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.”
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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 market for dairy products includes various types like milk, cheese, butter, dairy desserts, milk powder, curd and yogurt, cream, and more. Among these, milk stands out as the largest segment because it is a staple food for billions of people. In India, the demand for natural and farm-fresh milk is rising rapidly, boosting milk consumption. Given the high popularity of dairy products in India, entrepreneurs and startups in the dairy industry are continually developing new and enticing flavors to attract consumers.
With Increasing Number of Convenience Stores, Others Segment to Lead
The market is split into different distribution channels: supermarkets and hypermarkets, specialty retailers, online stores, and others. The "others" category, which includes local milk vendors and convenience stores, is likely to lead due to the increasing number of convenience stores across the country and the easy access to dairy products like milk, curd, and paneer at these stores. Specialty retailers are also becoming more popular in both developing and developed countries because they provide expert product knowledge, a better shopping experience, and a broader range of high-quality products.
Report Coverage
The report offers a thorough analysis of the key market segments and current trends. It looks into what is driving the market's growth and what is holding it back, including the effects of COVID-19. Additionally, the report covers regional developments and the strategies employed by leading companies in the market.
Drivers and Restraints
Significant Production of Milk in India to Propel Market Growth
India's dairy market is set to grow significantly, thanks to the country's high milk production. As a vital part of Indian agriculture, the dairy industry has seen notable increases in both production and consumption. The abundant milk supply allows for the creation of value-added products like cheese, butter, curd, yogurt, ghee, and paneer. High household demand for milk further drives market growth. The dairy industry also plays a crucial role in India's socioeconomic development.
However, challenges like a shortage of fodder and the emergence of diseases in cattle are expected to hinder market expansion.
Source: https://www.fortunebusinessinsights.com/india-dairy-market-107416
Competitive Landscape
Prospects of New Key Players to Create Competitive Advantage
The increasing consumption of liquid milk and dairy products is boosting the demand for milk in the country. Major companies are expanding by building more manufacturing facilities, opening new outlets in different markets, and launching new products. For instance, in September 2020, Tata entered the milk market with its Tata NQ brand and introduced 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.