How to Make Money from Hing (Asafoetida) Manufacturing Business
Asafoetida or Hang business is known to be one of the best business ideas for anyone willing to initiate a small scale manufacturing business with less investment. Here we have made a detailed list on how to start a compounded Asafoetida manufacturing business.
How to Make Money from Hing Manufacturing Business
Asafoetida or Hing is a famous Indian spice that is used in a lot of Indian recipes. Indian food cannot be imagined without spices, mainly Asafoetida which is also used as an aroma in the cosmetics industry, and hence the demand for these spices like compounded Asafoetida or Hing is remarkably high.
Not only in the domestic market the need for the compounded Asafoetida or Hing is high in the international market as well. The raw materials for compounded Asafoetida or Hing are majorly imported from Afganistan and Iran.
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Area Required For Asafoetida Manufacturing Plant
Selecting the location for any business is known to be an effective task. The business of compounded Asafoetida manufacturing plant with an area of 500 sq. ft. The location should be readily accessible to the targeted market and near the sources of raw material. Apart from this, the supply of electricity and water availability are very important aspects of that location.
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Raw Materials for Hing Making Business
The basic raw materials or the business of Hing is the concentrated Asafoetida. The quality of concentrated Asafoetida depends on the volatile oil content that delivers its characteristic odor. The reduced amount of water ensures a long-lasting period for the concentrated Asafoetida. Mainly, you can purchase packaging material like plastic bags, considered the finest option to stock concentrated Asafoetida.
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The product quality is depended on the quality of raw materials used while preparing the concentrated Asafoetida. Hence, one must be careful while purchasing the raw material for the manufacturing of concentrated Asafoetida. It is recommended to look for a raw materials dealer who can deliver you with the best quality raw materials at a sensible price.
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Hing Manufacturing Plant Machinery
There is a lot of Hing manufacturing plant machinery that are available in the market for a concentrated Asafoetida manufacturing business. One must select the machines depending on the product needed and the financial resources that one has. There are two kinds of machinery to process concentrated Asafoetida manufacturing. One is a fully automated machine and the other one is a semi-automated machine. It is recommended to select a semi-automated machine for the business and the manufacturing unit. A few of the other machinery needed for Asafoetida manufacturing are mixer grinder, tablet making machine, milling machine, and packaging machine.
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Market overview of Asafoetida
Globally, the market size of Asafoetida will grow by USD 54 million during the year 2019-2023. The market of Asafoetida is fragmented and the degree of fragmentation is expected to accelerate during the forecasted period. To get the most of the profits market vendors are focusing more on the growth prospects in the fast-growing segments, whereas maintaining their positions in the slow-growing segments. The health benefits of Asafoetida has been instrumental in driving the growth of the market
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Conclusion
Niir Project Consultancy Services (NPCS) is known as the provider of integrated technical consultancy services that prepares various project reports on different businesses. One of the project report prepared by NPCS is on Asafoetida (hing). The project report by NPCS covers all the major aspects of a business such as analyzing the market, confirming availability of various necessities such as plant & machinery, raw materials to forecasting the financial requirements. Many engineers, project consultant & industrial consultancy firms in India and worldwide has taken benefit from the project report by NPCS to analyze the business aspects.
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