You are on page 1of 129

D a i r y P ro d u c t s M a r ke t i n I n d i a By Ty p e,

C o m p e t i t i o n Fo re c a s t a n d O p p o r t u n i t i e s ,
2011 2021
Market Intelligence . Consulting

Ta b l e o f C o n t e n t s
S. No.

Contents

Page No.

1.

Research Methodology

2.

Analyst View

10

3.

Product Overview

12

4.

Global Dairy Products Market Overview

14

5.

India Dairy Products Market Outlook

16

5.1.

Market Size & Forecast

5.1.1.
5.2.

5.3.
6.

6.2.
7.

By Value

5.2.1.

By Type (Drinking Milk, Ghee, Butter, Ice Cream, Milk Powder, Cheese,
Yogurts, Probiotic Drinks & Others)

20

5.2.2.

By Region

22

5.2.3.

By Company

27

5.2.4.

By Organized Vs Unorganized

31

Market Attractiveness Index

32
34

Market Size & Forecast


6.1.1.

By Value

35

6.1.2

By Volume

36

Pricing Analysis

India Ghee Market Outlook


7.1.

19

Market Share & Forecast

India Drinking Milk Market Outlook


6.1.

39
41

Market Size & Forecast


7.1.1.

By Value

42

7.1.2

By Volume

43

2
TechSci Research

Ta b l e o f C o n t e n t s
S. No.

Contents
7.2.

8.

Pricing Analysis

44

India Butter Market Outlook

46

8.1.

8.2.
9.

9.2.

8.1.1.

By Value

47

8.2.2.

By Volume

48

Pricing Analysis

10.2.

11.2.

51

9.1.1.

By Value

52

9.1.2.

By Volume

53

Pricing Analysis

54
56

Market Size & Forecast


10.1.1.

By Value

57

10.1.2.

By Volume

58

Pricing Analysis

India Cheese Market Outlook


11.1.

49

Market Size & Forecast

India Milk Powder Market Outlook


10.1.

11.

Market Size & Forecast

India Ice Cream Market Outlook


9.1.

10.

Page No.

59
61

Market Size & Forecast


11.1.1.

By Value

62

11.1.2.

By Volume

63

Pricing Analysis

64

3
TechSci Research

Ta b l e o f C o n t e n t s
S. No.
12.

Contents
India Yogurts Market Outlook
12.1.

12.2.
13.

13.2.
14.

66

Market Size & Forecast


12.1.1.

By Value

67

12.1.2.

By Volume

68

Pricing Analysis

India Probiotic Drinks Market Outlook


13.1.

Page No.

69
71

Market Size & Forecast


13.1.1.

By Value

72

13.1.2.

By Volume

73

Pricing Analysis

India Other Dairy Products Market Outlook


14.1.

Market Size & Forecast

14.1.1.

By Value

74
76

77

15.

Import-Export Analysis

78

16.

Supply Chain Analysis

83

17.

Market Dynamics

86

17.1.

Drivers

88

17.2.

Challenges

91

18.

Trends & Developments

94

18.1.

Implementation of Favorable Government Initiatives

96

18.2.

Adoption of Automation by Private Players

97

18.3.

Rising Demand for Yogurt and Western Dairy Products

98

4
TechSci Research

Ta b l e o f C o n t e n t s
S. No.

Contents
18.4.

Steady Rise in Demand for Organic Milk

18.5.

Increasing Demand For Packaged Products

Page No.
99
100

19.

Policy & Regulatory Landscape

101

20.

India Economic Profile

105

21.

Competitive Landscape

108

21.1.

Gujarat Cooperative Milk Marketing Federation Ltd

109

21.2.

National Dairy Development Board

110

21.3.

Karnataka Cooperative Milk Producers Federation Ltd

111

21.4.

Tamil Nadu Co-operative Milk Producers' Federation Limited

112

21.5.

Andhra Pradesh Dairy Development Cooperative Federation Ltd

113

21.6.

Heritage Foods Ltd

114

21.7.

Hatsun Agro Products Ltd

116

21.8.

Kwality Limited

118

21.9.

Paras Dairy

120

21.10.

Parag Milk Foods Limited

121

22.

Strategic Recommendations

122

23.

About Us & Disclaimer

127

5
TechSci Research

List of Figures
Figure No.

Title

Page No.

Figure 1:

Top 5 Milk Producing Countries, By Volume, 2014 (Million Tons)

15

Figure 2:

India Milk Consumption Share, By Cattle Type, By Volume, 2014

17

Figure 3:

India Dairy Products Market Size, By Value, 2011-2021F (USD Billion)

19

Figure 4:

India Dairy Products Market Share, By Type, By Value, 2011 2021F

20

Figure 5:

India Dairy Products Market Share, By Region, By Value, 2015 & 2021F

22

Figure 6:

India Dairy Products Market Share, By Region, By Value, 2011 2021F

24

Figure 7:

India Dairy Products Market Share, By Company, By Value, 2011 2021F

27

Figure 8:

India Dairy Products Market Share, By Organized vs Unorganized, By Value, 2015

31

Figure 9:

India Dairy Products Market Share, By Organized vs Unorganized, By Value, 2021F

31

Figure 10:

India Dairy Products Market Attractiveness Index, By Type, By Value, 2015-2021F

33

Figure 11:

India Drinking Milk Market Size, By Value, 2011-2021F (USD Billion)

35

Figure 12:

India Drinking Milk Market Size, By Volume, 2011-2021F (Billion Litres)

36

Figure 13:

India Drinking Milk Average Selling Price, 2011-2021F (USD per Litre)

39

Figure 14:

India Ghee Market Size, By Value, 2011-2021F (USD Billion)

42

Figure 15:

India Ghee Market Size, By Volume, 2011-2021F (Billion Kilograms)

43

Figure 16:

India Ghee Average Selling Price, 2011-2021F (USD per Kilogram)

44

Figure 17:

India Butter Market Size, By Value, 2011-2021F (USD Billion)

47

Figure 18:

India Butter Market Size, By Volume, 2011-2021F (Billion Kilograms)

48

Figure 19:

India Butter Average Selling Price, 2011-2021F (USD per Kilogram)

49

Figure 20:

India Ice Cream Market Size, By Value, 2011-2021F (USD Billion)

52

Figure 21:

India Ice Cream Market Size, By Volume, 2011-2021F (Billion Litres)

53

Figure 22:

India Ice Cream Average Selling Price, 2011-2021F (USD per Liter)

54

Figure 23:

India Milk Powder Market Size, By Value, 2011-2021F (USD Billion)

57

Figure 24:

India Milk Powder Market Size, By Volume, 2011-2021F (Billion Kilograms)

58

Figure 25:

India Milk Powder Average Selling Price, 2011-2021F (USD per Kilogram)

59

Figure 26:

India Cheese Market Size, By Value, 2011-2021F (USD Billion)

62

Figure 27:

India Cheese Market Size, By Volume, 2011-2021F (Billion Kilograms)

63

6
TechSci Research

List of Figures
Figure No.

Title

Page No.

Figure 28:

India Cheese Average Selling Price, 2011-2021F (USD per Kilogram)

64

Figure 29:

India Yogurts Market Size, By Value, 2011-2021F (USD Billion)

67

Figure 30:

India Yogurts Market Size, By Volume, 2011-2021F (Billion Liters)

68

Figure 31:

India Yogurt Average Selling Price, 2011-2021F (USD per Liter)

69

Figure 32:

India Probiotic Drinks Market Size, By Value, 2011-2021F (USD Billion)

72

Figure 33:

India Probiotic Drinks Market Size, By Volume, 2011-2021F (Billion Kilogram)

73

Figure 34:

India Probiotic Drinks Average Selling Price, 2011-2021F (USD per Liter)

74

Figure 35:

India Other Dairy Products Market Size, By Value, 2011-2021F (USD Billion)

77

Figure 36:

India Dairy Product Exports to Top 5 Countries, By Value, 2013-2014 & 2014-2015 (USD
Million)

80

Figure 37:

India Disposable Personal Income, 2011 2015 (USD Billion)

91

Figure 38:

India Year on Year Growth Comparasion for Value Added Dairy Products and Non Value
Added Dairy Products 2012-2021F

92

Figure 39:

India Demand & Availability of Feed and Fodder, 2014 (Million Tonnes)

94

Figure 40:

India Year on Year Growth Comparasion for Indigenous Dairy Products and Western Dairy
Products 2012-2021F

100

L i s t o f Ta b l e s
Table No.

Title

Page No.

Table 1:

India Dairy Products Market Share, By State, By Value, 2011 & 2015

23

Table 2:

India State wise Milk Production, 2010-11-2014-15 (Thousand Tonnes)

37

Table 3:

India Dairy Product Imports, By Value (USD Million), By Volume (Thousand Tonnes),
2011-2015

81

Table 4:

India Dairy Product Exports, By Value (USD Million), By Volume (Thousand Tonnes),
2011-2015

82

Table 5:

India Dairy Products Import Duty Structure, 2015

106

7
TechSci Research

Research Methodology
Market Intelligence . Consulting

Research Methodology
Baseline Methodology
Our dedicated team of industry experts has comprehensively monitored and analyzed various aspects of India
dairy products market. The team has analyzed various industry segments and speculated a positive future of the
industry. Taking into consideration growth in disposable income, rising demand for value added dairy products
(VADP), increasing working population, especially women, changing food consumption pattern, retail and
supermarkets/hypermarkets, etc., our team of analysts has provided an in-depth analysis of the industrys
performance in the future. This would enable our clients in planning their investment decisions and explore
growth opportunities in the India dairy products market.
For our study, we have gathered information through primary research surveys with manufacturers and
suppliers of dairy products in India, followed by an exhaustive secondary research from credible paid databases.

Our team of experts has then prudently evaluated all collected information and organized the same in
chronological order to depict a meaningful and clear picture of the dairy products market in India.
In addition, while compiling the data, we have also validated all the collected information from multiple sources
and data warehouses in order to present the most accurate and precise information of the concerned industry.
We have also identified and analyzed all emerging trends, including important drivers and challenges that the
industry is confronting. We have also presented various forecasts for the industry based on our in-depth analysis
of market dynamics, prevalent trends, major developments and growth opportunities.
Companies Interviewed

NDDB, Amul, Heritage Foods, GopalJee Dairy, Paras Dairy, Gujarat Cooperative
Milk Marketing Federation Limited, Schreiber Dynamix Dairy

Secondary Sources : Annual Reports, Press Releases, Government Statistics, etc.

9
TechSci Research

A n a lys t Vi ew

Analyst View
India Dairy Products Market to Grow at a CAGR of over 7% during 2016-2021

India dairy products market is projected to reach USD133 billion by 2021 from USD89.9 billion in 2015, registering a
CAGR of over 7% during 2016-2021. Increasing health consciousness among consumers, rising disposable income levels,
etc., are driving growth in India dairy products market. Demand for dairy products in India is being driven by increasing
malnutrition and other calcium related deficiencies in rural areas, and introduction of value added dairy products and
changing consumption patterns in urban areas.
Drinking Milk to Dominate India Dairy Products Market

Drinking milk dominated India dairy products market in 2015 and the trend is anticipated to continue through 2021.
Drinking milk market in India is projected to grow at a CAGR of over 9%, in value terms, during 2016-2021, due to
growing domestic and international demand. Drinking milk segment garnered a revenue share of over 36% in India dairy
products market in 2015 and this is projected to reach 40.55% by 2021.
Rising Consumption of Value Added Dairy Products
Consumption pattern demonstrates growth in demand of value added dairy products such as ghee, cheese, butter, etc.
This changing consumption patterns of consumers in India can be attributed to changing food habits and rising disposable
income levels.
Rising Share of Organized Sector in India Dairy Products Market
Indian dairy products market is expected to witness a shift from unorganized to organized sector. The share of organized
market, which stood at 30% in Indian dairy products market in 2015, and is projected to reach 42% by 2021. Rising share
of organized sector in India dairy products market can be attributed to rising demand for high quality packaged products,
especially in urban areas. However, in rural areas, acceptance of packaged dairy products is slowly gaining momentum.

11
TechSci Research

Product Overview
Leading Dairy Products in India

Drinking Milk

Dairy products can be defined as products


produced from milk, sourced from cows,
buffaloes, goats,

sheep,

Milk Powder

yaks, horses,

camels and other mammals.

producer of milk in the world, surpassing


European Union.

Cheese

In 2014, India was declared as the largest

Increasing production of dairy products,


rising purchasing power of consumers,
changing

preferences

and

growing

Dairy Products

Ice Cream

Butter

Probiotic Drinks

demand for value added dairy products


are anticipated to fuel growth in India

Ghee

dairy products market.


Yogurts

12
TechSci Research

Product Overview

The dairy products are majorly categorized

Raw Milk

into drinking milk and value added dairy


products (VADP).
Traditional

Drinking
Milk

VADP

includes

ghee,

khoya,

mishti dahi, matta, etc., and non-traditional


products

or

western

products

such

as

butter, cream, cheese, etc.


In India, demand for traditional VADP is

Value
Added
Products

higher than non-traditional VADP. This is


evident from the fact that the utilization of

milk

Non
Traditional
VADP

for

production

of

western

dairy

products is only 5% of the total raw milk

Traditional
VADP

produced.

13
TechSci Research

G l o b a l D a i r y P ro d u c t s M a r ke t O ve r v i ew

Global Dairy Products Market Overview


Growing inclination towards healthy living, improving standards of living in developing countries and
increasing exports from Asia and Africa to the European Union is projected to drive growth in global dairy
products market in the coming years. Since 1982, global milk production increased by more than 50% and as
of 2014, India is the leading producer of milk in the world.
Rising awareness about the benefits of consuming pasteurized milk over raw milk and changing consumer
buying behavior are driving growth in the global dairy products market. Moreover, growing popularity of low
fat dairy products is generating demand for these products from various population segments, and opening
new avenues for companies in this segment.
Changing consumers buying behavior has accelerated growth of value added dairy products such as cheese,
butter, butter milk, low fat yogurt, flavored milk, probiotic drinks, etc. These products have become a part of
regular consumption due to convenience and health benefits.
As of 2015, India still is the worlds largest milk producer and accounted for a 16% share in the global
production, followed by the US, China, Pakistan and Brazil. In the last few years, prices of dairy products
across the global market have been declining due to substantial increase in dairy production.
Figure 1: Top 5 Milk Producing Countries, By Volume, 2014 (Million Tons)
150.39

146.33
93.64
49.28

35.02

34.07

15
European Union

India

United States

China

Pakistan

Russia
Source: TechSci Research

TechSci Research

I n d i a D a i r y P ro d u c t s M a r ke t O u t l o o k

India Milk Consumption Share, By Cattle Type


Consumption of milk in India is dominated by buffalo milk, mainly due to its high fat content. The cholesterol content
of buffalo milk is 0.65 mg/g as compared to 3.14 mg/g for cow milk. Additionally, the Protein Efficiency Ratio (PER)
of buffalo milk proteins is 2.74 as compared to 2.49 of cow milk. Buffalo milk has about 11.42% higher protein than
cow milk. Commercially, it is more feasible to use buffalo milk for manufacturing fat-based and non fat-based milk
products such as butter, ghee, milk powders, etc., due to its lower water content and high fat content.

Most of the farms in India depend on buffalo milk for dairy products production and India accounts for about twothirds of the world's buffalo milk production. Cow milk accounted for a share of 45% in total milk consumption in
India in 2014. However, goat milk accounted for a share of 4% in the total milk consumption in India, in 2014.

