Akij Ceramics has entered the tableware market by introducing their line of tableware products. The company launched the product line yesterday (Monday, 27 December 2021) through a ceremony organized at the InterContinental Dhaka. Managing Director of Akij Group Sheikh Bashir Uddin was present at the ceremony.
Through this new diversified product portfolio, the company wants to grab a share of the growing market, where 27 percent of annual domestic sales still go towards imported products. The domestic market size is reported to be worth BDT 652 crore and the annual import has been reported to be worth BDT 174 and BDT 173.35 crore during fiscal year 2018-19 and 2019-20 respectively.
The company has set up their tableware manufacturing plant in Mymensingh’s Trishal by investing BDT 200 crore. The plant is expected to employ around 2,000 people and is set up on a land measuring 25 acres.
The factory will initially have a manufacturing capacity of 55,000 pieces per day. The capacity is expected to increase to 125,000 pieces per day within a year.
Currently, there are 20 companies in the ceramic sector with a combined manufacturing output of 26.19 crore pieces per year. The sector employs 19,003 people, with a total investment of BDT 2,175 crore, according to the Bangladesh Ceramic Manufacturers and Exporters Association (BCMEA).
The growth rate averaged 17 percent over the previous three years before shrinking by 6 percent during 2019-20 due to the effects of the pandemic. The industry brought in BDT 491 crore and BDT 421 crore through exports during the 2018-19 and 2019-20 fiscal years respectively.