India Dairy Market Growth, Trends, and Future 2024-2032

The India dairy market is experiencing significant growth, making it one of the most dynamic sectors in the country. In 2023, the market was valued at nearly INR 9,918.0 billion, and it is projected to expand at a remarkable CAGR of 14.0% from 2024 to 2032. By the end of the forecast period, the market is expected to reach around INR 32,081.40 billion. This impressive growth is driven by increasing demand for dairy products, evolving consumer preferences, and the substantial role of dairy cooperatives and private companies in the sector.

In this blog, we will explore various aspects of the Indian dairy market, including its size, trends, growth prospects, analysis, and forecasts. We will also take a closer look at the key players in the market, including dairy cooperatives and private companies, to understand the competitive landscape.

India Dairy Market Overview

India is the world's largest producer and consumer of milk, producing over 180 million metric tonnes of milk annually. Dairy plays a crucial role in India's agricultural economy, providing livelihoods for millions of farmers, especially in rural areas. The Indian dairy market is not just limited to milk, but encompasses a wide range of dairy products such as cheese, yogurt, ghee, butter, and ice cream.

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India Dairy Market Size

As of 2023, the India dairy market was valued at approximately INR 9,918.0 billion. This growth can be attributed to a rise in disposable incomes, changing consumer habits, and the increasing consumption of dairy products across urban and rural regions. Milk remains the largest product category, but there has also been growing demand for processed and value-added dairy products, such as flavoured milk, cheese, and yogurt.

The market is expected to grow substantially in the coming years, with a projected compound annual growth rate (CAGR) of 14.0% from 2024 to 2032. By 2032, the market is anticipated to reach INR 32,081.40 billion, as consumer preferences continue to evolve and demand for high-quality, packaged dairy products increases.

India Dairy Market Trends

Several emerging trends are shaping the future of the Indian dairy market:

Health-Conscious Consumption
Consumers are becoming more health-conscious, leading to an increase in demand for low-fat, sugar-free, and organic dairy products. The popularity of probiotic products such as yogurt and kefir is on the rise due to their health benefits, including improved digestion.

Plant-Based Dairy Alternatives
The trend of plant-based milk alternatives such as soy milk, almond milk, and oat milk is gaining momentum, particularly among lactose-intolerant individuals and vegan consumers. While this segment is still emerging, it is expected to grow as awareness and demand for non-dairy options increase.

Increased Urbanisation and Premiumisation
As urbanisation continues to rise, there is an increasing preference for packaged, branded dairy products that offer convenience, quality, and traceability. This trend is especially prominent in metropolitan cities where consumers are willing to pay a premium for high-quality dairy items.

Technological Advancements
Advances in dairy processing, packaging, and distribution technologies are helping dairy companies improve product quality, extend shelf life, and reach a larger consumer base. Innovations such as smart packaging and automated production processes are becoming more common.

India Dairy Market Trends

Products:
Liquid Milk
UHT Milk
A2 Milk
Organic Milk
Flavoured Milk
Curd
Lassi
Butter Milk (Chach)
Flavoured and Frozen Yoghurts
Cheese
Probiotic Dairy Products
Butter
Ghee
Paneer
Khoya
Dairy Whitener
Skimmed Milk Powder
Ice-Cream
Dairy Sweets
Cream
Milk Shake
Sweet Condensed Milk
Others

Sales Channel:
Direct Selling
Convenience Stores
Supermarkets and Hypermarkets
Online

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Indian Dairy Market Growth

The Indian dairy market is experiencing significant growth, driven by various factors:

Rising Consumer Demand
India's large population, growing middle class, and evolving food preferences are driving an increase in dairy consumption. The demand for dairy products is particularly high in urban areas, where consumers are increasingly opting for branded and packaged products.

Government Initiatives
The Indian government has launched several schemes and policies to boost the dairy sector. For instance, the National Dairy Plan aims to enhance milk production and increase the incomes of rural farmers. Government initiatives to improve veterinary health, animal husbandry practices, and milk processing are also contributing to the sector's growth.

Growing Disposable Income
As the country's middle class continues to expand, disposable incomes are rising, leading to greater purchasing power for dairy products. Consumers are opting for a wider range of dairy products, including premium and organic offerings.

Regional Disparities in Consumption
Dairy consumption patterns vary across different regions of India. For example, in states like Punjab, Haryana, and Gujarat, dairy consumption is traditionally high, while other regions, such as the northeastern states, are witnessing growing dairy consumption due to increased urbanisation and changing food habits.

India Dairy Market Forecast

The India dairy market is expected to continue its robust growth in the coming years. With a projected CAGR of 14.0% from 2024 to 2032, the market will reach INR 32,081.40 billion by 2032. Factors such as increasing consumer demand for dairy products, government support for the dairy sector, and growing urbanisation will continue to fuel this growth.

Competitor Analysis

Dairy Cooperatives

Karnataka Co-operative Milk Producers Federation Limited (KMF): KMF is one of the largest dairy federations in India, operating under the Nandini brand. It is a significant player in the southern region.

Orissa State Cooperative Milk Producers Federation Ltd (OMFED): OMFED plays a vital role in milk production and processing in Odisha, offering various dairy products under the OMFED brand.

Maharashtra Rajya Sahakari Dudh Mahasangh Maraydit: Known for its successful cooperative model, this federation contributes significantly to Maharashtra's dairy sector.

Punjab State Cooperative Milk Producers Federation Limited (Milkfed): One of the largest dairy cooperatives in India, Milkfed operates under the Verka brand and is widely known for its high-quality milk and dairy products.

Others - There are several other regional dairy cooperatives that contribute to the overall growth of the Indian dairy market.

Private Companies

Mother Dairy Fruits & Vegetables Pvt Limited: A leading player in the dairy industry, Mother Dairy offers a wide range of dairy products, including milk, ghee, butter, and ice cream.

Britannia Industries Ltd.: Britannia, known for its popular dairy products like Britannia Cheese and milk, has successfully expanded its presence in the Indian dairy market.

Nestle India Limited: Nestle, a global food giant, offers a range of dairy products under brands like Nestle Milkmaid and Nespray.

Parag Milk Foods Limited: Parag Milk Foods produces a variety of dairy products under brands such as Govind and pROTEINEX, catering to a broad consumer base.

Sterling Agro Industries Limited: Known for its premium dairy products, Sterling Agro is one of the leading players in India's dairy industry.

Kwality Limited: Kwality Limited is a significant producer of dairy products such as milk, butter, ghee, and cheese, with a strong market presence in the organised sector.

KSE Limited: A major player in Kerala, KSE Limited offers a wide range of dairy products and is known for its brand Milma.

Others - Other private companies, both large and small, contribute to the dynamic and competitive Indian dairy market.

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