Figure 2: India Milk Consumption Share, By Cattle Type, By Volume, 2014

Goat Milk
3.77
Buffalo Milk
51.17

Cow Milk
45.06

17
Source: DAHD
TechSci Research

India Dairy Products Market Outlook

With approximately 75 million dairy farms around the country, India is the largest
producer of milk and produced around 52.39 billion liters of milk in 2015.

The milk processed by the organized sector in around 1,400 dairy processing plants, with
an installed capacity of almost 135 million liters per day.

The dairy industry employees around 90 million people and approximately 75 million of
these are women.

Growing awareness regrading milk quality and changing lifestyles is propelling growth in
the demand for packaged products. Rapidly changing lifestyles influenced younger
generations to adapt to newer products such as yogurts, probiotic drinks, etc.

An average Indian household spends USD10 to USD25 in a month on dairy products.

18
TechSci Research

India Dairy Products Market Size


Figure 3: India Dairy Products Market Size, By Value, 2011-2021F (USD Billion)
CAGR 2016E-2021F
By Value: 7.01%

CAGR 2011-2015
By Value: 4.89%

74.20

77.40

80.90

84.90

89.80

94.98

2011

2012

2013

2014

2015

2016E

100.88

2017F

107.46

2018F

114.89

2019F

123.40

2020F

133.25

2021F

Source: TechSci Research

Dairy products market in India grew at a CAGR of 4.89%, in value terms, during 2011-2015 and was valued at
USD89.80 billion in 2015. This is forecast to reach USD133.25 billion by 2021, exhibiting a CAGR of over 7%, in value
terms, during 2016-2021.
Dairy products market in India is witnessing a tremendous change, due to increasing emphasis on nutritional value of
dairy products. Introduction of value added dairy products, changing consumption patterns, growing penetration of
international players, etc. are fueling growth of dairy products market in India.
Unorganized dairy products sector garnered a majority share in India dairy products market in 2015, and this is
projected to decline in the next 5 years. Value added dairy products, changing consumer preference for law fat dairy

19

products, increasing per capita spending, etc., are fueling growth of the organized sector in India dairy products market.
TechSci Research

India Dairy Products Market Share, By Type


Figure 4: India Dairy Products Market Share, By Type, By Value, 2011-2021F

36.22%

36.34%

36.52%

36.69%

36.58%

36.69%

36.90%

37.34%

38.03%

26.66%

26.81%

26.65%

26.46%

26.90%

27.06%

27.10%

26.85%

26.26%

28.01%

27.58%

27.34%

27.08%

26.45%

6.49%

6.49%

6.83%

6.70%

6.60%

6.53%

25.84%

25.27%

25.23%

24.64%

24.06%

6.96%

7.09%

7.23%

7.38%

2.15%

2.36%

1.25%

1.23%

1.23%

1.29%

1.37%

1.46%

1.56%

1.68%

1.81%

1.96%

1.05%

1.10%

1.16%

1.22%

1.25%

1.26%

1.27%

1.26%

40.55%

39.07%

23.75%
22.86%

23.47%

7.54%

2.62%

1.19%

0.77%
0.60%

0.24%
0.09%

0.13%

0.10%

0.03%
2011
Drinking Milk

0.29%

0.27%

0.25%

0.03%
2012
Ghee

0.03%
2013
Others

0.20%

0.16%
0.03%
2014

0.35%

0.32%

0.04%
2015
Butter

Others: Curd, Paneer, Cream Flavored milk, Soy milk, Dairy whiteners

0.25%

0.39%

0.49%

0.66%
0.57%

0.47%

0.04%

0.30%
0.04%

2016

2017

Ice Cream

0.44%

Milk Powder

0.38%

0.05%

0.05%

0.06%

0.06%

2018

2019

2020

2021

Cheese

Yogurts

20

Probiotic Drinks
Source: TechSci Research

TechSci Research

India Dairy Products Market Share, By Type

Drinking milk accounted for a revenue share of 36.58% in India dairy products market in 2015 and this is
projected to reach 40.55% by 2021. Ghee accounted for a revenue share of 26.45% in India dairy products
market in 2015. With changing preference of consumers, the market share of value added dairy products such
as butter, cheese, etc., is anticipated to grow during the forecast period.

Butter is projected to account for a revenue share of over 7% in India dairy products market by 2021.
Introduction of low fat products, rising health awareness, etc., are anticipated to fuel growth in India value
added dairy products market.

Rising health concerns and growing penetration of international players is anticipated to fuel demand for
probiotic drinks. Increasing disposable income levels, changing consumption patterns, entry of international
brands, etc., are driving demand for yogurts and ice creams in India.

21
TechSci Research

India Dairy Products Market Share, By Region


Figure 5: India Dairy Products Market Share, By Region, By Value, 2015 & 2021F

North

East

2015: 34.96%
2021F: 32.48%

2015: 11.92%
2021F: 12.29%

West

South

2015: 31.77%
2021F: 32.11%

2015: 21.35%
2021F: 23.12%

Source: TechSci Research

22
TechSci Research

India Dairy Products Market Share, By Region


Table 1: India Dairy Products Market Share, By State, By Value, 2011 & 2015
State

2011

2012

2013

2014

2015

Uttar Pradesh

17.26%

17.64%

17.62%

17.57%

17.73%

Rajasthan

10.86%

10.56%

10.53%

10.58%

11.92%

Andhra Pradesh

9.19%

9.45%

9.64%

9.45%

6.80%

Gujarat

7.65%

7.68%

7.79%

8.07%

8.23%

Punjab

7.73%

7.47%

7.34%

7.27%

7.28%

Madhya Pradesh

6.17%

6.37%

6.67%

6.97%

7.59%

Maharashtra

6.60%

6.62%

6.60%

6.60%

6.71%

Haryana

5.14%

5.21%

5.32%

5.41%

5.56%

Bihar

5.35%

5.19%

5.17%

5.23%

5.47%

Tamil Nadu

5.61%

5.45%

5.29%

5.12%

5.02%

Karnataka

4.20%

4.26%

4.32%

4.36%

4.31%

West Bengal

3.67%

3.65%

3.67%

3.56%

3.49%

Kerala

2.17%

2.12%

2.11%

1.93%

1.91%

Odisha

1.37%

1.35%

1.30%

1.35%

1.34%

Jharkhand

1.28%

1.36%

1.27%

1.23%

1.22%

Others

5.75%

5.62%

5.38%

5.30%

5.43%

23

Source: TechSci Research


TechSci Research

India Dairy Products Market Share, By Region


Figure 6: India Dairy Products Market Share, By Region, By Value, 2011 & 2021F

35.22%

35.36%

35.01%

34.98%

34.96%

34.53%

34.11%

33.70%

33.29%

32.88%

32.48%

31.32%

31.68%

31.72%

31.77%

31.85%

31.92%

31.98%

32.03%

32.08%

32.11%

21.31%

21.35%

21.92%

22.22%

22.51%

22.82%

21.20%

21.36%

21.64%

23.12%

21.38%

12.21%

12.01%

11.94%

11.93%

11.92%

11.98%

12.04%

12.10%

12.17%

12.23%

12.29%

2011

2012

2013

2014

2015E

2016F

2017F

2018F

2019F

2020F

2021F

31.37%

North

South

East

24

West
Source: TechSci Research

TechSci Research

India Dairy Products Market Share, By Region


North Region
North India accounted for a market share of 35% in India dairy products market in 2015. Increasing per capita
expenditure and rising youth population base, implementation of various government initiatives, improvements in
infrastructure, increasing middle class population in Tier II & III cities, etc., fueled consumption of dairy products in the
region, during 2011-2015. North India is the largest producer of milk in India. Around 23 MMT of milk was produced in
Uttar Pradesh, which is accounted for a share of 17% in the countrys total milk production. Bhadawari, an improved
buffalo breed, in Agra and Etawah districts of Uttar Pradesh, are known for their high average milk yield of almost
1,300 kg per lactation period, with rich content of 6-13% milk fat in its milk. Farmers from Punjab are using Punjab
Holstein, high-performance cross-bred cows that yield up to 10,000 liters of milk in a 10-month lactation period. In
2015, the state had over 25 lakh cross-bred cows, the highest in the country.
West Region
West region accounted for a revenue share of over 31% in India dairy products market in 2015 and this is projected to
increase to 32.05% by 2021. Highest number of dairy co-operatives, increasing household income levels coupled with
large number of households, are driving growth of the dairy products market in this region. Increasing urbanization,
changing consumption patterns from traditional to non-traditional dairy products such as yogurts, cheese, etc., are also
propelling growth in the regions dairy products market. Gujarat, is the leading producer of milk in the region and
contributes significantly to the growth of dairy products market in the region. Government is taking measures to
improve feeding practices and develop quality feeds and fodders to improve livestock productivity and dairy production

capacity, as a result of which livestock population has increased substantially in Gujarat.

25
TechSci Research

India Dairy Products Market Share, By Region


South Region
South India accounted for a revenue share of over 21.35% in India dairy products market in 2015 and this is
projected to reach 23.12% by 2021. Increasing urbanization, rising working and youth population, and increasing
spending power are anticipated to drive the demand for value added dairy products in the region. Andhra Pradesh

accounted for the highest milk production in the region due to adequate grazing lands present in the region
coupled with favorable weather conditions, an essential requirement for milch animals to give proper yield.
East Region
East India accounted for a revenue share of 11.92% in India dairy products market in 2015. Dairy whitener

products are in huge demand in this region and exhibited a year-on-year growth of 15% in 2015. Various
government initiatives and introduction of new policies such as subsidized feed and fodder and 30% subsidy on
purchase of animals, etc., is encouraging farmers to produce milk in this region. With increasing demand for
value added dairy products, increasing per capita income levels, growing youth population, etc., are major factors
driving growth in East India dairy products market. The region revenue share in India dairy products market is
projected to reach at 12.29% by 2021.

26
TechSci Research

India Dairy Products Market Share, By Company


Figure 7: India Dairy Products Market Share, By Company, By Value, 2011 2021F
43.34%

42.96%

15.46%
11.47%
8.41%
6.57%

2011

40.27%

39.75%

39.22%

38.66%

16.77%

17.05%

17.33%

17.61%

17.90%

18.20%

11.41%

11.34%

11.27%

11.20%

11.13%

11.07%

11.00%

10.93%

10.87%

10.80%

8.57%

8.75%

8.92%

9.10%

9.28%

9.47%

9.66%

9.85%

10.05%

10.25%

3.14%

3.17%
3.09%

3.08%

2.80%

2.84%

2.01%

2.04%

2.87%
2.07%
2.10%

2.00%

2.05%
2012

6.06%

6.23%

5.90%

3.20%
3.10%

2.90%

5.74%

3.23%

5.59%

5.44%

3.27%

3.30%

5.30%

5.16%

5.02%

3.33%

3.37%

3.40%
3.15%

3.11%

3.12%

3.12%

3.13%

3.14%

2.93%

2.97%

3.00%
2.53%

3.03%
2.66%

3.07%

2.20%

2.23%

2.27%

2.30%

2.31%
2.20%
2.10% 2.13%

2.42%
2.16%

2.79%

3.10%
2.92%

2.07%

2.08%

2.10%

2.12%

2.13%

2.15%

2.17%

2.18%

2.20%

2013

2014

2015

2016

2017

2018

2019

2020

2021

Gujarat Co-operative Milk Marketing


Federation Ltd
National Dairy Development Board
Karnataka Cooperative Milk Producers
Federation Ltd
Others

40.77%

16.50%

1.91%

2.04%

41.24%

16.23%

3.08%

2.77%

41.70%

15.97%

3.10%

3.07%

42.14%

15.71%

6.40%

3.07%

1.98%
1.82%

42.56%

Tamil Nadu Cooperative Milk


Producers Federation Ltd
Heritage Foods Ltd

Maharashtra Rajya Sahakari Dudh Mahasangh Maryadit


Andhra Pradesh Dairy Development Cooperative Federation Ltd
Hatsun Agro Products Ltd
Rajasthan Co-operative Dairy Federation Ltd

27

Bihar State Co-operative Milk Producers Federation Ltd

Others include Paras Dairy, Kwality Ltd, Parag, Milky Mist, Britannia, Gagan, Vita, Metro Dairy, Fresh'n Natural, Dahi Everyday Milk, DMS, Nestl, Gagan. Source: TechSci Research

TechSci Research

India Dairy Products Market Share, By Company


India dairy products market is unorganized, with only a few notable players operating in the organized sector.

This trend is expected to change, as a number of private players are entering the market and existing organized
market players are expanding operations in the country.
Gujarat Co-operative Milk Marketing Federation Limited accounted for a market share of 16.50% in India
dairy products market in 2015. The company has presence throughout India and its market share in India dairy
products market is projected to reach 18.20% by 2021, as the company is expanding its operations across the
country. The company is also opening new dairy plants in Uttar Pradesh in order to address the growing demand
in the region.
Mother Dairy, which operates under National Dairy Development Board, accounted for a market share of
11.20% in India dairy products market in 2015. The companys market share is forecast to decline, due to

emergence of a number of private players in India dairy products market. These new companies are offering a
wide range of attractively packaged products for consumers.
Karnataka Cooperative Milk Producers Federation Limited, which operates under the brand Nandini
garnered a market share of 9.10% in India dairy products market in 2015 and the companys share is projected
to reach 10.25% by 2021. The company with its aggressive expansion strategies entered Hyderabad and is
offering tough competition to the existing local brands.

28
TechSci Research

India Dairy Products Market Share, By Company


Tamil Nadu Cooperative Milk Producers Federation Limited, operates under the brand Aavin, accounted for a
revenue share of 5.90% in India dairy products market in 2015. Entry of new players and changing consumer
preferences towards non-traditional dairy products is anticipated to result in a decline in the companys market share

to 5.02% in India dairy products market by 2021.


Andhra Pradesh Dairy Development Cooperative Federation Ltd., operates under the brand Vijaya and
accounted for a revenue share of 3.20% in India dairy products market in 2015. The companys market presence is
largely limited to southern region and with many major private players entering the dairy market, the market share is
anticipated to reach 3.10% in India dairy products market by 2021.
Maharashtra Rajya Sahakari Dudh Mahasangh Maryadit, which operated under the brand Mahanand Dairy
garnered a market share of 3.10% in 2015 and this is projected to reach 3.15% by 2021. The company mainly
operates in the Maharashtra and has around 7 dairy units in the state.
Rajasthan Co-operative Dairy Federation Limited accounted for a market of 2.90% in 2015 and is expected to
increase to 2.30% by 2021. The company operates under the brand name Saras and has presence in Rajasthan and
in Delhi.
Bihar State Co-operative Milk Producers Federation Limited accounted for a market share of 2.10% in India
dairy products market in 2015. The company operates in Bihar under the brand name Sudha and has around six

district level Milk Producers' Cooperative Unions, covering 31 districts.

29
TechSci Research

India Dairy Products Market Share, By Company


A large number of small players are setting up plants to enhance regional presence. The government is also
providing various schemes and encouraging private players to establish their operations and introduce various
polices to attract small scale industries.
Heritage Foods Limited, based in Hyderabad, is a private player in India dairy products market and accounted
for a market share of 2.20% in India dairy products market in 2015 and this is projected to increase to 3.40%
by 2021. The company, with its strategic expansion strategies to expand to National Capital Region (NCR),
Mumbai and Pune. The company is also investing in retail stores across the nation to strengthen its position in
the market.
Hatsun Agro garnered a market share of 2.10% in India dairy products market in 2015 and is anticipated to
reach a market share of 2.92% by 2021. The company has international presence and is also expanding
domestically by starting operations in Tamil Nadu. The company also acquired and started a feed mill in Tamil
Nadu in 2015.
Others: Other players accounted for a share of 41.7% in India dairy products market in 2015. These players
are mainly small scale players who operate regionally such as Paras Dairy, Kwality Ltd, Parag, Milky Mist,
Britannia, Gagan, Vita, Metro Dairy, Fresh'n Natural, Dahi Everyday Milk, DMS, Nestl, Gagan, etc. The market
share of the others segment is projected to reach 38.66% in India dairy products market by 2021.

