The latest report by IMARC Group, titled “Paneer Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, critically examines the Indian paneer market. According to the report, the paneer market in India reached a value of around INR XX Billion in 2017, exhibiting a CAGR of 13.5% during 2010-2017. Paneer has been one of the most widely used dairy products in the Indian traditional cuisine since ages. It is a non-fermentative, non-renneted and non-melting type of cheese, obtained by acid and heat coagulation of milk.
Paneer is used in combination with other vegetables to prepare savoury dry-, semi dry-, and gravy delicacies. Apart from this, it also forms an important ingredient for various snacks, both salted and sweetened, such as pakoras (nuggets), and mishti and sandesh (a popular Bengali sweets). The major factor which has sustained its significance in the Indian culinary tradition is the presence of essential nutrition elements, such as dietary fibre, calcium, phosphorus, vitamin D, vitamin B, omega-3 and omega-6 fatty acids. As a result of this, paneer aids in keeping several diseases at bay, while helping in maintaininga healthy body.
Highlights of the paneer market in India:
- The market is driven primarily by the diverse applications of paneer and product premiumisation.
- Uttar Pradesh represents the largest market, accounting for the majority of the share.
- The market is expected to reach a value of nearly INR 538 Billion by 2023.
Considering the ever-growing demand for paneer in the Indian subcontinent, manufacturers are creating different varieties of paneer, varying in milk composition, ingredients, texture, etc. Therefore, a wide array of products, such as skim milk paneer, filled paneer, protein-enriched filled paneer, fibre enriched low-fat paneer, spiced paneer, masala paneer, vegetable impregnated paneer, etc. are available at retail stores and supermarkets across the region. Owing to this, the market is further expected to reach a value of nearly INR 538 Billion by 2023, growing at a CAGR of XX% during 2018-2023.
The report provides a thorough analysis of the current and historical value and volume trends, market share of key players and market forecast for each of the state. At present, Uttar Pradesh is the largest market, accounting for nearly XX% of the total share. Uttar Pradesh is followed by Maharashtra and Rajasthan. 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, Mother Dairy, Rajasthan Cooperative Dairy Federation Limited, and VRS Foods Limited.
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