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India’s dairy & soy food sector forecast to witness 8.5% CAGR by 2023
Friday, 01 November, 2019, 13 : 00 PM [IST]
Our Bureau, New Delhi
A large, young population base with rising disposable income is boosting the Indian dairy and soy food sector, which is forecast to grow at a compound annual growth rate (CAGR) of 8.5 per cent from Rs 1,324.6 billion ($19.4 billion) in 2018 to Rs 1,993.6 billion ($26.8 billion) by 2023.

These were among the findings of GlobalData, a leading data and analytics company, whose recent report, titled Country Profile: Dairy and Soy Food in India, revealed that milk was the largest category, with value sales of Rs 1,183.9 billion ($17.3 billion) in 2018.

The soy milk and soy drinks category is forecast to register the fastest value growth at a CAGR of 10.6 per cent between 2018 and 2023, closely followed by drinkable yoghurt (10.4 per cent).

GlobalData predicted that the cheese category will register the fastest CAGR in volume terms (6.7 per cent), followed by butter and spreadable fats (5.9 per cent), during the forecast period.

Sneha Singh, consumer analyst, GlobalData, said, “Rapid urbanisation will lead to increasing acceptance of dairy and soy food products in the daily diets of Indian consumers.”

The per capita consumption (PCC) of dairy and soy food in India grew from 16.4kg in 2013 to 19kg in 2018, which was higher than the regional level (17.1kg), but lower when compared to global level (31.6kg) in the same year. The per capita consumption is expected to grow further and reach 21.5kg by 2023. 


Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF), Mother Dairy Fruit and Vegetable Pvt Ltd and Karnataka Co-Operative Milk Producers’ Federation Ltd were the top three companies in the Indian dairy and soy food sector, accounting for value shares of 20.6 per cent, 10.5 per cent and 6.8 per cent, respectively, in 2018.

While GCMMF offers products in butter and spreadable fats, cheese, cream, dairy-based and soy-based desserts, drinkable yoghurt, milk and yoghurt categories, Mother Dairy has products positioned in the butter and spreadable fats, cheese, cream, drinkable yoghurt, milk and yoghurt categories.

Singh stated, “Indian consumers, with growing health consciousness and rising purchasing power will spur the demand for dairy and soy food products with health and wellness claims such as naturally healthy, particularly in the milk, butter and spreadable fats and yoghurt categories.”
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