The latest report by IMARC Group titled, “Cheese Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, critically examines the cheese market in India. Cheese is prepared by adding starter cultures (good bacteria) and a milk-clotting enzyme called rennet to the heat-treated or pasteurized milk. The milk-solids formed in this process are cooked until preferred hardness is acquired, and pressed for three to twelve hours to form cheese.
The flavour and texture of cheese is determined by the quality of the milk used and the starter cultures added to it. Herbs, spices, black pepper, garlic, chives or cranberries can also be added to enhance its flavour. As cheese is rich in essential nutrients such as protein, calcium, zinc, phosphorus, magnesium, vitamin A, vitamin B2 (riboflavin) and vitamin B12, its consumption is associated with several health benefits. Some of the most popular varieties of cheese consumed in India include cheddar, mozzarella and parmesan. According to the report, the market reached a value of INR XX Billion in 2017, exhibiting a CAGR of 25.6% during 2010-2017.
Highlights of the cheese market in India:
- The market is primarily driven by growth of the fast-food industry.
- Maharashtra represents the largest market, accounting for the majority of the share.
- The market is expected to reach a value of INR 68.0 Billion by 2023.
Cheese is a highly popular food product in the developed regions. Due to saturation in the major cheese markets, manufacturers are shifting their focus towards emerging regions, such as India, to increase their profitability. The growing fast-food industry represents a major driver of the cheese market in India, owing to the increasing use of cheese in a majority of the fast-food products. Increasing influence of western culinary practices has also led to an increase in the cheese consumption levels in urban areas, resulting in cheese being used as commonly as ghee and butter. Further, as India is the largest producer of milk, cheese manufacturers have an abundant supply of raw material (milk) at their disposal. This factor has facilitated the growth of the cheese market in the country. Some of the other growth inducing drivers include expanding distribution channels, aggressive marketing by manufacturers, rising disposable incomes of consumers and increasing demand for protein rich supplements by the health-conscious consumer-base. Findings from the report suggest that the market is anticipated to reach a value of INR 68.0 Billion by 2023, growing at a CAGR of XX% during 2018-2023.
The report has evaluated the market across fifteen major states of India, along with providing a thorough analysis of the current and historical value and volume trends, and market forecast. Currently, Maharashtra is the largest market, accounting for nearly XX% of the total share. It is followed by Gujarat and Delhi. Apart from this, an analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are GCMMF, Parag Milk Foods, Britannia and Mother Dairy.
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