30
TechSci Research

India Dairy Market Share, By Market type

Organized sector in India accounted for a revenue share of 30% in India dairy products market in 2015. Low share
of the organized sector in India dairy products market can be attributed to the late entry of private players in the
market and lower penetration of these companies in rural areas. Most players entered India dairy products market
post 1991 and established dairy processing facilities. With the implementation of regulatory policies and schemes,
the government is encouraging private players to establish dairy plants in India and also allowing foreign players to
enter the market. The scenario is expected to change, as farmers are turning towards dairy farming, due to high
profitability. Growth of the organized sector in India dairy products market in the coming years can be attributed to
rising sales of value added dairy products such as cheese, yogurts, etc., and growing domestic demand for safe,
nutritious and health-promoting convenient milk products. Revenue share of organized sector in India dairy
products market is projected to reach 42% by 2021.

Figure 8: India Dairy Products Market Share, By

Figure 9: India Dairy Products Market Share, By

Organized vs Unorganized, By Value, 2015

Organized vs Unorganized, By Value, 2021F

Organized Sector,
30%

Organized Sector,
42%
Unorganized
Sector, 70%
Unorganized
Sector, 58%

31
Note: The organized sector consists of private companies, co-operatives etc., and un-organized sector
consists of dairy farmers, very small scale industries
Source: TechSci Research

TechSci Research

M a r ke t At t ra c t ive n e s s I n d ex

Market Attractiveness Index


Figure 10: India Dairy Products Market Attractiveness Index, By Type, By Value, 2015-2021F

40.00%
35.00%

Yogurts

CAGR (2016E-2021F)

30.00%
25.00%
Cheese
Probiotic
Drinks

20.00%

Ice Cream

15.00%
10.00%
5.00%

Milk

Butter

Milk Powder
Ghee

-1.00

0.00%
0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

-5.00%
Absolute Index
Low

Medium

High

Note: The size of the bubble corresponds to the market size in 2015

33

Source: TechSci Research


TechSci Research

I n d i a D r i n k i n g M i l k M a r ke t O u t l o o k

I n d i a D r i n k i n g M i l k M a rke t S i z e & Fo re c a s t
Figure 11: India Drinking Milk Market Size, By Value, 2011-2021F (USD Billion)
CAGR 2016E-2021F
By Value: 9.17%

CAGR 2011-2015
By Value: 5.15%

26.88

29.55

32.85

34.85

28.13

31.15

37.23

2011

2012

2013

2014

2015

2016E

2017F

40.12

2018F

43.70

2019F

48.21

2020F

54.03

2021F

Source: TechSci Research

Drinking milk market in India grew at a CAGR of 5.15%, in value terms, during 2011-2015 and reached
USD32.85 billion in 2015. Registering a CAGR of 9.17%, in value terms, during 2016-2021, the market for
drinking milk in India is forecast to reach USD54 billion by 2021. Implementation of government policies to
increase milk production and exports is propelling growth in India drinking milk market.
Launch of new milk variants, entry of international players and increasing demand for packaged drinking milk are
anticipated fuel growth in India drinking milk market in the coming years.

35
TechSci Research

I n d i a D r i n k i n g M i l k M a rke t S i z e & Fo re c a s t
Figure 12: India Drinking Milk Market Size, By Volume, 2011-2021F (Billion Liters)
CAGR 2016E-2021F
By Volume: 7.20%

CAGR 2011-2015
By Volume: 3.16%
46.43

48.66

50.51

52.39

57.38

60.76

46.26

54.65

64.99

2011

2012

2013

2014

2015

2016E

2017F

2018F

2019F

70.37

2020F

77.36

2021F

Source: TechSci Research

Drinking milk market in India grew at a CAGR of 3.16%, in volume terms, during 2011-2015 and is projected
to grow at a CAGR of 7.20% during 2016-2021
Milk consumption in India is projected to reach over 77 billion liters by 2021 as compared to over 52 billion
liters in 2015, due to increasing domestic demand, growing health concerns, rising per capita expenditure,
increasing urbanization in Tier II & III cities.
Competition Outlook: The milk market in the country has largely been dominated by various Co-operative
Milk Marketing Federations and societies. These federations have been using a low pricing strategy in order to
increase their share coupled with other private players present in the market.
Foreign player such as Lactalis and Danone have entered the Indian market and have been engaging in various
tie-ups with Indian companies in order to increase their presence in India. In 2014, Lactalis, a France based

36

dairy company acquired Tirumala Milk Products to make enter into Indian dairy.
TechSci Research

Milk Production in India


Table 2: India State wise Milk Production, 2010-11-2014-15 (Thousand Tonnes)
State

2010-11

2011-12

2012-13

2013-14

2014-15

Uttar Pradesh

21,031

22,556

23,330

24,194

25,198.36

Rajasthan

13,234

13,512

13,946

14,573

16,934.31

Andhra Pradesh

11,203

12,088

12,762

13,007

9,656.15

Gujarat

9,321

9,817

10,315

11,112

11,690.57

Punjab

9,423

9,551

9,724

10,011

10,351.41

Madhya Pradesh

7,514

8,149

8,838

9,599

10,779.07

Maharashtra

8,044

8,469

8,734

9,089

9,542.29

Haryana

6,267

6,661

7,040

7,442

7,901.35

Bihar

6,517

6,643

6,845

7,197

7,774.89

Tamil Nadu

6,831

6,968

7,005

7,049

7,132.47

Karnataka

5,114

5,447

5,718

5,997

6,120.93

West Bengal

4,471

4,672

4,859

4,906

4,961

Kerala

2,645

2,716

2,791

2,655

2,711.13

Odisha

1,671

1,721

1,724

1,861

1,903.14

Jharkhand

1,555

1,745

1,679

1,700

1,733.72

Jammu & Kashmir

1,609

1,614

1,631

1,615

1,950.93

Uttarakhand

1,383

1,417

1,478

1,550

1,565.35

Chhattisgarh

1,029

1,119

1,164

1,209

1,231.57

Source: Department of Animal Husbandry

37
TechSci Research

Milk Production in India


Table 2: India State wise Milk Production, 2010-11-2014-15 (Thousand Tonnes) Contd.
State

2010-11

2011-12

2012-13

2013-14

2014-15

Himachal Pradesh

1,102

1,120

1,139

1,151

1,172.16

Assam

790

796

800

815

829.47

Delhi

480

502

287

284

280.06

Tripura

104

111

118

130

141.23

Manipur

78

79

80

82

82.17

Meghalaya

79

80

81

82

82.96

Nagaland

76

78

79

81

75.69

Goa

60

60

61

68

66.6

Puducherry

47

45

47

47

47.64

Sikkim

43

45

42

46

49.99

Chandigarh

45

45

44

44

44

Arunachal Pradesh

28

22

23

43

46.07

Mizoram

11

14

14

15

20.49

Andaman & Nicobar

25

26

21

14

15.56

Dadra & Nagar

11

11

11

11

8.52

Lakshadweep

4.19

Daman & Diu

0.82

Overall

121,844

127,902

132,433

137,686

146,300

Source: Department of Animal Husbandry

38
TechSci Research

Price Point Analysis

Figure 13: India Drinking Milk Average Selling Price, 2011-2021F (USD per Liter)

0.581

0.606

0.607

2011

2012

2013

0.627

0.638

0.649

0.660

0.672

0.685

0.698

0.617

2014

2015

2016E

2017F

2018F

2019F

2020F

2021F

Source: TechSci Research

Average selling price of drinking milk in India grew at a slow pace, during 2011-2015 and is expected to follow
the same trend in the next five years. The ASP of drinking milk in India stood at USD0.62/liter in 2015 and this
is forecast to rise to USD0.69/liter by 2021.
Increasing consumption of milk in urban and rural areas, due to rising health concerns, increasing share of

organized market, etc., are driving growth in the ASP of drinking milk.

39
TechSci Research

Competition Outlook

Top States

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Mother
Dairy Fruit &
Vegetable
Pvt Ltd

Karnataka
Cooperative
Milk
Producers
Federation
Ltd

Tamil Nadu
Cooperative
Milk
Producers
Federation
Ltd

Andhra
Pradesh
Dairy
Development
Cooperative
Federation
Ltd

Rajasthan
Co-operative
Dairy
Federation
Ltd

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

40
TechSci Research

I n d i a G h e e M a r ke t O u t l o o k

I n d i a G h e e M a r ke t S i z e & Fo re c a s t
Figure 14: India Ghee Market Size, By Value, 2011-2021F (USD Billion)
CAGR 2011-2015
By Value: 3.40%

CAGR 2016E-2021F
By Value: 4.41%

20.78

22.12

23.75

24.55

25.45

21.35

22.99

26.48

2011

2012

2013

2014

2015

2016E

2017F

2018F

27.64

28.96

30.46

2019F

2020F

2021F

Source: TechSci Research

Ghee accounted for a revenue share of 23.75.45% in India dairy products market in 2015. India ghee market grew
at a CAGR of 3.4%, in value terms, during 2011-2015, to reach USD23.80 billion. Registering a CAGR of 4.41%, in
value terms, during the forecast period, India ghee market is projected to reach USD30.50 billion by 2021.
Penetration of ghee is higher in North and West regions of the country. India ghee market is dominated by
unorganized players and the trend is expected to change in the coming five years, due to changing consumers
preferences for value added dairy products, increasing concerns about quality, etc.

42
TechSci Research

I n d i a G h e e M a r ke t S i z e & Fo re c a s t
Figure 15: India Ghee Market Size, By Volume, 2011-2021F (Billion Kilograms)

CAGR 2011-2015
By Value: 1.14%

6.30

6.35

2011

2012

6.45

2013

CAGR 2016E-2021F
By Value: 1.50 %

6.55

6.59

6.63

6.69

2014

2015

2016E

2017F

6.77

2018F

6.87

2019F

6.99

2020F

7.14

2021F

Source: TechSci Research

Volume market for ghee in India grew at a CAGR of 1.14% through 2011-2015 and is forecast to grow at a CAGR
of 1.05% during the forecast period.
Sales of ghee, a traditional dairy product in India, is expected to reach 7.14 billion kilograms by 2021 from 6.59
billion kilograms in 2015. Value added dairy products such as butter, cheese, etc., have not been able to penetrate
into the rural market, due to low acceptance of these products and rising demand for traditional dairy products
such as ghee.

43
TechSci Research

Price Point Analysis

Figure 16: India Ghee Average Selling Price, 2011-2021F (USD per Kilogram)

3.30

3.36

3.43

3.51

3.61

3.70

2011

2012

2013

2014

2015

2016E

3.81

3.91

4.02

4.14

4.27

2017F

2018F

2019F

2020F

2021F

Source: TechSci Research

Ghee, a traditional dairy product in India, has an average selling price of USD3.61 per kilogram in 2015. The prices
of ghee are expected to grow at a steady pace during the forecast period and reach USD4.27 per kilogram by

2021.

A huge demand for ghee is emanating from the rural market. Companies operating in the organized sector are
introducing various products with packaging innovations to assure quality.

44
TechSci Research

Competition Outlook

Top States

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Mother
Dairy Fruit &
Vegetable
Pvt Ltd

Karnataka
Cooperative
Milk
Producers
Federation
Ltd

Tamil Nadu
Cooperative
Milk
Producers
Federation
Ltd

Andhra
Pradesh
Dairy
Development
Cooperative
Federation
Ltd

Rajasthan
Co-operative
Dairy
Federation
Ltd

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

45
TechSci Research

I n d i a B u t te r M a r ke t O u t l o o k

I n d i a B u t te r M a r ke t S i z e & Fo re c a s t
Figure 17: India Butter Market Size, By Value, 2011-2021F (USD Billion)
CAGR 2011-2015
By Value: 5.76%

4.81

5.02

5.28

2011

2012

2013

CAGR 2016E-2021F
By Value: 9.14%

5.60

6.02

6.49

7.02

2014

2015

2016E

2017F

7.62

2018F

8.30

2019F

9.10

2020F

10.05

2021F

Source: TechSci Research

Butter market in India grew at a CAGR of 5.76%, in value terms, during 2011-2015, and reached USD6 billion in 2015.
Butter market in India is further forecast to grow at a CAGR of 9.14%, in value terms, during 2016-2021 to reach
USD10 billion by 2021. In 2015, butter accounted for a revenue share of 6.70% in India dairy products market in 2015,
and this is projected to reach 7.54% by 2021, on account of increasing acceptance of packaged dairy products, rising

penetration of domestic and international players in Tier II & III cities, increasing health awareness among consumers,
presence of variety of low fat and low cholesterol butter variants in the market. The organized sector has influenced
consumption of butter in the country and demonstrated substantial improvements quality, health benefits, low caloric
consumptions.

47
TechSci Research

I n d i a B u t te r M a r ke t S i z e & Fo re c a s t
Figure 18: India Butter Market Size, By Volume, 2011-2021F (Billion Kilograms)

CAGR 2011-2015
By Volume: 2.39 %

CAGR 2016E-2021F
By Volume: 4.76%

1.70

1.84

1.55

1.60

1.64

1.91

1.57

1.76

2.00

2011

2012

2013

2014

2015

2016E

2017F

2018F

2019F

2.11

2020F

2.23

2021F

Source: TechSci Research

With changing consumer food consumption patterns, tastes and preferences, butter consumption in India is

anticipated to grow at a CAGR of 4.76%, in volume terms, during 2016-2021. Butter consumption in India is
anticipated to reach 2.23 billion kilograms by 2021 from 1.70 kilograms in 2015.
Increasing demand butter in India can be attributed to changing lifestyles of the urban population.
Manufacturers are offering innovative products such as low fat butter and producing different varieties such as
salted butter, unsalted butter, sweet butter etc.

48
TechSci Research

Price Point Analysis


Figure 19: India Butter Average Selling Price, 2011-2021F (USD per Kilogram)

3.11

3.20

3.30

2011

2012

2013

3.41

3.54

3.68

3.82

3.98

2014

2015

2016E

2017F

2018F

4.14

4.32

4.51

2019F

2020F

2021F

Source: TechSci Research

Butter, a non-traditional dairy product in India, is projected to witness an increase in ASPs over the forecast
period. The ASP of butter in India stood at USD3.54 per kilogram in 2015 and this is projected to reach USD4.51
per kilogram by 2021.
Growing demand for butter in urban areas, rising availability of number of variants such as low fat and zero
cholesterol butter, rising health concerns and growing willingness among consumers to purchase premium butter is
driving ASPs of butter in the country.

