry:

Well, everything needs to be manufactured, be it a tool, a machine, a computer or anything else. There are various sectors under the manufacturing and production industry.

Let's consider some of the top manufacturing business opportunities you could invest in:

• The automotive industry: Everyone depends on some form of automotive service for their transportation needs, be it a personal car or two-wheeler, public transportation modes or even hire transports. The automotive manufacturing industry has had a continuous role in a production, with the expansion in communities and cities and their connectivity. New concept vehicles and modes of transport are being accepted and appreciated, especially ones that run on renewable energy.

• Fabrics, Furnishing and Apparels: Everyday requirements such as clothes and other fabrics are always in demand. The textile sector is one of India's oldest economies dating back several centuries and currently clocking in US$ 39.2 billion in exports alone (FY17-18). The textile business franchise is one of the best places to invest in. Although there are a lot of competitors, they barely manage to keep up with the demand in the market.

Home and office furniture manufacturing industry is another one, with people tending to upgrade and change out furniture every few years, manufacturers who come up with sleek and modern designs are profiting massively. Concepts such as transformable furniture have become increasingly popular nowadays.

• Paper and stationery: Although technology has taken over the majority of our life, and paper and stationery are being used less now than a few years ago, the production demand has not gone down. Books have their own value among readers and there is a need for paper, education industry and all offices all utilize paper and stationery. Paper has many uses, and now that we know it is a degradable alternative to plastic, paper bags have become popular.

• Chemicals and Pharmaceuticals: Medication is something that will never lose demand, it might just increase in demand. Pharmaceutical companies and chemical manufacturing franchises are among the most profitable ones all around the world. The Indian pharma industry satisfies over 50% of the world's medical needs. The sector was valued at US$ 33 Billion in the year 2017 alone.

Chemical manufacturing industry also faces similar kind of demand as chemicals are needed in the production of almost everything from food, plastics and other products.

• Food and Beverage sector: There will only be an increase in the requirement of food and beverages as the populations keep rising, health care improves and average lifespans increase. Food manufacturing industries are the biggest among all the others without second thought. The Indian food is the world’s sixth largest, contribution about 70% of world sales. In 2020, the market size is forecasted to approximately 46 billion U.S. dollars, up from about 20 billion U.S. dollars in 2015.

Depending on the type of manufacturing franchise you would want to start, the investment and space requirements will vary. Visit the FranchiseBazar website and choose from the offered manufacturing franchise opportunities. Start your own manufacturing outlet today!!