Milk Processing Market In India To Hit US$53.1 Billion

  • Monday, 19 June 2017 10:36
  • Published in Business News
  • Read 582 times

The milk processing market in India will increase at a CAGR of 20.5 percent, according to market intelligence firm, Netscribes.

Robust growth in the milk processing market in India is expected despite challenges, and will be worth US$53.1 billion by 2020.

Increasing urbanisation, rising incomes and the proliferation of food and grocery retail outlets across tier 2 and tier 3 cities has led to an increasing accessibility and demand for processed milk products in India. Tier 1 cities are highly commercialised metropolises. Tier 2 cities are smaller cities, statistically 1 million in population and are usually regional hubs such as state capitals or industrialised centres. Tier 3 cities consist of cities with a population of less than a million—these comprise cities that are just beginning to develop.

The Indian milk processing industry is yet to achieve its full potential due to challenges which include gaps in the supply chain, insufficient cold storage and distribution facilities, and lack of quality feed. Despite the challenges, growth in the Indian milk processing industry looks promising, according to the report.

The market in India is seeing a number of established fast-moving consumer goods companies foray into the dairy segment with new product launches. Foreign players such as Groupe Lactalis SA are entering the Indian market, while established milk processing companies are looking to further expand their business. This will further contribute to the development of the country's milk processing industry.

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