49
TechSci Research

Competition Outlook

Top States

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Mother
Dairy Fruit &
Vegetable
Pvt Ltd

Karnataka
Cooperative
Milk
Producers
Federation
Ltd

Tamil Nadu
Cooperative
Milk
Producers
Federation
Ltd

Andhra
Pradesh
Dairy
Development
Cooperative
Federation
Ltd

Rajasthan
Co-operative
Dairy
Federation
Ltd

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

50
TechSci Research

I n d i a I c e C re a m M a r ke t O u t l o o k

I n d i a I c e C re a m M a r ke t S i z e & Fo re c a s t
Figure 20: India Ice Cream Market Size, By Value, 2011-2021F (USD Billion)

CAGR 2011-2015
By Value: 11.37%

CAGR 2016E-2021F
By Value: 17.03%

0.91

1.00

1.11

1.24

1.40

2011

2012

2013

2014

2015

1.59

2016E

1.82

2017F

2.11

2018F

3.49
2.92

2.47

2019F

2020F

2021F

Source: TechSci Research

Ice cream market in India is grew at a CAGR of 11.37%, in value terms, during 2011-2015 and is forecast to grow
at a CAGR of over 17% during 2016-2021, to reach USD3.49 billion by 2021 from USD1.40 billion in 2015.
Innovations in flavors, expertise to create ice cream for different segment of consumers, entry of number of
international players offering a wide range of ice creams such as low-fat ice creams, etc., are fueling growth in ice
cream market in India.
Consumption of ice cream throughout the year, coupled with improvements in packaging to ensure quality are
driving demand for ice cream in India.

52
TechSci Research

I n d i a I c e C re a m M a r ke t S i z e & Fo re c a s t
Figure 21: India Ice Cream Market Size, By Volume, 2011-2021F (Billion Liters)
CAGR 2011-2015
By Volume: 3.76%

CAGR 2016E-2021F
By Volume: 4.20%

0.40

0.44

0.46

0.38

0.39

0.42

0.48

2011

2012

2013

2014

2015

2016E

2017F

0.50

0.53

0.55

0.56

2018F

2019F

2020F

2021F

Source: TechSci Research

Ice cream market in India grew at a CAGR of 3.76%, in volume terms during 2011-2015 and is anticipated to
grow at a CAGR of 4.20%, during the forecast period. India ice cream market is projected to reach 0.56 billion
liters by 2021 from 0.44 billion liters in 2015.
Changing consumer preferences and eating habits, entry of a number of players, launch of new flavors,
increasing disposable incomes, rising availability of product in the market and increasing preference for
consuming premium products is driving demand for ice creams in India.

53
TechSci Research

Price Point Analysis


Figure 22: India Ice Cream Average Selling Price, 2011-2021F (USD per Liter)

6.19

2.57

2.98

3.20

2.41

2.77

3.46

2011

2012

2013

2014

2015

2016E

3.78

2017F

4.18

2018F

4.69

2019F

5.34

2020F

2021F

Source: TechSci Research

Due to increasing per capita expenditure and shifting consumption trends towards premium ice creams, the ASP of
ice creams in India is projected to increase during 2015-2021, reaching USD6.19/liter by 2021 from USD3/liter in
2015.
With international players entering India and offering wide range of premium flavors that are being accepted by
consumers, domestic companies are also investing in the market space, and this has resulted in an increase in the
ASP of ice creams in the country.
However, penetration of international brands in the ice cream segment is still very low and is limited to urban areas.
This offers domestic players with a competitive edge to tap the rural areas and introduce traditional and nontraditional ice cream flavors.

54
TechSci Research

Competition Outlook

Top States

Vadilal
Industries
Ltd

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Kwality Limited

Mother Dairy
Fruit &
Vegetable Pvt.
Ltd

Devyani Food
Industries Pvt Ltd

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

55
TechSci Research

I n d i a M i l k Powd e r M a r ke t O u t l o o k

I n d i a M i l k Powd e r M a rke t S i z e & Fo re c a s t


Figure 23: India Milk Powder Market Size, By Value, 2011-2021F (USD Billion)
CAGR 2016E-2021F
By Value: 5.79%

CAGR 2011-2015
By Value: 9.46%

0.78

0.85

2011

2012

0.94

2013

1.04

2014

1.12

2015

1.20

2016E

1.28

2017F

1.36

2018F

1.44

1.51

2019F

2020F

1.59

2021F

Source: TechSci Research

Milk powder is usually used as a substitute for milk and manufacturing value added dairy products such as ice
creams, etc. Milk powder market in India stood at USD1.12 billion in 2015, and register a CAGR of 9.46%, in

value terms, during 2011-2015 and this is projected to grow at a CAGR of 5.79%, in value terms, during 20162021. The milk powder market in India is forecast to be valued at USD1.59 billion by 2021.

The eastern region which is a milk deficit region mainly is dependent of milk powder and other dairy products
such as coffee whiteners as substitute for milk. This gives manufacturers a huge opportunity to capture the
untapped market.

57
TechSci Research

I n d i a M i l k Powd e r M a rke t S i z e & Fo re c a s t


Figure 24: India Milk Powder Market Size, By Volume, 2011-2021F (Billion Kilograms)

CAGR 2016E-2021F
By Volume: -2.62%

CAGR 2011-2015
By Volume: 4.14%
0.26

0.26

0.26

0.26
0.25

0.24

0.24

0.24

0.24
0.23

0.22

2011

2012

2013

2014

2015

2016E

2017F

2018F

2019F

2020F

2021F

Source: TechSci Research

Milk powder market in India grew at a CAGR of 4.14%, in volume terms, during 2011-15 and is anticipated to
witness a decline at a CAGR of -2.62%, in volume terms, by 2021. Although, growing demand from the eastern
region is offering opportunities to manufacturers to increase profitability.
Production of skimmed milk powder is anticipated to decline, as the prices are unstable in the international
market. This is due to surplus milk powder being produced after the European Union lifting the quota system for
imports.

58
TechSci Research

Pricing Analysis
Figure 25: India Milk Powder Average Selling Price, 2011-2021F (USD per Kilogram)

3.48

3.57

3.84

3.93

2011

2012

2013

2014

4.25

2015

4.60

2016E

4.99

2017F

5.41

2018F

5.87

2019F

6.39

2020F

6.96

2021F

Source: TechSci Research

ASP of milk powder in India have been inconsistent in international market over the last few years due to
issues related to over supply. The prices are gaining stability slowly and is expected to grow consistently
through the forecast period.

Milk powder prices are projected to increase from USD4.25 per kilogram in 2015 to USD6.96 per kilogram by

2021. The market is gaining stability due to implementation of export regulations.

59
TechSci Research

Competition Outlook

Top States

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Mother
Dairy Fruit &
Vegetable
Pvt Ltd

Karnataka
Cooperative
Milk
Producers
Federation
Ltd

Tamil Nadu
Cooperative
Milk
Producers
Federation
Ltd

Andhra
Pradesh
Dairy
Development
Cooperative
Federation
Ltd

Rajasthan
Co-operative
Dairy
Federation
Ltd

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

60
TechSci Research

I n d i a C h e e s e M a r ke t O u t l o o k

I n d i a C h e e s e M a r ke t S i z e & Fo re c a s t
Figure 26: India Cheese Market Size, By Value, 2011-2021F (USD Billion)
CAGR 2016E-2021F
By Value: 21.32%

CAGR 2011-2015
By Value: 13.24%

0.17

0.19

0.22

0.25

0.29

0.33

2011

2012

2013

2014

2015

2016E

0.39

2017F

0.47

2018F

0.57

2019F

0.88
0.70

2020F

2021F

Source: TechSci Research

India cheese market was valued at around USD0.29 billion in 2015 and is forecast to reach USD0.88 billion by
2021. Cheese was traditionally not very popular in India, but with changing lifestyles and increasing visibility of

products, demand for cheese in India witnessed growth at a CAGR of 13.24%, in value terms, during 2011-2015.
As cheese market is slowly starting to saturate in the US, Europe etc., India is being seen as potential market by
foreign players. India has around 30 popular cheese variants as compared to 3,000 variants available in the global
market. Majority of these cheese variants are available only in modern retails.

Dominated by the unorganized market in India, cheese market in India is projected to grow at a CAGR of over 21%,
in value terms, during 2016-2021. The processed cheese market garnered a 45% in the India cheese market, which
includes all spreads, cubes, slices, tins, slabs, etc.

62
TechSci Research

I n d i a C h e e s e M a r ke t S i z e & Fo re c a s t
Figure 27: India Cheese Market Size, By Volume, 2011-2021F (Billion Kilograms)

CAGR 2016E-2021F
By Volume: 22.54 %

CAGR 2011-2015
By Volume: 15.01 %

0.07
0.06

0.01

0.01

0.02

0.02

0.02

2011

2012

2013

2014

2015

0.03

2016E

0.03

2017F

0.04

2018F

0.05

2019F

2020F

2021F

Source: TechSci Research

Cheese market in India is projected to witness growth at a CAGR of over 22%, in volume terms, during 20162021 as compared to over 15% during 2011-2015. Demand for cheese is projected to increase, on account of
rising disposable income, changing food preferences, high urbanization, etc. Cheese is also a major ingredient of
western cuisine such as pizzas, pastas, etc.
Demand for cheese mostly emanates from urban areas and is expected to reach rural areas due to changing
consumer preferences, etc. Total annual consumption of cheese, in volume terms, is projected to reach 0.07
billion kilograms by 2021 from 0.02 billion kilogram in 2015.

63
TechSci Research

Price Point Analysis


Figure 28: India Cheese Average Selling Price, 2011-2021F (USD per Kilogram)

14.11

2011

13.83

2012

13.62

2013

13.43

2014

13.26

2015

13.10

2016E

12.95

2017F

12.82

2018F

12.69

2019F

12.57

12.46

2020F

2021F

Source: TechSci Research

The prices of cheese varies according to the type, and if it is imported or produced domestically. The average price
of cheese in India stood at USD13.26 per kilogram in 2015.
The cheese market in India is largely untapped. Rising number of domestic and foreign players entering the
market, increasing demand and competition is anticipated to fuel a decline in the prices of cheese in the coming
years. The price of cheese in India is anticipated to decline to USD12.46 per kilogram by 2021.

64
TechSci Research

Competition Outlook

Top States

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Britannia
Dairy Pvt
Ltd

Mother Dairy
Fruit &
Vegetable Pvt
Ltd

Parag Milk
Foods Pvt. Ltd

Milky Mist Dairy

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

65
TechSci Research

I n d i a Yo g u r t s M a r ke t O u t l o o k

I n d i a Yo g u r t s M a r k e t S i z e & Fo r e c a s t
Figure 29: India Yogurts Market Size, By Value, 2011-2021F (USD Billion)

CAGR 2016E-2021F
By Value: 34.32%

CAGR 2011-2015
By Value: 28.91%

1.02
0.74

0.07

0.08

0.10

0.14

2011

2012

2013

2014

0.18

0.23

2015

2016E

0.31

2017F

0.40

2018F

0.54

2019F

2020F

2021F

Source: TechSci Research

India yogurts market grew at a CAGR of 28.91%, in value terms, during 2011-2015. The market is projected to grow
at a CAGR of 34.32%, in value terms, during 2016-2021. India yogurts market stood at USD0.18 billion and is
forecast to reach USD1.02 billion by 2021. Demand for frozen yogurts in India is projected to grow at a faster pace
through the forecast period.
Easy availability of various functional products, and rising emphasis on low calorie and low fat content of food
products is driving the acceptance of yogurts in India. Yogurts are gradually taking over the traditional dairy
products in urban and semi urban cities, on account of increasing health awareness, better quality of packaged
yogurts, rising awareness about products, etc.

67
TechSci Research

I n d i a Yo g u r t s M a r k e t S i z e & Fo r e c a s t
Figure 30: India Yogurts Market Size, By Volume, 2011-2021F (Billion Liters)

CAGR 2016E-2021F
By Volume: 25.17%

CAGR 2011-2015
By Volume: 7.88%

0.09
0.07
0.06

0.02

0.02

0.02

0.02

2011

2012

2013

2014

0.02

2015

0.03

2016E

0.04

2017F

0.04

2018F

2019F

2020F

2021F

Source: TechSci Research

Yogurts market in India witnessed growth at a CAGR of 7.88%, in volume terms, during 2011-2015 and the
market is anticipated to grow at a CAGR of over 25% during the forecast period. Entry of private players in the

market and availability of different flavors and low fat products in this segment is driving consumption of yogurts
in India from 0.09 billion liters by 2021 from 0.02 billion liters in 2015.
Rising awareness about the health benefits of products, increasing disposable income levels, growing demand
from middle class segment, affordable prices, etc., are driving demand for yogurts in India.

68
TechSci Research

Price Point Analysis

Figure 31: India Yogurt Average Selling Price, 2011-2021F (USD per Liter)

3.57

2011

4.63

2012

5.68

2013

6.56

2014

7.28

2015

7.86

2016E

8.47

2017F

9.11

2018F

9.78

2019F

10.47

2020F

11.19

2021F

Source: TechSci Research

The ASP of yogurts n India stood at USD7.28 per liter in 2015 and this is projected to increase to USD11.19 per
liter by 2021. The average price of yogurts is anticipated to grow consistently through 2021.

The product is gaining popularity in India due to the entry of a number of organized players in the market. With
growing demand and presence of lesser number of companies offering yogurt, the prices of these products are
anticipated to grow through 2021.

69
TechSci Research

Competition Outlook

Top States

Karnataka
Cooperative
Milk
Producers
Federation
Ltd

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Mother Dairy
Fruit &
Vegetable Pvt
Ltd

Nestl India Ltd

Tamil Nadu
Cooperative Milk
Producers
Federation Ltd

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

70
TechSci Research

I n d i a P ro b i o t i c D r i n k s M a r ke t O u t l o o k

I n d i a P ro b i o t i c D r i n k s M a rke t S i z e & Fo re c a s t
Figure 32: India Probiotic Drinks Market Size, By Value, 2011-2021F (USD Billion)
CAGR 2016E-2021F
By Value: 17.48%

CAGR 2011-2015
By Value: 13.31%

0.085

0.071
0.060

0.020

0.022

0.025

2011

2012

2013

0.029

2014

0.033

2015

0.038

2016E

0.044

2017F

0.051

2018F

2019F

2020F

2021F

Source: TechSci Research

India probiotic drinks market is still in nascent stage, the market is projected to grow at a CAGR of over 17%
during the forecast period.
Probiotic drinks market in India was valued at USD0.033 billion in 2015 and reach USD0.08 billion by 2021, due
growing awareness and products visibility.
Growing demand for probiotics drinks can be attributed to rising health issues, increasing consumer awareness,
entry of several international and domestic players in the segment and increasing visibility of the product in the
market.

72
TechSci Research

I n d i a P ro b i o t i c D r i n k s M a rke t S i z e & Fo re c a s t

Figure 33: India Probiotic Drinks Market Size, By Volume, 2011-2021F (Billion Kilogram)
CAGR 2016E-2021F
By Volume: 12.14%

CAGR 2011-2015
By Volume: 10.24 %

0.019

0.007

2011

0.008

2012

0.009

2013

0.010

2014

0.011

2015

0.012

2016E

0.013

2017F

0.015

2018F

0.021

0.016

2019F

2020F

2021F

Source: TechSci Research

Probiotic drinks market in India has very few organized players. Probiotic drinks market in India grew at a
CAGR of 10.24%, in volume terms, during 2011-2015 and is anticipated to grow at a CAGR of 12.14%, in
volume terms, during 2016-2021.
The market for probiotic drinks in India is anticipated to grow, due to increasing visibility of the product and
rising awareness regarding health benefits of these products.

73
TechSci Research

Price Point Analysis

Figure 34: India Probiotic Drinks Average Selling Price, 2011-2021F (USD per Liter)

2.77

2.82

2.89

2.98

2011

2012

2013

2014

3.09

3.21

3.35

3.50

3.67

2015

2016E

2017F

2018F

2019F

3.85

2020F

4.06

2021F

Source: TechSci Research

The average selling price of probiotic drinks in India increased during 2011-2015 and is projected to rise at a
steady pace through the forecast period. Probiotic drinks in India are being sold at an average price of
USD3.09/liter and this is projected to rise to USD4.06/liter by 2021.

