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 one of the largest exporters of dairy products. Major producers in India are Uttar Pradesh, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Punjab, and Tamil Nadu. Growing demand for functional dairy products is set to propel the India dairy market share. Fortune Business Insights™ shares this information in its report titled “India Dairy Market, 2023-2030.”
Segments:
Owing to Milk Being a Part of Diet of Millions of People, Milk Segment is Set to Lead
The market is categorized into types such as milk, cheese, butter, dairy desserts, milk powder, curd & yogurt, cream, and others. Milk is the largest segment because it is a staple in the diets of billions of people. The increasing demand for natural and farm-sourced milk is expected to drive milk consumption in India at a faster rate. Due to the high popularity of dairy products in India, dairy entrepreneurs and startups are consistently working to create appealing and indulgent flavors to attract consumers.
With Increasing Number of Convenience Stores, Others Segment to Lead
The market is divided by distribution channels into supermarkets/hypermarkets, specialty retailers, online retail stores, and others. The "others" category, which includes local milk vendors and convenience stores, is expected to dominate due to the rising number of convenience stores nationwide and the easy availability of dairy products like milk, curd, and paneer at these stores. Specialty retailers are also growing in both developing and developed countries because they offer product expertise, a better customer experience, and a wide variety of higher-quality products.
Report Coverage
The report provides a detailed analysis of the main market segments and current trends. It examines the factors driving market growth and those hindering it, including the impact of COVID-19. The report also reviews regional developments and the strategies used by major 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 grow significantly due to the country's high milk production. The dairy industry, a vibrant part of Indian agriculture, has seen impressive increases in both production and consumption. The plentiful milk supply supports the creation of value-added products like cheese, butter, curd, yogurt, ghee, and paneer. High household demand for milk further boosts market growth. The dairy industry also plays a key role in India's socioeconomic development.
However, lack of supply of fodder and emergence of various diseases in cattle are expected to hamper the market expansion.
Competitive Landscape
Prospects of New Key Players to Create Competitive Advantage
The rising consumption of liquid milk and dairy products is driving up the demand for milk in the country. Major companies are growing their businesses by setting up more manufacturing facilities, opening new outlets in various markets, and introducing new products. For example, in September 2020, Tata entered the milk market with its Tata NQ brand and launched a 25kg pack of skimmed milk powder for institutional customers.
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.
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)