India Dairy Market Growth: Trends, Size, Drivers, and Future Projections (2024-2032)
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
According to type, the market is segmented into milk, cheese, butter, dairy desserts, milk powder, curd & yogurt, cream, and others. Milk held the largest part in the segment as it is an essential part of the diet of billions of people. Rising popularity for natural and farm-sourced milk is likely to increase the demand for milk at a higher pace in India. Thus, due to the popularity of dairy in India, there has been constant efforts taken by dairy entrepreneurs/startups to develop attractive and indulgent flavors to entice consumers.
With Increasing Number of Convenience Stores, Others Segment to Lead
According to distribution channel, the market is divided into supermarkets/hypermarkets, specialty retailers, online retail stores, and others. The others segment includes local milk vendors and convenience stores. It is set to dominate due to increasing number of convenience stores across the country and easy availability of dairy products, such as milk, curd, and paneer, at such stores. Specialty retailers are also growing in developing and developed countries due to advantages such as product expertise, customer experience, and wide variety of higher-quality products.
Report Coverage
The report offers an in-depth look at the leading sections and current trends in the market. It thoroughly explores the factors that are helping the market grow as well as those holding it back, including the effects of COVID-19. It also looks at what’s happening in different regions and the strategies used by major market players.
Source: https://www.fortunebusinessinsights.com/india-dairy-market-107416
Drivers and Restraints
Significant Production of Milk in India to Propel Market Growth
The growth of India’s dairy market is expected to be driven by the significant production of milk in the country. The dairy industry, a highly dynamic part of Indian agriculture, has seen remarkable increases in both production and consumption. The abundance of milk supports the production of value-added products like cheese, butter, curd, yogurt, ghee, and paneer. Additionally, milk is in high demand among Indian households, further boosting market growth. The dairy industry also plays a crucial 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)