Increasing consumption of probiotic drinks in urban areas, growing health concerns, rising disposable income,
etc., are driving growth in the ASPs of probiotic drinks in the country.

74
TechSci Research

Competition Outlook

Top States

Mother Dairy

Gujarat Cooperative
Milk
Marketing
Federation
Ltd

Yakult Danone
India (P) Ltd.

Nestle India Ltd

Karnataka
Cooperative Milk
Producers
Federation Ltd

Uttar
Pradesh

Rajasthan

Andhra
Pradesh

Gujarat

Punjab

Karnataka

Maharashtra

75
TechSci Research

I n d i a O t h e r D a i r y P ro d u c t s M a r ke t O u t l o o k

I n d i a O t h e r D a i r y P ro d u c t s M a r ke t S i z e & Fo re c a s t
Figure 35: India Other Dairy Products Market Size, By Value, 2011-2021F (USD Billion)

CAGR 2016E-2021F
By Value: 4.25%

CAGR 2011-2015
By Value: 5.13%

19.78

20.75

21.56

2011

2012

2013

22.46

2014

24.16

2015

25.70

2016E

28.85

30.18

31.18

31.65

27.34

2017F

2018F

2019F

2020F

2021F

Others include paneer soy milk kohya and other sweets


Source: TechSci Research

Others segment consists of traditional dairy products such as Khoya, etc., and non-traditional dairy products such
as sour milk, dairy whiteners, creams, etc. These products are not produced by organized players and the market
for other dairy products in India is dominated by unorganized players. The market also includes flavored drinks
that are produced locally.
Other dairy products market is was valued at USD24.16 billion in 2015, which grew at a CAGR of 5.13%, in value
terms, during 2011-2015. The market is projected to reach USD31.65 billion by 2021, exhibiting a CAGR of
4.25%, in value terms, during forecast period.
Other Dairy Products includes Dairy Whiteners, Cream, Butter Milk, Paneer, Curd, Flavored Milk, Whey Powder, Baby
Food, Lactose, Soy Milk, Khoya, Milk-based Sweets, Lassi, Milk Proteins, Acid Casein, Margerines, etc.

77
TechSci Research

Import-Export Analysis
Market Intelligence . Consulting

Import-Export Analysis

Dairy exports from India are not significant due to high in-house consumption. Skimmed milk powder segment
is emerging as the largest export segment, after the Indian government lifted bans on exports of skimmed milk
powder.

Prices of milk and value added dairy products are lower compared to other exporting nations, due to low labor
costs and huge production, resulting in growing demand, especially from the Middle East, Southeast Asia and
South Asia. Pakistan, Afghanistan and Bangladesh being the major importers of dairy products from India.

The countries such as Russia, the major importers of dairy products, do not import from India due to quality
constraints. Co-operatives and private players are focusing on improving the quality of products. In 2015,
Russia is exporting dairy products from India due to increasing demand.

79
TechSci Research

Import-Export Analysis
Figure 36: India Dairy Product Exports to Top 5 Countries, By Value, 2013-2014 & 2014-2015 (USD Million)

104.6

50.3
36.9

30.7

33.0

28.7
11.3

Bangladesh

United Arab Emirates


2013-14

Pakistan

18.5

Nepal

3.7

8.0

Bhutan

2014-15
Source: DGCIS

Exports of milk has been comparatively low due to high domestic consumption. With the European Union lifting
the ban on quotas, India is eyeing to target the EU market by exporting finished dairy products to the region.
Increasing exports from India can be attributed to rising presence of private companies in India. Most of the
private dairy companies are engaged in exports of dairy products given the profitability and demand for Indian

traditional sweets and ghee. Demand for these products is very high in the international market.

80
TechSci Research

Import Analysis
In order to control the increasing prices of dairy products, government imported milk powder and butter at
concessional duties in 2011. International milk prices in 2011 were higher by 17.75% YOY. Therefore, the
government removed duty on skimmed milk products during the years 2010-2011 to control the prices. The main

reason for the high costs of milk powder in India was higher cost of procurement.
Being the major milk producer, India does not import milk. In 2014-2015, India imported 5.28 thousand liters of
milk contributing to USD 0.01 million in FY 2014-2015.

Table 03: India Dairy Product Imports, By Value (USD Million), By Volume (Thousand Tonnes), 2011-2015
Product
Name

Volume

Value

2010-11

Volume

Value

2011-12

Volume

Value

2012-13

Volume

Value

2013-14

Volume

Value

2014-15

Milk
powder

10,094.00

32.88

4,613.29

21.55

156.96

0.58

429.48

1.59

280.65

2.08

Ice
cream

145.09

0.74

279.2

0.91

473.13

1.73

987.27

3.66

1,335.51

4.79

372.95

65.34

70.25

26.5

108.44

2.77

50.59

1.67

87.64

4.38

Cheese

411.05

1.84

298.33

2.39

214.94

1.55

62.01

0.35

34.98

0.27

Yogurt

189.93

0.46

90.29

0.31

87.29

0.27

97.37

0.26

22.74

0.07

Ghee

570.65

1.73

564.79

1.98

523.06

1.75

308.86

1.06

1,308.40

3.66

Butter

81

Source: Ministry of Commerce


TechSci Research

Export Analysis
Ghee and butter are the key export products from India. Ghee is a traditional dairy product and has high demand
in the foreign markets. Given cheap labor and production costs, the export price of ghee remains low. This also
has created a major demand in the neighboring countries such as Bangladesh and Nepal. High consumption of
milk in the country is the major reason for the low exports of milk. Bangladesh and UAE are the major importers
of milk from India.

Table 04: India Dairy Product Exports, By Value (USD Million), By Volume (Thousand Tonnes), 2011-2015

Produc
t Name

Volume

Value

2010-11

Volume

Value

2011-12

Volume

Value

2012-13

Volume

Value

2013-14

Volume

Value

2014-15

Milk

477.52

0.43

295.49

192.81

146.41

0.17

223.66

0.27

1,470.95

1.28

Milk
powder

2,385.52

8.69

204.89

0.54

353.17

1.16

6,085.46

23.9

1,091.65

3.98

Ice cream

277.81

0.53

350.2

0.82

356.29

1.09

547.1

1.52

652.39

3.98

Butter

5,496.69

21.32

1,742.83

7.65

988.27

4.58

3,210.44

12.74

2,890.56

13.31

Cheese

1,083.68

3.01

722.99

2.83

910.91

3.78

896.06

4.01

1,745.54

6.54

Yogurt

2.08

0.66

8.23

0.02

28.14

0.07

2.44

0.02

Ghee

4,390.82

20.07

5,346.31

29.28

5,052.63

26.17

4,932.25

27.15

5,707.64

34.35

Source: Ministry of Commerce

82
TechSci Research

Supply Chain Analysis

Supply Chain Analysis

Inputs for
Dairy

Fodder Farming
Veterinary Aid
Animal Feed

Milk
Production

Large & Small scale


Farmers

Chilling &
Bulk Cooling

Milk
Collection

Chilling center at
Villages & Districts

Milk Aggregators

Restaurants/Bakery
Shops

Unorganized Sector

Value Added Dairy


Products

Consumer

Marketing &
Distribution

Retail Outlets
Super/Hyper
markets

Processing
& Packaging

Private &
Government Plants

Transportation
of Chilled Milk

Refrigerated Vans

84
TechSci Research

Supply Chain Analysis


Supply chain for dairy industry in India begins from supply of raw materials such as fodder, veterinary aid, etc., to
the farm till the finished products reach end consumers. Milk produced at the farm level is procured from the bulk
collection and chilling centers and processed using various techniques. The raw milk procured is stored at the bulk
chilling centers and the solid fats are separated from the milk to manufacture products such as skimmed milk
powder and whey powder, which require fats.
Drinking milk is extracted from raw milk by processing it using various techniques, at the manufacturing facility

from where drinking milk, UHT, etc. are obtained and value added dairy products such as cream, yoghurt, cheese,
milk powders, flavored milk, etc., are produced. These products are then treated to ensure that all bacteria and
other pathogens are eliminated, and later stored at chilling and bulk cooling centers.
Milk and other products are transported to packaging warehouses by using cold chain transportation, where the
products are then packed according to requirements. From the packaging center, these dairy products are
distributed to various retail outlets, from where they are delivered to consumers.
Dairy products market which is majorly dominated by unorganized market distributes milk directly to consumers.
The milk delivered does not always meet the required standards as it does not undergo any processing or
treatment. Raw milk is also delivered to restaurants and other small industries, which produce value added dairy
products at a small scale and is sold locally.

85
TechSci Research

Supply Chain Analysis


Supply Chain Models & Technology Used
Gujarat Co-operative Milk Marketing Federation Ltd., which operates under the brand name of Amul,
follows a 3 tiered structure of supply chain wherein, milk producers supply milk to village dairy cooperative
societies which is then processed at district cooperative unions and marketed by state marketing
federations. Amul has created a network of more than 3 million milk producers which is processed by more
than 25 district unions before, finally, reaching to the consumer. Amul has more than 30 sales offices with
over 5000 wholesale distributors and around 700,000 retail outlets across the country.
Mother Dairy works on a comparatively simpler supply chain model. The company sources milk from dairy
cooperatives which is delivered through insulation tankers at 2 degree Celsius, in order to retain the

freshness of the milk. Milk, along with other dairy products, then reaches the customer through retail and
exclusive Mother Dairy outlets. The milk and other dairy products are transported through reefer vehicles.
These insulated tankers carry milk from regional collection centers and these vehicles are, then, utilized to
transfer processed milk to the distributors. These insulation tankers typically covers the maximum distance
of 100 kilometers from the chilling centers to deliver the products to mother dairy outlets.
These insulated vehicles equipped with refrigeration unit and the temperature of the products are
maintained at not more than 3-4 degree Celsius while transferring dairy products. ColdEX Logistics, Kelvin
Cold Chain Logistics Pvt. Ltd., ColdStar Logistics Pvt. Ltd., Snow King Logistics, etc. are few of the leading
companies which provides logistics services to dairy products manufacturers and dairy cooperative societies.

86
TechSci Research

Supply Chain Analysis

These logistic companies are introducing various technologies to ensure the delivery of fresh milk to the
destination. The

vehicles are equipped with GPS tracking units which shows parameters like temperature,

route, speed of the vehicle, fuel consumption, time left to reach the destination, etc. Few of the vehicles are
also installed with temperature loggers, which can monitor the temperature of the products.
Companies like Hatsun Agro Products Ltd. Procures around 2.5 million litres of milk per day from more than
3,000,000 farmers in South India. The company has chilling centers in more than 85 locations from where
around 1500 vehicles collect milk and supply to 9 processing dairies. Milk shed spreads over 5 districts in
Telangana and Andhra Pradesh, 3 districts in Karnataka, 10 districts in Tamil Nadu and 1 district in
Maharashtra.
Heritage Foods is doing its business through a chain of exclusive retail stores, Heritage Fresh. The company
has around 110 retail stores across three cities, 60 in Hyderabad, 16 in Bangalore and around 35 in Chennai.
The dairy products ranges from, along with other products, milk, curd, ice cream, butter milk, dairy whitener,
skimmed milk powder, etc. The company has more than 5000 sales agents and have given self employment

opportunity to 11,000+ procurement agents in rural areas.

87
TechSci Research

Market Dynamics

Market Dynamics

Drivers

Increasing Health
Awareness

Challenges
Lack of Efficient Supply
Chain Management

Rising Cattle Feed Prices


Rising Disposable Income

Growing Demand for


Value Added Dairy
Products

Unorganized Players
Dominate

89
TechSci Research

Drivers

Increasing Health Awareness


Youth population, which has high exposure to digital media, is aware about the health benefits of milk-based
nutritional beverages and its advantages. The youth population of the country has started adopting healthy
dietary habits such as consumption of dairy products along with health supplements.
Increasing awareness in rural and semi urban areas through television advertisements to purchase quality
packaged products and rising incidence of malnutrition have also contributed to increasing consumption of milk
and other dairy products in the country.
Rising demand for low fat products from health conscious consumers, can be attributed to high risk of diseases
such as obesity, high blood pressure, heart attacks, etc.
Parents have also become aware about health benefits of consuming dairy products, which may otherwise lead
to malnutrition. The National Family Healthy Survey shows that the percentage of underweight and malnutrition
children in India declined to 29.40% in 2014 from 42.5% in 2005-2006.

90
TechSci Research

Drivers

Rising Disposable Income


Rising disposable income levels has increased purchasing power of consumers. Consumers are opting for
value added dairy products and packaged dairy products keeping in mind their nutritional content such as
low fat and low cholesterol. Growing disposable income levels has resulted in improvements in standards of
living of the people in India. Purchasing power of Indian consumers is expected to increase further in the
coming years, thereby resulting in an increase in sales of milk and other value added dairy products such as
ghee, cheese, butter, yogurts, probiotic drinks, etc.

Figure 37: India Disposable Personal Income, 2011 2015 (USD Billion)
2,303
1,593

2011-12

1,724

2012-13

1,872

2013-14

2014-15

91
Source: MOSPI
TechSci Research

Drivers
Growing Demand for Value Added Dairy Products
Buying and consumption patterns for dairy products have changed manifolds in India. With this shift in consumption
patterns, demand for VADP such as ghee, cheese, butter, etc., has increased over the last few years.
India drinking milk market is forecast to grow at a CAGR of 9.17%, in value terms, during 2016-2021. Ghee, butter,
cheese and yogurts are expected to witness growth in demand during the coming years.
Also, dairy product manufacturers are advertising VADPs as low fat, healthy products and this is encouraging consumers
to increase consumption of these products.
Increasing demand for VAPD can be attributed to changing food consumptions habits of costumers especially in urban
areas.
Figure 38: India Year on Year Growth Comparasion for Value Added Dairy Products and Non Value Added
Dairy Products 2012-2021F

5.57%

6.67%

7.75%

4.66%

5.04%

5.43%

2012

2013

2014

12.10%

13.30%

14.76%

9.12%

9.68%

10.34%

11.13%

5.46%

5.65%

5.87%

6.17%

6.54%

7.00%

7.56%

2015

2016E

2017F

2018F

2019F

2020F

2021F

Non Value Added Dairy Products

92

Value Added Dairy Products


Source: TechSci Research

TechSci Research

Challenges
Lack of Efficient Supply Chain Management
Poor road conditions in India increases the transportation time required for dairy products, which may lead to
spoilage of dairy products due to bacterial growth.
The shelf life of milk and other dairy products is very low and in order to reduce spoilage of these products
during transport, synthetic ingredients are often added, which may lead to hazardous diseases such as heart
problems, kidney damage, etc.
It is not feasible to transport/procure milk in India to longer distances, due to perishability of the product and
lack of proper cold supply chain facilities for small players, especially in Tier II and III cities.
Majority of the transport is owned by independent drivers and hence lack of proper organization leads to
improper supply chain management, resulting in delay in milk deliveries.

93
TechSci Research

Challenges
Rising Cattle Feed Prices

The major cost involved in dairy farming is cattle feed, which constitutes to about 69% of the total cost of
production. There is a shortage of dry fodder during the monsoon season. This increases the prices of dry fodder
due to high demand and low supply. Due to less availability of fodder, the milch animals produce less milk during
the monsoon season.

The area under fodder cultivation is estimated to be about 4% of the gross cropped area. The grazing lands are

also gradually diminishing due to other competing pressures on land and priority is being given to cash crops.

