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Liquid Milk Market in India to Reach INR 9,841 Billion by 2024, Fostered by Modernization of Processing and Transportation Systems

The latest report by IMARC Group, titled “Liquid Milk Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Indian liquid milk market size reached INR 4,167 Billion in 2018. India represents the world’s largest producer of dairy products by volume, holding more than 13% of the world’s total milk production. Liquid milk is the most widely consumed dairy product in India and accounts for more than half of the total dairy products market revenues. It is a rich source of essential nutrients such as carbohydrates, proteins, vitamins A & D, calcium, phosphorus, and natural enzymes. These nutrients are required for the proper functioning and development of the body and also help in strengthening the skeletal system, controlling blood pressure, boosting metabolism, lowering the risk of cardiovascular diseases and colon cancer, along with improving overall immunity.

Liquid Milk in India Market Trends:

With a rise in the demand for milk in India, many dairy farms have started utilizing modern-day techniques and technologies to increase milk production. The Government of India is also playing a crucial role in enhancing the cold chain facilities and road connectivity to help farmers in reducing their overall transportation costs as well as the chances of milk spoilage. Additionally, a collaborative initiative known as the Milk Fortification Project has been undertaken by the World Bank, Tata Trusts and National Dairy Development Board (NDDB). This project aims to process about 2 million tons of fortified liquid milk to reach around 30 million consumers to combat micronutrient malnutrition in the country.

At present, the unorganized sector, comprising small farmers and cooperatives, contributes primarily to the dairy market. However, over the last few years, the organized sector has been attracting consumers by offering customized products. For instance, market players are introducing liquid milk in different flavors ranging from strawberry and chocolate to vanilla, Kesar and badam in innovative packaging formats, such as poly-packs (pouch milk), cans, tetra packs and glass bottles. This has enabled them to diversify their existing product portfolio and create a positive impact on the industry. Looking forward, the market value is projected to reach nearly INR 9,841 Billion by 2024, growing at a CAGR of 15.4% during 2019-2024.

Market Summary:

  • Region-wise, Maharashtra exhibits a clear dominance in the market, followed by Uttar Pradesh and Andhra Pradesh. Other major states include Tamil Nadu, Gujarat, Rajasthan, Karnataka, Madhya Pradesh, West Bengal, Bihar, Delhi, Kerala, Punjab, Orissa and Haryana. 
  • The competitive landscape of the market has also been examined with some of the key players being Gujarat Co-operative Milk Marketing Federation Ltd. (GCMMF Ltd.), Karnataka Milk Federation (KMF), Mother Dairy Fruit & Vegetable Pvt Ltd, Tamil Nadu Cooperative and Rajasthan Cooperative Dairy Federation Limited.

 

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