Indian Dairy Market to Grow at a CAGR of 15.4% over the Forecast Period of 2024-2032

The Indian dairy market is being driven by the rising disposable income and growing population in the region. The large number of dairy herds in the region are supporting the industry growth. Although the production of dairy in the region is high, the country accounts for only 0.01% of the global dairy export owing to the high consumption of products, particularly milk, within the region. A large population of the region is involved in the production of the dairy, and thus, it has become a source of income for the rural population and significantly contributes to the country’s economy. The government has taken several initiatives and started various programmes to support the dairy industry and enhance the production capacity for the same in the region. Further, the increasing penetration of key players in the region is expected to aid the growth of the Indian dairy market over the forecast period.

With the rising health concern, consumers are increasingly seeking healthier snack options. In May 2017, Nestle (OTCMKTS: NSRGY) announced the extension of its popular NESTLE a+ GREKYO Greek Yoghurt range, first launched in India in 2016, with the addition of Blueberry Greek Yoghurt and Greek Style Curd, which have low fat and extra milk protein and calcium, and, thus, are fit for health-conscious consumers. Earlier in March 2017, the company launched a cocoa-malt milk beverage, MILO Ready to Drink, crafted especially for growing children with lower sugar content. With the growing consumer awareness regarding hygiene, the demand for food products with good and hygienic packaging has increased. Further, the rising demand for fortified dairy products is leading manufacturers to constantly innovate their product portfolio. Kwality Ltd., another leading player in the industry, offers an exceptional variety of protein-fortified milk, namely, Nutri-Active Toned Milk, which is rich in calcium, vitamin and tastes delicious as well. The company is further enhancing its packaging and selling the same in new tetra packs to fulfil consumer demand for safe and hygienic products. Such developments are expected to further aid the Indian dairy market over the forecast period.

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Market Breakup by Product, Sales Channel and Region:

• The different products in the market are liquid milk, UHT milk, A2 milk, flavoured milk, organic milk, curd, lassi, butter milk (chach), flavoured and frozen yoghurts, cheese, probiotic dairy products, butter, ghee, paneer, khoya, dairy whitener, skimmed milk powder, ice-cream, dairy sweets, cream, milk shake, and sweet condensed milk, among others.

• Based on sales channel, the market is divided into direct selling, convenience stores, supermarkets and hypermarkets, and online.

• Region-wise, the Indian dairy market can be divided into North India, East and Central India, South India, and West India.

Key Findings of the Report:

• The growing consumer preference for dairy products due to is high calcium content, along with the rising disposable incomes and increasing population in the region, are driving the growth of Indian dairy market.

• The increased penetration of private companies providing a wide range of products like cheese, probiotic drinks, and others is aiding the growth of the industry.

• The increased demand for dairy products in the food and beverage industry is providing a further boost to the industry.

• The implementation of various programmes and schemes by the government to help the farmers and dairy harvesters to increase the product output level is providing further impetus to the industry.

Key Offerings of the Report:

• The EMR report gives a detailed overview of the Indian dairy market for the periods (2018-2023) and (2024-2032).

• The report offers historical (2018-2023) and forecast (2024-2032) market information for the products and regional markets of the dairy industry in India.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models. 

The key players in the Indian dairy market have been categorised into dairy cooperatives and private dairies.

The major dairy cooperatives in the market are:

• Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF)

• Karnataka Co-operative Milk Producers Federation Limited (KMF)

• Rajasthan Cooperative Dairy Federation Ltd (RCDF)

• Mother Dairy Fruits & Vegetables Pvt Limited

• Punjab State Cooperative Milk Producers' Federation Limited (MILKFED)

• Orissa State Cooperative Milk Producers Federation Ltd (OMFED)

• Maharashtra Rajya Sahakari Dudh Mahasangh Maraydit (Mahasangh)

• Others

The major private companies in the market are:

• Mother Dairy Fruits & Vegetables Pvt Limited

• Britannia Industries Ltd.

• Sterling Agro Industries Limited

• Parag Milk Foods Limited.

• Nestle India Limited

• VRS Foods Limited

• Kwality Limited

• KSE Limited

• Others

The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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