Bangladeshi entrepreneurs tap into billion-dollar dried mango market

Two agricultural entrepreneurs from Chapainawabganj have created a buzz by producing and selling dried mangoes made from raw fruit. You might wonder, how hard can it be to make dried mangoes, and how profitable is it really? To start with, the global dried mango market is worth USD 2.24 billion, which amounts to over Tk 272.90 billion (at an exchange rate of Tk 122 per dollar).

Bangladesh’s presence in this global market is almost non-existent, even though the country produces 2.5 to 2.6 million (25 to 26 lakh) tonnes of mangoes each year, nearly 40 per cent of which go to waste.

Turning this waste into opportunity, Chapainawabganj-based agro-entrepreneurs Md Munzer Alam and Ismail Khan Shamim have begun producing delicious dried mangoes this year. They say Bangladesh now has the potential to develop a dried mango industry worth several hundred billions of taka, given the high profitability of the sector.

According to various international market research and consultancy firms, the global processed mango product market, including dried mangoes, mango powder, and cosmetics derived from mangoes, is worth about USD 25 billion, or roughly Tk 3000 billion.

Bangladesh ranks sixth to seventh among the world’s top mango-producing countries, yet it has little to no production of mango-based processed goods. Only two companies make mango bars (amshotto), or ketchup, but there are no major companies in large-scale dried mango production.

Leaving behind a corporate job, Munzer Alam turned to agribusiness about five years ago, starting with mango-based products such as mango powder. This year, under his companies named ‘Barendra Krishi Udyog’ and ‘Suddha’, he produced dried mangoes for the first time, with technical support from a Japanese firm. He produced 700 kg of dried mango, selling each kilogram for Tk 2,400 online, while mango powder sells for Tk 1,200 per kg.

Munzer said, “Almost all of this year’s dried mango stock has sold out. The product has a shelf life of up to 18 months. Next year, I aim to produce at least 20 metric tonnes, most of which will be exported. Besides mangoes, Barendra Krishi Udyog has also started producing dried jackfruit and guava, and both products are doing well. Next year, we plan to expand into banana and pineapple.”

In neighbouring Shibganj, Ismail Khan Shamim, another agricultural entrepreneur, travelled to Thailand to learn mango-drying techniques with support from a Swiss organisation. However, the Thai company refused to share its technology, forcing him to develop his own method back home.

Shamim spent four hours a day perfecting his technique. His first attempt using Katimon mangoes last December failed due to poor colour, and the next trial with Satkhira’s Govindabhog variety also fell short. Finally, he achieved success using Chapainawabganj’s Ashwina mangoes this year.

Ismail, the founder of ‘Nawabi Mango’ company, said, “I made 40 batches using 40 maunds of mangoes before finally getting it right. The flavour and colour are amazing. The response has been great, too. From one maund (around 37 kg) of raw mangoes, I get about four kg of dried mango. I sold each kg for Tk 2,000 and made 300 kg this year, all of which sold out. Next year, I plan to produce 13 tonnes of dried mango.”

According to three global market research and consultancy agencies named Expert Market Research, Cognitive Market Research, and Grand View Research, the global mango-based product market was worth nearly Tk 3,000 billion (Tk 300,000 crore) last year.

This includes products like mango juice, dried mango, and mango powder among others. Of this, the dried mango segment alone accounts for around Tk 268 billion (Tk 26,800 crore). Bangladesh currently has no stake in this market, even though it’s growing globally at a rate of seven per cent per year.

Entrepreneur Munzer Alam said, “The mango market in Chapainawabganj alone is worth around Tk 70 billion (Tk 7,000 crore). If neighbouring districts’ mangoes are also processed, the market could reach Tk 220 billion (Tk 22,000 crore). It could also create employment for thousands.”

Several companies in Bangladesh import mango powder worth nearly Tk 1 billion (Tk 100 crore) each year, prompting both Munzer and Ismail to begin producing it locally.

Most of Bangladesh’s mangoes are produced in Chapainawabganj, Naogaon, and Rajshahi, yet there are no government-run processing plants in these districts. A few private companies make mango bars and juices, but the overall mango processing industry remains untapped, said AKM Monzure Mawla, deputy director of the Horticulture Wing of the Department of Agricultural Extension in Chapainawabganj.

The official told Prothom Alo, “What these two entrepreneurs have done with dried mango and powder is a great example of what’s possible. They have shown that the market potential is huge. However, they need both financial and technical support from relevant government departments, which is still limited.”

Meanwhile, under the Export-Quality Mango Production Project of the Department of Agricultural Extension, Bangladesh has started exporting mangoes in recent years. Over 2,000 metric tonnes have been exported this year alone.

Director of the project Md Arifur Rahman said, “There’s enormous potential in the processed mango industry. We’ve already planned to set up two processing plants in Chapainawabganj. Research is also underway on a few mango-based products, and once those succeed, we aim to begin full-scale production.”