Market Overview
The India dairy market size was valued at USD 115.57 billion in 2022. The market is projected to grow from USD 124.93 billion in 2023 to USD 227.53 billion by 2030, exhibiting a CAGR of 8.94% during the forecast period.
India is a big exporter of dairy products, with leading producers including Uttar Pradesh, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Punjab, and Tamil Nadu. The demand for dairy products with added health benefits is expected to increase, boosting India's dairy market share. This information is provided in the report "India Dairy Market, 2023-2030" by Fortune Business Insights™.
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List of Key Players Profiled in the Report
Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) (India)
Heritage Foods Limited (India)
Karnataka Cooperative Milk Producers Federation Limited (India)
Kwality Milk Foods Ltd (India)
Milk food Limited (India)
National Dairy Development Board (India)
Parag Milk Foods (India)
Punjab State Cooperative Milk Producers Federation Ltd (MILKFED) (India)
Rajasthan Cooperative Dairy Federation Ltd (RCDF) (India)
Tamil Nadu Cooperative Milk Producers Federation Ltd (TCMPF) (India)
Segments:
Owing to Milk Being a Part of Diet of Millions of People, Milk Segment is Set to Lead
The dairy product market covers many items such as milk, cheese, butter, desserts, powder, curd, yogurt, cream, and more. Milk is the most popular because it's a basic food for a lot of people. In India, people are increasingly choosing natural, farm-fresh milk, which is increasing its use. Because dairy products are so popular in India, new and appealing flavors are being created by businesses and startups to draw in customers.
With Increasing Number of Convenience Stores, Others Segment to Lead
The market is divided into various channels such as supermarkets, hypermarkets, specialty retailers, and others. The "others" category, which includes local milk vendors and convenience stores, is expected to grow because of more convenience stores and easy access to dairy products like milk, curd, and paneer. Specialty retailers are also gaining popularity in both developing and developed countries due to their expert product knowledge, better shopping experience, and wider selection of high-quality products.
Report Coverage
The report provides a detailed examination of the main market areas and their current trends. It explores the factors contributing to the market's expansion and the obstacles it faces, including the impact of COVID-19. Furthermore, the report discusses developments in different regions and the approaches used by top companies in the market.
Source: https://www.fortunebusinessinsights.com/india-dairy-market-107416
Drivers and Restraints
Significant Production of Milk in India to Propel Market Growth
India's dairy market is expected to expand a lot because of its large milk production. Dairy is an important part of Indian farming, with production and use of milk increasing. There's enough milk to make many products like cheese, butter, curd, yogurt, ghee, and paneer, and people want to buy a lot of it. Dairy is also important for India's social and economic growth. But, problems like not enough food for cows and diseases in them might slow down this growth.
Competitive Landscape
Prospects of New Key Players to Create Competitive Advantage
More people are buying milk and dairy, which is making the demand go up. Big companies are growing by making more products, opening new stores, and starting new brands. For example, in September 2020, Tata started selling milk under its Tata NQ brand with a 25kg pack of skimmed milk powder for places like schools and hospitals.
Key Industry Development
October 2022: Punjab State Cooperative Milk Producers Federation Ltd (MILKFED) launched the Verka milk and milk products brand in Delhi. The aim of this launch was to offer dairy farmers with maximum support and good prices to these farmers.