Figure 39: India Demand & Availability of Feed and Fodder, 2014 (Million Tonnes)

416
253

222
143
53

Dry Fodder

Green Fodder

Demand

Availability

23

Concentrate

94
Source: DAHD
TechSci Research

Challenges
Unorganized Players Dominate

The unorganized sector accounted for a share of 70% in India dairy products market in 2015. The quality of
milk sold in semi-urban and rural areas by the unorganized players is not regulated. In addition, rural market
lacks awareness regarding health issues associated with adulterated or contaminated milk.
Unorganized players dominate dairy products market in rural areas, where the milk sold is sub-standard,
unpasteurized, and more often than not adulterated with harmful chemicals. Women in rural areas are

uneducated and also unaware of the quality standards and there is no proper mechanism to control
adulteration.
In addition, according to Food Safety and Standards Authority of India, about 70% milk samples collected
across the country did not meet the required standards and water was the most common adulterant in milk.
This shows the need for organized players in the market, who offer safer and hygienic products.

Bihar, Chhattisgarh, Odisha, West Bengal, Mizoram, Jharkhand, Daman & Diu, etc., are some of the states in
the country, ensuring adequate quality standards according to Food Safety and Standards Authority of India.

95
TechSci Research

M a r ke t Tre n d s & D eve l o p m e n t s

Market Trends & Developments

Implementation of Favorable Government Initiatives

2
3

Adoption of Automation by Private Players

Rising Demand for Yogurt and Western Dairy Products

Steady Rise in Demand for Organic Milk

Increasing Demand For Packaged Products

97
TechSci Research

Implemen ta tio n o f Favo ra ble G overn men t In itia tives

Implementation of various governments initiatives such as National Dairy Plan to increase health awareness
through various schemes such as Mission Milk launched in April 2012, at National Dairy Development Board
(Anand, Gujarat), in rural and urban areas led to a increase in demand for quality milk.
Government realized the potential in this industry and launched various proactive measures to guide investors
interested in establishing dairy processing plants and dairy farms. The government offers 25% subsidy on the
establishment of small dairy processing units. With NABARD subsidy, the government is trying to bring
structural changes in the unorganized sector to make initial milk processing possible at the village level.
The Indian government with its various schemes is trying to strengthen the dairy industry in the country.
Majority of the players in India dairy industry operate in the unorganized sector and the government is
undertaking initiatives to change the scenario and have better control over quality.
In the last 4-5 years, the dairy sector received private equity investments worth USD0.36 billion and foreign

players are also trying to enter India. Foreign players such as Danone Food and Beverages, Fonterra, HaagenDazs, etc. have entered into some segments of the market and are trying to increase their presence in the
other dairy market segments.

98
TechSci Research

Adoption of Automation by Private Players


Dairy product manufacturers operating in the organized sector in India are investing in technology upgradations
to increase productivity.
Integration of latest technology in the dairy industry would enable easy monitoring of cattle health, thereby

limiting human interference. This trend is catching up among companies in India, due to their rising IPOs and
increasing number of foreign players entering the market. Precision automation technologies and other
technologies such as Daily milk yield recordings, Milk component monitoring (e.g. fat, protein, and SCC),
Pedometers, Automatic temperature recording devices, Milk conductivity indicators, Automatic estrus detection
monitors, and Daily body weight measurements would further boost the dairy industry in India
Producers are focusing on promoting their dairy products, as free from bacteria due to the use of automated
systems that ensures optimal cow wellbeing and minimal human handling.
Rising number of bulk milk coolers and milk processing technologies that convert milk into other dairy products
with a longer shelf life have not only reduced losses associated with the perishability of milk, but also opened up

new markets for surplus milk production.

99
TechSci Research

R i s i n g D e m a n d f o r Yo g u r t s a n d We s t e r n D a i r y P r o d u c t s
Western dairy products such as creams, butter, cheese, etc., witnessed steady demand, due to changing
lifestyles and diet patterns. With around 30% of the total population living in urban cities, demand for these
products is projected to remain limited to major cities in India.
Rising influence of the western culture has increased demand for processed food in the country. Also these
products are ready to eat or easy to cook food products. Major players are investing in manufacturing of
western products such as cheese and butter, on account of rising demand for these products.
Packaged yogurts in India are also witnessing substantial increase in demand, due to changing lifestyles of the
young working class, coupled with rising disposable incomes levels of consumers.

Figure 40: India Year on Year Growth Comparasion for Indigenous Dairy Products and Western Dairy
Products 2012-2021F

4.79%

5.85%

6.97%

4.28%

4.42%

4.79%

2012

2013

2014

10.91%

12.01%

13.39%

8.82%

9.38%

10.06%

5.53%

5.96%

6.23%

6.57%

6.98%

7.48%

5.58%

2015

2016E

2017F

2018F

2019F

2020F

2021F

8.34%

Indigenous Dairy Products

100

Western Dairy Products


Source: TechSci Research

TechSci Research

Steady Rise in Demand for Organic Milk


Natural, functional, fresh foods in addition to products labelled as low calorie, lower sodium, no trans fats,
gluten-free and GMO-free are appealing the health-savvy consumers in the country.
Of late, consumers are turning towards adulteration-free, farm fresh milk and producers have also started
advertising their products, as completely automated without interference of humans, thereby reducing chances
of contamination.
Growing demand for organic milk can be attributed to rising adulteration and increasing incidence of diseases
associated with the consumption of contaminated milk.
Upper middle and affluent class consumers in urban areas, especially in the metropolitan cities in India, are
willing to pay a premium price for organic milk to stay healthy. In 2015, the market size for Organic milk in
India was around USD40 million. Whereas, the overall organic dairy products market was around USD70 million.
Further, demand for organic milk in India is projected to grow in the coming years, with producers advertising it
as free from chemicals, pesticides and injected hormones.
With the market being untapped, local players are trying to capture the segment, with the launch of numerous
schemes and advertisements. However, supply chain and preservation remains a massive challenge in this
segment.
Companies such as Govind Organic Milk, Doctor Moo, Pride of Cows have been offering organic milk in cities
such as Mumbai, Pune and Bangalore.

101
TechSci Research

I n c re a s i n g D e m a n d Fo r Pa c k a g e d P ro d u c t s
Demand for packaged dairy products is increasing in India, as consumers are becoming conscious about the
hygiene of products. Manufacturers are also demonstrating the need for packaged dairy products and are
providing consumers with various options such as tetra packs, etc., which help increase the shelf life of the
product.
The seven layer packaging of tetra packs also allows manufacturers to ensure that dairy products do not get

sour in a short period of time, and longevity. Also given the lifestyle changes, the products can be stored easily
for a longer duration of time and hygiene can be ensured at the same time.
Food Safety and Standards Authority of India mandates that packaged products must be produced with proper
labelling, showing manufacturing date, nutritional value, expiry date, price, quantity, etc. This information
makes it easy for consumer to make purchasing decisions.

102
TechSci Research

Policy & Regulatory Landscape


Market Intelligence . Consulting

Policy & Regulatory Landscape

ISO International Organization for Standardization: ISO, the worlds leading developer of voluntary
international standards, is an independent, non-governmental international organization for maintaining
standards for production, packaging, etc. Most companies to maintain ISO standards, while they require
rigorous quality protocols to be maintained. The ISO standards specify quality checks, hygiene levels, and how
the quality checks have to be performed, etc.
ISI Indian Standards Institute: ISI mark provides customer the guarantee of quality, safety and reliability.
ISI mark is mandatory for dairy products such as milk powder. Companies have to follow certification
procedures and obtain licenses to use ISI mark.
Prevention of Food Adulteration (PFA) Act 1954: PFA Act was introduced to regulate adulteration of food
products, which was rampant in India, especially in liquid dairy products. According to this Act, package foods
need to carry a label, without any misleading information, notice of addition, admixture or deficiency in food,
expiry dates etc.
Milk and Milk Product Order (MMPO): MMPO was introduced by Food Safety and Standards Authority of
India (FSSAI) in 1992, with an objective to maintain and increase supply of drinking milk of desired quality and
regulating production, processing and distribution of milk and milk products. A certificate of registration is
necessary under this order for setting up a dairy project in India.

104
TechSci Research

Policy & Regulatory Landscape

Food Safety and Standards Authority of India: FSSAI setup a few regulatory standards and guidelines
for packaging dairy products, with a few minimum requirements such as Date of manufacture, Date of
packaging, Lot number, Use by date under packaging and labelling. The certification enables regulation of
quality and safety of dairy products. The standards are updated regularly and products such as cheese,
butter, infant milk, milk powder, etc., have to maintain required standards ranging from where and how the
milk is procured, processing, packing, cleaning of the plants to disposal of the products.
Foreign Direct Investment (FDI): Foreign Direct Investment (FDI) is made directly into production in a
country by a company located in another country, either by buying a company in the target country or by

expanding operations of an existing business in that country. The government has allowed 100 per cent
Foreign Direct Investment (FDI) in agriculture sector. Certain rules and regulations which are to be followed
under this areRearing of animals under intensive farming systems with stall-feeding. Intensive farming system will require
climate systems (ventilation, temperature/humidity management), health care and nutrition, herd
registering/pedigree recording, use of machinery, waste management systems as prescribed by the National
Livestock Policy, 2013 and in conformity with the existing Standard Operating Practices and Minimum
Standard Protocol.

105
TechSci Research

Policy & Regulatory Landscape


Import Duty Structure
Table 5: India Dairy Products Import Duty Structure, 2015
Products Along with HS Code

Basic Duty

CVD

Special CVD

Milk & Cream Not Concentrated containing


added sugar(0401)

30%

0%

4%

Milk & Cream Concentrated containing added


sugar (0402)

60%

0%

4%

Butter Milk, Curdled Milk & Cream, Yogurt


and other fermented or acidified milk and
cream (0403)

30%

0%

4%

Butter & Other fats and oils derived from


milk, dairy spreads (0405)

40%

0%

4%

Cheese and Curd (0406)

30%

0%

4%

Ice Cream and other edible ice (2105)

30%

6%

4%
Source: DGFT

As per the regulations passed by the directorate general of foreign trade, the imports of all dairy products are
banned from China till 23rd June 2016.
Impact of proposed GST on Dairy products: It is anticipated that the minimum rate of GST to be proposed by
the Indian government is 18%. Currently, there is no tax levied upon any fresh dairy products like raw milk,
products. Also, apart from the sterilised-sweetened-flavoured milks, none of the dairy products attract excise duty.
If 18% rate is applied on the dairy Industry, would have direct implication on milk producers and would result in a
decline in the prices of raw milk as paid to the milk producer.

106
TechSci Research

India Economic Profile

India Economic Profile


Population (Million)

Female : Male
Ratio (2015)

2015

1304.16
48.37%

2020F

1353.00

51.63%

Source: : World Bank

Population of India, Urban vs Rural


2015E

33%

Urban
Population

67%

Rural
Population

Population
Growth Rate (2015)

1.34%

Source: : World Bank

Source: : World Bank

Unemployment Rate in India, 2015E

3.70%

3.70%

Inflation Rate in India

12.00
%

3.60%

9.30%
6.40%

3.50%
2010

5.80%

Source: : World Bank

Modes of Transport
Mode

Number

Airports

346

Heliports

45

Railways

64,600 km

Roadways

4,689,842 km

Waterways

14,500 km

Merchant
Marines

340

Pipelines

22,667 km

95
108
2012

2014

2015

2010

Source: World Bank

2012

2014

2015

Source: : Central Intelligence Agency

TechSci
TechSci Research
Research

India Economic Profile


Indias GDP at Market Price (Constant), 2011-2015

Indias GDP Growth Rate, 2011-2015

(USD Billion)
1835.81

1831.78

1861.8

2308.02

2041.52

6.60%

6.90%

7.17%

7.46%

2013

2014

2015

5.10%

2011

2012

2013

2014

2015

2011

2012

Source: : World Bank, IMF

Source: : World Bank, IMF

GDP Share 2015

Sectorial Growth (2015)

17.00%

Agriculture

30.00%

Industry

53.00%

Source: : World Bank

Services

1.10%

5.90%

11.00
%
Source: : World Bank

96
109

TechSci
TechSci Research
Research

C o m p e t i t ive L a n d s c a p e
Market Intelligence . Consulting

G u j a r a t C o o p e r a t ive M i l k M a r k e t i n g Fe d e r a t i o n L t d .
BUSINESS OVERVIEW

Gujarat
Cooperative
Milk
Marketing
Federation Ltd was founded
in 1946 in
Anand, Gujrat
It is the Apex organization of the Dairy
Cooperatives of Gujarat, popularly known as
AMUL
GCMMF procures 14.85 million liters of milk
per day from 18,536 village milk cooperative
societies covering 31 districts, and 3.37
million milk producer members.
The cooperative has a strong dealer network
of 10,000 dealers and 10 lakh retailers
operating through 56 sales offices.
The company has a employee strength of
approximately 750 people.
In 2015, the company was planning to invest
INR5 billion for the next 3 years to set-up
new plants and to increase the milk
production.

Certifications
ISO 2200:2005
ISO 9001
ISO 9001:2000
ISO 22000:2005

RECENT DEVELOPMENTS
January 2016: Amul partnered with
Wow designs for a design makeover
for its flavored milk product, Amul
Kool Milkshakes to rebrand Amul Kool
Milkshake' as 'Amul Kool Shakers.
January
2016:
The
company
inaugurated
modernized
semen
station at Ode village, Gujarat. The
plant was constructed at a cost of
USD1.3 million. The semen station is
run
by
Amul
Research
and
Development Association (ARDA)
October 2015: In a move to expand
its presence in Punjab GCMMF will
procure milk from 1,000 villages in
Punjab by putting up modern milk
testing and weighment and bulk milk
cooler system
August 2015: The company invested
USD1.6 million approximately to
triple its cheese production.
April 2015: Amul invested USD22
million
to expand its presence in
Punjab from 50 collection centers to
1,000.
February
2015:
The
company
launched a super premium range of
ice cream under the name Epic.
January 2015: Gujarat Cooperative
Milk
Marketing
Federation
Ltd.
ppartnered with WOW Design for
redesigning the
Amul Scooping
Parlors, visually and structurally.

KEY PRODUCTS
Milk
Milk powder
Health beverages
Butter, Ghee
Cheese,
Ice cream, Paneer
Traditional Indian sweets

Key Personnel
Verghese Kurien(Co-founder)
Jethabhai P. Patel (Chairman)
R S Sodhi (Managing director)

Key Contact Person


Atul Santoki (General Manager
Marketing)
Nitin Mohan Shandilya
(Marketing and Business
Development )
Email: nitin.shandi@gmail.com
HEADQUARTERS /Contact
Address
Gujarat Cooperative Milk
Marketing Federation Ltd.
Amul Dairy Road,
Opp: Hotel Surabhi,
Anand - 388 001,
Gujarat, India .
Phone: +91-2692-258506
Email:gcmmf@amul.coop

111
TechSci Research

N a t i o n a l D a i r y D e ve l o p m e n t B o a r d
BUSINESS OVERVIEW

National Dairy Development Board (NDDB) was

founded in 1947 and doing business as Mother


Dairy. The company is headquartered in
Gujarat, India.
NDDB manufactures and produces dairy
products, edible oils, fruits & vegetables, frozen
vegetables, processed food such as fruit juices,
jams, pickles etc.
The company employees around 3,500 people
With state of the art manufacturing plants in
Patparganj, Delhi. Pilkhuwa, UP, Vashi, Mumbai.
Kachchh Junagadh, Gujarat. Tirupati, Andhra
Pradesh.
The company has covered 3,351 villages with
additional membership of 177,507 producers.

