There are so many businesses that people can try out. If you're thinking of launching a new business-to-business venture in 2021, but you're not sure what your startup needs to be, take a look at our article about 5 business ideas to dream about.
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1. Furfural from Bagasse and Corncobs
Furfural is an intermediate organic product generated from agricultural leftovers such as maize cob, rice husk, bagasse (SCB) sugar cane, or wood. It is utilized in the production of biochemicals and biofuels based on furans. A report is based on the raw material, use, and region of the furfural market. Corncob is the most extensively used ingredient because it has the highest concentration of hemicellulose (30.0%-35%) which provides excellent yields and economic value.
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It is expected that the size of the furfural market will increase from EUR 551m in 2019 to USD 700m by 2014, at a 4.9% year-on-year compound rate (CAGR). In addition, by 2024 the market is expected in the forecast period to achieve 4,23,372 tonnes, with a CAGR of 4.5 percent. Furfural is an intermediate organic product derived from renewable sources.
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2. Herbal Beauty Cosmetics Business
India's Cosmetics market in FY2020 was valued at USD 13191.23m and is predicted to increase to USD 28985.23 million in FY2026 at double-digit CAGR 16.39 percent in FY2026.
Anticipated market expansion can be due to the increasingly available income that leads to increased people's purchasing power. Another significant aspect that should drive the cosmetics market throughout the forecast period is the emergence of online retail and the increasing propensity of young people in terms of skincare and other toiletries.
Increased demand among Indian customers for herbal cosmetic items also creates a broad opportunity for producers to grow. Increased awareness of body aesthetics, particularly in women, makes India one of the world's greatest users of cosmetics.
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3. Pens and Polymer Pencils (writing Instruments)
In 2018, Pen dominated the market with a 35.6% share. This is because of the increased manufacturing and increasing consumer propensity towards these types of biodegradable plaster materials. By the end of 2025, coloring tools are expected to produce revenue of 3.4 billion USD. The result of the increasing consumer knowledge of the importance of highlighters, markers, and other coloring instruments is an upturn in popularity and demand. In others, sharpening, eraser, control, or stick are available.
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4. Edible Oil Business
India has numerous good elements which make it unique in agri-based products. India has become a positive employer of agricultural products after its independence. India is the main oleaginous production country in various oleaginous countries; India has the largest area and produces a limited number of oleaginous crops, including bottom nuts, rapeseed/mustard, sesame, and coconut. India is, however, the greatest oil importer.
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There were several driving factors behind the expansion in the edible oil sector; not just concerning demand but also concerning consumers. In the field of fat content, health advantages, packaging, and prices, demand is determined by consumer trends. This growing awareness is the cause of the move from the unorganized sector to branded food oil.
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5. Medical Plastics
Innovative medical breakthroughs are dominated by plastics. As a result of improved affordability, higher health awareness, and the growth of medical institutions, the Indian market is expanding in all directions. India would need at least 2 million beds in the next 10 years with a population of 1.15 billion to achieve a modest objective of 2 for 1000 people. The potential of medical equipment is great, with a total healthcare value of 400 billion USD.
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Under the projected national drugs authority, the Ministry of Health of the Government of India planned a distinct arm for licensing medical devices. The Indian medicines sector is projected to rise from Rs 60 billion in four years to Rs 76.5 billion. It is projected that the whole market is 150 billion Rs. Imports satisfy a large proportion of demand.
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