GlobalData’s report, ‘Country Profile: Dairy & Soy Food in India’, reveals that milk was the largest category with value sales of INR1,183.9bn (US$17.3bn) in 2018. The soymilk & soy drinks category is forecast to register the fastest value growth at a CAGR of 10.6% during 2018–2023, closely followed by drinkable yogurt (10.4%).
GlobalData predicts that the cheese category will register the fastest CAGR of 6.7% in volume terms, followed by butter & spreadable fats (5.9%), during the forecast period.
Sneha Singh, Consumer Analyst at GlobalData, says: “Rapid urbanization will lead to increasing acceptance of dairy & soy food products in the daily diets of Indian consumers.”
Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF), Mother Dairy Fruit & Vegetable Pvt. Ltd. and Karnataka Co-Operative Milk Producers` Federation Ltd. were the top three companies in the Indian dairy & soy food sector, accounting for value shares of 20.6%, 10.5% and 6.8%, respectively in 2018.
While GCMMF offers products in butter & spreadable fats, cheese, cream, dairy-based & soy-based desserts, drinkable yogurt, milk and yogurt categories, Mother Dairy has products positioned in butter & spreadable fats, cheese, cream, drinkable yogurt, milk and yogurt categories.
Singh concludes: “Indian consumers, with growing health consciousness and rising purchasing power will spur demand for dairy & soy food products with health and wellness claims such as ‘naturally healthy’, particularly in milk, butter & spreadable fats and yogurt categories.”