Certifications :
FDA Certification
FSSC Certificate
EIA certification
ISO 9001:2008
ISO 22000:2005
HALAL
ISO 2200
Kosher
SGF certification

KEY PRODUCTS
Recent Developments
February 2016: The company announced Milk
Milk powder
to invest USD8.7 million for setting up a
Health beverages
plant for frozen vegetables and fruit pulp Butter
off Ranchi, Jharkhand, and USD23 Ghee
million for setting up a facility for milk Cheese
and value-added dairy products near Ice cream, Paneer
Mumbai.
January 2016: Mother Dairy partnered
with Environnemental Infrastructure &
Services Ltd (IEISL) for selling organic
compost product through Safal outlets,
which is being supplied from Okhla
composting facility, a public private
partnership between IEISL and South
Delhi
Municipal
Corporation
for
processing of biodegradable to compost.
Key Contact Person
September 2015: The company setup a T N Datta, (General Manager)
NDDB
foundation to facilitate supply of free
+91-2692-226222
milk to underprivileged school children
July 2015: NDDB launched a mobile Key Personnel
application that suggests a balanced diet Shri T. Nanda Kumar (Chairman)
Dr S. Ayyappan (Secretary)
for cows and buffaloes to help boost
Shri Jethabhai P. Patel (Chairman)
dairy farmers' income by raising milk Shri V. Kehie (Chairman)
yield and cutting feed cost.
HEADQUARTERS /Contact
April 2015 : Mother dairy is planning to Address
expand its business in east India by National Dairy Development Board
PB No. 40
introducing dairy whitener products.
August
2014:
National
Dairy Anand - 388 001
Telephone: 91-2692-260148,
Development Board (NDDB) launched a
260149, 260159, 260160
multi-pronged
program
involving Fax:91-2692-260157, 260165
cooperatives, to raise milk productivity e-mail: anand@nddb.coop
and ensure remunerative prices to dairy Gujarat
INDIA
farmers in Odisha.

112
TechSci Research

K a r n a t a k a C o - O p e ra t ive M i l k P ro d u ce r s Fe d e ra t i o n
Limited
BUSINESS OVERVIEW

Karnataka

Co-Operative
Milk
Producers
Federation Limited headquartered in Bangalore
operates under the brand name Nandini.
The company was started as a agency in 1975
aided by the World Bank and became a
cooperative in 1983.
The company has its own packaging plant,
Nandini Packaging Film Plant located near
Bangalore..
The company has regional presence in
Karnataka mainly and operates across south
India.
Karnataka
Co-Operative
Milk
Producers
Federation Limited
has 2.32 million milk
producers in over 13,157 Dairy Cooperative
Societies at village level.
The company has 14 milk unions throughout
the state, which procure milk from Primary
Dairy
Cooperative
Societies
(DCS)
and
distribute it to consumers in various urban and
rural markets in Karnataka.
The companys plant at Channarayapatna,
Hassan
District
(Karnataka)
with
400 Thousand Liters Per Day (TLPD) and 30
Metric Tons Per Day (MTPD ) Cream storage 60
KL, Butter storage 580 MT, Ghee storage 150
MT. The plant is setup in 22 acres of land.

The company has plants located at KEY PRODUCTS


Milk
Mother Dairy, Yelahanka, Bangalore.
Curds & other fermented products
Nandini Hi-Tech Product Plant,
Milk powder
Channarayapatna.
Ghee & butter
Nandini Milk Products, KMF Complex, Ice cream & Frozen Desserts
Bangalore.
Milk Sweets
Cattle Feed Plants at Rajanukunte/ Other Products
Chocolate
Gubbi/ Dharwad/ Hassan/ Shikaripura.
Nandini Sperm Station (formerly known UHT Milk
as Bull Breeding Farm & Frozen Semen
Recent Developments
Bank) at Hessaraghatta.
June 2015:The company is
Nandini Packaging Film Plant at
expanding
its
network
in
Munnekolalu, Marathhalli.
Karnataka and invest USD 307
Central Training Institute, Bangalore &
million from 2015-2017, across a
Training Institutes at Mysore/Dharwad
number of facilities, including bulk
Ice Cream Plant, Bellary
milk coolers, processing unit
besides packaging and marketing
Recent Developments
facilities.
February 2016 :The company in a bid
May 2015:The company started
to boost sales announced plans to open
marketing
its
products
in
retail units in apartment complexes. It
Hyderabad.
has planned to setup parlors in 100
apartments in Bangalore.
2016:
Karnataka
CoOperative Milk Producers Federation
Limited announced plans to introduce
pet bottles for milk and curd and setup
100 MT capacity.
February
2016:
The
company
announced
plans
to
setup
two
automated milk conversion plants, each
with 100 MT capacity for an investment
of USD47 million.

February

Key Contact Person


Ravikumar Kakade
Director (Marketing)
Email: director.mktg@kmf.coop
Key Personnel
SRI P.NAGARAJU, CHAIRMAN
RAKESH SINGH, IAS, MANAGING
DIRECTOR / CEO
HEADQUARTERS /Contact
Address
#2915, KMF Complex, D.R.College
Post, Dr.M.H.Marigowda Road,
BANGALORE - 560 029. Karnataka
Ph: 080-255 36625
Email : ad.admin@kmf.coop

11
3
TechSci Research

Ta m i l N a d u C o - o p e r a t i v e M i l k P r o d u c e r s ' F e d e r a t i o n
Limited
BUSINESS OVERVIEW
Tamil Nadu Co-operative Milk Producers'
Federation Limited founded in 1985, operates
under the brand name Avvin milk and is
headquartered in Chennai.
The company is a cooperative and functions
under the Department of Animal Husbandry,
Dairying and Fisheries (Tamil Nadu). The
company is engaged in manufacturing milk
and milk products.
The company has four manufacturing plants at
Ambattur, with a capacity of 4 lakh liters per
day, Madhavaram with a capacity of 3 lakh
liters per day, Sholinganallur with a capacity of
4 lakh liters per day and Ambattur, which is
engaged in manufacturing milk products
The company has three different wings for
carrying out marketing of milk and milk
products - Metro Liquid milk marketing, Metro
Milk Product marketing and Up country
marketing.
The company operates through 17 district Cooperative Milk Producers Unions functioning in
Tamil Nadu, covering 30 Districts. There are 15
Dairies in District Co-operative Milk Producers'
Unions with an installed processing capacity of
19.42 lakh liters per day (llpd) and 36 Chilling
Centers (Functional) in District Co-operative
Milk Producers' Unions with installed chilling
capacities of 13.55 llpd.
The company has a R&D farm at
Udhagamandalam, funded by The erstwhile
Indian Dairy Corporation and technical
guidance provided by
National Dairy
Development Board.

RECENT DEVELOPMENTS
June 2015: In order to simplify the milk
distribution procedure, Avvin made
onine milk cards. The consumers can
procure milk cards post verification
though its website in the year.
June 2015: A new plant to be
commissioned in Perambalur at a cost of
USD5.5 million with a capacity of
producing one lakh litres of milk.
June 2015: The Coimbatores plant is to
expand its capacity from present 2 lakh
litres to 5 lakh litres per day with a
investment plan of USD7.09 million.
January 2016 : The company set up its
own treatment plant at Salem Tamil
Nadu and is designed to treat 10 lakh
liters of waste water a day at an
average
COD
(chemical
oxygen
demand) load of 3,500 mg / liter.

KEY PRODUCTS
Milk
Ghee
Butter
Curd
Flavored Milk
Paneer
Milk powder
Cheese
Yoghurt
Cream
Butter milk
Ice-creams
Certifications
The company has the following
certifications for its manufacturing
plants
ISO 9001:2000.
ISO 9002

Key Contact Person


Mr M. Sundarapandian
(DGM Marketing)
Telephone no 044-23464578
Key Personnel
Mr. Thiru Sunil Paliwal (Managing
Director
Tel no:23464504
HEADQUARTERS /Contact
Address
Tamilnadu Co-operative milk
producers' Federation Ltd.,
Aavin Illam,
Madhavaram Milk Colony,
Chennai 600051- Tamilnadu

114
TechSci Research

Andhra Pradesh Dairy Development Cooperative


Fe d e ra t i o n L i m i te d
BUSINESS OVERVIEW

Certifications

Headquartered in Hyderabad, Andhra Pradesh

Andhra Pradesh Dairy Development

Dairy Development Cooperative Federation


Limited was established in 1981.
The company is engaged in manufacturing and
distribution of milk and milk products Andhra
Pradesh and Telangana.
The companys milk procurement operations
cover 11 districts.
The company is the major supplier of milk to
Hyderabad.
Andhra Pradesh Dairy Development Cooperative Federation (APDDCF), has a milk
processing unit at Kankipadu, Andhra Pradesh.
The company has around 14 dairy plants in the
states of Andhra Pradesh and Telengana.

Other Relevant Information


The company has plants in Warangal,
Hyderabad,
Mahbubnagar,
Khammam,
Godavari, Chittoor, Krishna, Nizamabad, Medak,
Karimnagar, Eluru, Kadapa, Ananthapur and
Kankipadu
The company exports Vijaya milk and ultra high
temperature (UHT) milk varieties, buttermilk,
basundi, curd, lassi, butter milk, paneer,
cooking butter, milk cake, ghee, skimmed milk
powder and khoa to Southeast Asian countries.
The company exports ghee to Dubai, UAE and
other west Asian countries and milk cream to
South Africa.

Cooperative Federation Limited was


the first dairy in the country to receive
SA 8000 certification from the SGS
International Agency of Sweden
APDDCF
(Andhra
Pradesh
Dairy
Development Cooperative Federation
Limited)
received
ISO
14001
certification in 2004, which recognizes
it as the only unit in the country
producing
products
suitable
to
international market.
The dairy unit also has a license to
enter food processing industry and
manufacture juices and other high
acid products.
The factory of A.P. Dairy Development
Cooperative Federation (APDDCF) at
Lalapet was awarded ISO 9001:2008
certification by the British Standard
Institute for receiving, processing and
supply of milk and manufacture and
supply of milk products.

KEY PRODUCTS
Curd
Butter milk
Ghee
Paneer
Doodh peda
Butter

Key Contact Person

Dr. Papa Rao Iragavarapu


General Manager
Mr. Krishna Swamy
Deputy Director
Mobile No: +91 9440314094
Landline No: 0870-2447132

Key Personnel
Adhar Sinha, Managing Director

HEADQUARTERS /Contact
Address
Andhra Pradesh Dairy
Development Cooperative
Federation Limited,
Lalapet, Hyderabad
Phone number +91-40-27019851
Email : md.apddcf@gmail.com

115
TechSci Research

H e r i t a g e Fo o d s L i m i te d ( B S E : 5 1 9 5 5 2 )

Public
60%

Promoters
40%

Source: Company Annual Report

SEGMENTAL REVENUE BREAK UP 2014-15


By Business Segments 100%=USD310.33 Million
Bakery,
0.28%

Agriculture,
3.92%

Dairy,
72.62%

Retail,
23.06%
Renewable
Energy,
0.12%

Source: Annual Report

Financial Metrics (USD Million)


Particulars

2014-2015

2013-2014

Revenues

310.33

257.78

%growth

83%

92%

PBT

13.18

14.75

RECENT DEVELOPMENTS
August 2014: The company
% margin
4.25%
5.72%
announced plans to invest USD24
million during 2015-2019.
PAT
4.22
6.78
February 2015: The company
% margin
1.36%
2.63%
announced plans to invest USD4.3
Source: Annual Report
million in the Dairy segment to
increase its footprint in northern
PE
Ratio:
22.58
Share Price: INR 507.90
and western parts of the country.
Mkt Cap: USD10.83 Billion as on 13th Feb- 15
Key Contacts
Source: BSE
Joseph Rajiaj, AGM, Sales &
STOCK PRICE PERFORMANCE
Marketing)
Stock Price Comparison Vs Indices
Venkat Samavedam, Sales Manager
5 Feb 15 8 Jan 16
Email:
800.0
1,000.00 venkat.samavedam@heritagefoods.
com
600.0
Key Personnel
400.0
500.00
Mr. Seetharamiah Devineni
(Chairperson)
200.0
Mr. Srivishnu Raju Nandyala(Director)
0.0
Mr. Lokesh Nara (Director)
Feb-15 May-15 Aug-15 Nov-15
KEY FACTS
ERM (VO)
ERM
BSE 250
Listing : BSE
Source: BSE India, As on 08 January, 2016
Symbol: 519552
Debt and Cash Availability
FYE :31ST Mar
Industry: Dairy
2855.1
1272.4
HEADQUARTERS /Contact
119.3
98.0
Address
Dairy6-3-541/C, Panjagutta
2014-15
2013-14
Hyderabad - 500 082 Phone: 040 Debt
Cash & Cash Equivalents
2339 1221 / 222
Source: Annual Report
Fax: 040 - 3068 5458
Note : Debt Includes Short & Long term Borrowings
Email: hfl@heritagefoods.in
Volume

OWNERSHIP STRUCTURE 2014-15

KEY PRODUCTS
Milk
Curd,
Ice cream,
Buttermilk
Flavoured milk
Dairy whitener
Skim milk powder

KEY METRICS

Share Price (INR)

BUSINESS OVERVIEW
Founded in 1992, Heritage Foods Limited has
five main business segments - Dairy, Retail
and Agriculture, Renewable Energy and
Bakery.
Its headquarters is located in Hyderabad,
India
The company has presence in Andhra
Pradesh, Telangana, Karnataka, Kerala, Tamil
Nadu, Maharashtra, Odisha and NCR Delhi for
procurement and distribution of milk and milk
products and its retail stores across
Bangalore, Chennai and Hyderabad.
The company has around 3,000 employees
across the nation.
The company has 134 bulk cooling and
chilling plants. 14 Processing and packaging
plants
The company is eyeing more than 10% of its
revenue from e-commerce from next fiscal
year.

116
TechSci Research

H e r i t a g e Fo o d s L i m i te d ( B S E : 5 1 9 5 5 2 )
Operating History

The company announced to setup 100


retail stores in the next five years with a
investment of USD7.32 million in 2015.

2015
2014

2013

The company started commercial production at


its 14th Packing Station in Industrial Area,
Sonipet in Haryana.

The company has moved its retail


business into a wholly owned subsidiary
in 2013

117
Source: Company Website & Annual Reports

TechSci Research

Hatsun Agro Products Limited (BSE: 531531)

Bodies
Corporate
3.07%

Non Institutions
20.91%
DII
0.02%
FII
Institutions
2.86%
2.88%

Promoter and
Promoter Group
70.27%

Source: Company Annual Report

SEGMENTAL REVENUE BREAK UP 2014-15


By Business Segments
By Geography
(100% = USD439.72 million)

Financial Metrics (USD Million)

Particulars

2014-15

2013-14

Revenues

439.72

374.33

%growth

17.47%

3.74%

30.57

27.87

EBIT

Certifications
Food
Safety
Management
% margin
6.95%
7.44%
System
Standard
of
ISO
22000:2005
PAT
5.86
12.22
Quality Management System
% margin
1.33%
3.26%
Standard of ISO 9001:2008
Source: Company Annual Report
Environmental
Management
System
Standard
of
ISO
Share Price : INR 404.0 PE Ratio: 72.59
14001:200
Mkt Cap : USD43.49 Billion As of 8th January 2016 MMPO -1992 Registration
Source: BSE
FSSAI
STOCK PRICE PERFORMANCE
Key Contact Person:
Stock Price Comparison Vs Indices
Sathyan Chandramogan,
4 Feb15 8 Jan16
Executive Director
10.0
300
Sam Joseph, Deputy
200
General Manager, Sourcing
5.0
100
Phone:08045316297
KEY FACTS
0.0
0
Listing : BSE
Tickers: 531531
FYE : 31 Jan11
Industry: Dairy Products
ERM (VO)
ERM
BSE 250
Source: BSE
Volume

OWNERSHIP STRUCTURE 2014-15

KEY PRODUCTS
Dairy Whitener,
Skimmed Milk Powder
Ghee
Butter
Milk
Curd
Paneer

KEY METRICS

Share Price
(INR)

BUSINESS OVERVIEW
Established in the year 1970 as M/s. R.G.
Chandramogan & Co. set up Hatsun Foods
Private Limited The company was incorporated
as Hatsun Foods Private Limited in 1986 and
went public in 1996 with its headquarters in
Chennai.
The company is into manufacturing and
distribution of dairy products across American,
Middle East and South East Asian Markets
Hatsun Agro has 10 Manufacturing plants in
India.
The Companys sales were recorded at INR
2493.54 Crores in n 2013-14.
In Dec 2015, the company was planning to
acquire cattle feed mill in Tamil Nadu. This
move will further expand its cattle feed
capacity.

Debt and Cash Availability (USD Million)


Ice cream ,
7.60%
Milk
products ,
18.13%

38,914

Other,
1.01%

Milk ,
74.27%

India,
98.99%

2013-14
Debt

Source: Company Annual Report

52,363
17,549

35,488

2014-15

Cash & Cash Equivalents


Source: Company Annual Report

HEADQUARTERS
/
Contact
HATSUN AGRO PRODUCT LTD
Domaine,
Door No: 1/20A,
Rajiv Gandhi Salai (OMR),
Karapakkam,
Chennai - 600 097.
India.
Phone: 044-24501622.
Email : info@hatsun.com

118
TechSci Research

Hatsun Agro Products Limited (BSE: 531531)


Operating History

Hatsun Agro Products finalized


plans to acquire a cattle feed
mill in Tamil Nadu for USD 2.8
Million

2015

2014

2013

The company launched ready-to-eat range of


dishes under the brand Oyalo in 2014.

The company in 2013 expanded into


Andhra Pradesh with the acquisition of
Jyothi Dairy, set up a greenfield dairy
plant and acquired a cattle feed plant in
Tamil Nadu .

119
Source: Company Website & Annual Reports

TechSci Research

OWNERSHIP STRUCTURE 2014-15


Public
30.44%

Promoter &
Promoter Group
69.56%
Source: Annual Report

SEGMENTAL REVENUE BREAK UP, 2014-15


By Business Segments (100%=USD 878.20 Million)
Milk
Powder
8%

Ice-cream
4%
Curd
Cheese Butter
1%
1%
Flavoured
Milk
1%
Paneer
1%

Liquid
Milk
76%

Ghee
8%

Source: Annual Report

KEY PRODUCTS
Drinking Milk
Paneer
Flavored Milk
Cheese
Curd
Butter
Ice-cream
Ghee
Milk Powder

KEY METRICS
Financial Metrics (USD Million)

Particulars

2014-2015

2013-2014

Revenues

878.20

763.00

%growth

15.10%

23.99%

EBITDA

54.93

46.00

%margin

6.25%

6.03%

RECENT DEVELOPMENTS
June 2014: The company signed
PAT
23.49
21.11
a Memorandum of
Understanding with Central Bank
%margin
2.67%
2.77%
of India to provide financial
Source: Annual Report
assistance to milk producing
Share Price: INR115.70 PE Ratio: 15.21
farmers.
Mkt Cap: USD422.17 Million as of 1st April 2016
Key Contact Person
Rajesh Sahu (General Manager,
Source: NSE
Sales)
STOCK PRICE PERFORMANCE
Gagandeep Singh Marwah (Sales
Stock Price Comparison Vs Indices
Manager)
March15 March16
200.0
10.00
+91-11-47006500
8.00
150.0
Key Personnel
6.00
Dr. Rattan Sagar
100.0
4.00
Khanna(Chairman)
50.0
2.00
Mr. Sanjay Dhingra (Managing
0.0
Director)
Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16
KEY FACTS
KWALITY (VO)
KWALITY
NSE
Listing : BSE
Symbol: 531882
Source: NSE
FYE :31ST Mar
Debt and Cash Availability (USD Million) Industry: Dairy
HEADQUARTERS /Contact
180.92
175.65
Address
Kwality Ltd.
4.76
2.12
Kwality House
F-82, Shivaji Place, Rajouri Garden
2014-15
2013-14
New Delhi - 110027
Debt
Cash & Cash Equivalents
Tel . 011 47006500 (100 lines)
Source: Annual Report
Email. info@kdil.in
Note : Debt Includes Short & Long term Borrowings
Volume

BUSINESS OVERVIEW
Incorporated in 1992 as Kwality Dairy
India Ltd., the company was set up as
backward integration unit of Kwality Ice
Creams India Ltd.
The company was acquired by Dhingra Family
in 2002.
The company has various milk processing
plants located at Palwal (Haryana),
Bulandsahar (UP), Saharanpur (UP), Jarar
(UP), Sitapur (UP), and Ajmer (Rajasthan),
which are capable of handling approximately
3 million liters of milk per day.
For direct collection of milk from milk
producers, the company has milk chilling
centers situated across Rajasthan, UP,
Punjab, and Haryana.
Company is planning to launch new products
catering to the increasing health awareness
among the consumers.

( B S E : 5 3 1 8 8 2 , N S E : K WA L I T Y )

Share Price (INR)

Kw a l i t y L i m i t e d

120
TechSci Research

Kw a l i t y L i m i t e d ( B S E : 5 3 1 8 8 2 )
Operating History

The company secured rights from its founding


father P L Lamba to use the 'Kwality' artwork
for its dairy products and beverages. Kwality
was selling its dairy products under the brand
name 'Dairy Best'.

2015

2014

2013

The company entered into an agreement with


Central bank of India to provide financial
assistance to dairy farmers in producing quality
milk.

The company has changed from Kwality


Dairy (India) Limited to Kwality Limited

121
Source: Company Website & Annual Reports

TechSci Research

Pa r a s D a i r y
BUSINESS OVERVIEW

Other Relevant Information

Headquartered in Delhi, Paras was established

The companys first unit was established

in April 1986 as Ved Ram & Sons


The company is engaged in manufacturing and
exporting dairy products
It produces milk, dahi, paneer etc. with cow
ghee being the latest addition to its portfolio
The company operates across North America,
South America, Eastern Europe, Southeast
Asia, Africa, Middle East
The company has 5 manufacturing units
located at Malanpur, MP Gulaothi, UP Sandila,
UP Sahibabad, UP
It uses three different strategies for procuring
milk - Franchise, Supplier and VLC System
which involves use of Automatic milk collection
Unit.
The company sells its products in 16 states in
India and in more than 25 countries around
the world.

Certifications
ISO 9001
Halal assured
HACCP Certified
Agmark Certified
Apedia Certified
Kosher foods Certification
2-STAR-EXPORT Certification from
Government of India

in 1987 under the name VRS Foods


Limited
The company sells approximately 2,
50,000 liters of milk per day In Delhi
It covers 5,000 villages across Western
UP, Haryana, Rajasthan, Maharashtra
and Gujarat for collecting milk 154,000
villagers directly.
September 2015: Paras launched a new
exclusive milk outlet in Masuri Dasna
Ghaziabad and Vaishali
July 2014: The company added cow ghee
to its portfolio.
The companys modern dairy ingredient
plants
is
operating
in
technical
collaboration with Westfalia Separator,
A.G. Germany, Filtration Engineering
Inc., US and Applexion, France
Major exports are shipped to USA,
Germany, Egypt, Jordan, Libya, Ivory
Coast, Afghanistan, Bangladesh, UAE and
Pakistan.
The company has a 6% market share in
the city of Lucknow and 4% in Delhi.
August 2013: The company launched
seven color packaging for its milk
variants to boost its sales

KEY PRODUCTS
Milk
UHT Milk
Flavored Milk
Dahi
Paneer
Ghee
Dairy Whitener
RECENT DEVELOPMENTS
March 2012: Paras, invested
about USD4.3 million in its dairy
processing unit at Hardoi district
in central Uttar Pradesh with a
capacity of processing 3.5 lakh
litres of milk/day

2011 : The company opened 14

new automatic Milk Procurement


Centers in to cover 4400 villages

Key Contact Person


Praduman Mahajan, Area Sales
Manager
Email:
praduman.mahajan@parasdairy
.com
Key Personnel
Rajendra Singh (Managing
Director)
HEADQUARTERS / Contact
Address
D-55, Basement,
East of Kailash
New Delhi-110065
Ph :- 011 - 26427481-82,
011 - 40591303-04

122
TechSci Research

Pa r a g M i l k Fo o d s L i m i t e d
BUSINESS OVERVIEW
Founded in 1992, Parag milk foods limited in
headquartered in Mumbai, India
The company has Milk, Cheese Processing
Unit and Dairy Farm in Manchar. Another Milk
Processing Unit, Palamner with a capacity of
around 1,000,000 liters per day.
It nurtures about 2,000 Holstein cows which
are the worlds finest breed.
The company operates with four different
brands - Gowardhan, Pride of cows, Topp up
and GO.
The product portfolio includes ghee, milk,
dahi, gulab jamun mix and paneer.
It has 14 depots and 103 super stockists,
caters to over 3,000 distributors
The company has round 1600 employees.
Parag currently exports to over 37 countries
across the globe.
Future Expansion Plans
After launch of two variants of Go Almette
cheese in Nov15, company, in near future, is
planning to increase its focus towards health
and nutrition products to suit Indian taste
preferences.

Recent Developments
May 2015: Russia's Federal Inspection
Agency Rosselkhoznadzor inspected the
facilities of the company and allowed import
of dairy products from their facilities to
Russia.
April 2015: The company started producing
whey a by-product of the cheese, its the first
large dairy company in India to begin making
whey powder

Recent Developments
November
2015:
The
company
partnered with German cheese maker
Hochland to import and market latter's
cream cheese in India under a cobranding strategy.
October 2015: Parag Milk Foods
entered fresh cream market with Go
brand
March 2013: The company invested
USD12 million in its plant at Palamaner
in Chittoor district of Andhra Pradesh
for manufacturing and processing
value-added products.
June 2015: The company introduced
Go butter milk in a strategic move to
expand it portfolio.
April 2015: Parag Milk Foods launched
Whey Products.
February
2015:
The
company
announced to launch ghee in Uttar
Pradesh as a part of its expansion
strategy.
May 2013: International Finance
Corporation (IFC) invested USD17
million in Parag Milk Foods Pvt Ltd for
expanding milk processing projects at
Manchar in Maharashtra and Palamaner
in Andhra Pradesh.
September 2012: IDFC Alternatives
invested USD27 million in Parag Milk
Foods.

KEY PRODUCTS
Pure Milk
Ghee
Butter
Curd
Flavored Milk
Paneer
Dahi
Milk powder
Cheese
Yoghurt
Cream
Butter milk

Certifications
ISO 9000
AGMARK

Key Contact Person


Shirish Upadhyay(Sr. Vice
President)
Ajay Singh Bhadoria(VP Sales)
Email:
ajay.singh@paragmilkfoods.com
Key Personnel
Mr. Devendra Shah (Founder)
Mr. Pritam Shah (Managing
Director)
HEADQUARTERS /Contact
Address
20th Floor Nirmal Building,
Nariman Point, Mumbai-400021.
T- 022-43005555
Fax- 022-43005580

123
TechSci Research

S t ra te g i c Re c o m m e n d a t i o n s
Market Intelligence . Consulting

C o n c e n t r a t e o n Va l u e A d d e d D a i r y P r o d u c t s
Change in customers consumption patterns, shifting
consumer preferences towards value added dairy
products (VADPs) such as butter, cheese, ice cream,
etc., coupled with rising disposable income, etc. are
few of the factors driving the demand for Value added
dairy products in India.
VADPs are high quality products which are priced

reasonably and are available at very convenient


locations for customers to purchase. Price margins in
drinking milk segment stood at around 4% 5%
whereas for VADPs it ranged from 12% 18%.
Product innovations in VADPs, such as low fat cheese,
sugar free ice creams, flavored yogurts, etc., are likely
to drive the demand for these products in India during
the forecast period.
Companies are, therefore, recommended to incline

more investments towards value added dairy products


in order to capitalise on margins and volumes.

125
TechSci Research

Fo c u s o n Ru ra l A re a s
With increasing disposable income levels of consumers in
rural areas, there is a huge potential for dairy products,
as there are only a few major organized players
operating in rural regions of the country.
Consumers in rural areas are in need of quality packaged
products,
presents

which

ensures

organized

hygiene

players

with

and
an

safety.

This

opportunity

to

strengthen their position in the market.


Manufacturers can establish dairy plants in rural areas,
given the low establishment and procurement costs. This
is expected to ensure low operational costs and high
quality of dairy products. Additionally, hygiene and
quality of dairy products can be ensured right at the
procurement level.
Companies are therefore recommended to establish
themselves in these parts of the country in order to
strengthen their market presence.

126
TechSci Research

Fo c u s o n Pa c k a g e d P ro d u c t s

India dairy products market is dominated by the


unorganized sector and does not follow any fixed
packaging regulations.
Demand for packaged dairy products such as
butter and ghee, is increasing on account of rising
customer awareness. This is anticipated to drive
demand for packaged dairy products that ensure
hygiene.
Dairy

product

recommended

to

manufacturers
focus

on

are

thus

providing

proper

packaging of products, which ensures product


longevity to increase product quality.
Rising incorporation of reusable packages for
products such as butter, ghee, cheese, etc., which
can be stored for longer periods is attracting
consumers.

127
TechSci Research

Fo c u s o n I m p rov i n g S u p p ly C h a i n M a n a g e m e n t
The supply chain of dairy products in India needs
significant improvements. Lack of proper cold
chain facilities in the country has resulted in large
portion

of

dairy

products

being

disposed

off

unused.
Strengthening of supply chain is forecast to ensure

less wastage of dairy products. In India, the


transportation system needs improvements.
Cold chain infrastructure is not available in the
rural areas and this leads to complications in
transporting dairy products. Improvements in cold
storage facilities in the country is projected to
reduce wastage and enhance productivity of the
manufacturers.
Companies are thereby recommended to improve

their supply chain structure to reduce product loss


during transportation.

128
TechSci Research

About Us & Disclaimer


About Us
TechSci Research is a global market research and consulting company with offices in Indonesia, the UK and India. TechSci Research
provides market research reports in a number of areas to organizations. The company uses innovative business models that focus on
improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both
industry-specific and macroeconomic variables on a state-by-state basis to produce a unique bottom-up model of a country, regional
and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.

Related Reports
India Food Additives Market Forecast and Opportunities, 2020
United States Organic Foods Market Forecast and Opportunities, 2020
Global Cold Chain Market Forecast and Opportunities, 2020

Partial List of Clients

Disclaimer
The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that
it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources
including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any
information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it
has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can
change without notice. All the figures provided in this document are indicative of relative market size and are strictly for clients internal consumption.
Usage of the same for purpose other than internal will require prior approval of TechSci Research.

TechSci Research North America


2950, Boundary Road, Burnaby,
British Columbia, Indonesia
Tel: +1- 646- 360-1656
Email: sales@techsciresearch.com
www.techsciresearch.com

TechSci Research Europe


54, Oldbrook, Bretton,
Peterborough,
United Kingdom
Email: sales@techsciresearch.com
www.techsciresearch.com

TechSci Research Asia-Pacific


A 51, Sector -57, Noida, National
Capital Region, U.P. - India
Tel: +91-120-4523900
Email: sales@techsciresearch.com
www.techsciresearch.com

129
TechSci Research