Dairy products and alternatives in 2024: The big picture
Sales of dairy products and alternatives are expected to remain high in India in 2024, as milk remains one of the key animal sources of protein in the country, including for vegetarians. Despite the already high base, solid growth is anticipated in both retail and foodservice volumes in this year, whilst dynamic double-digit growth is expected in retail current value terms, with increases across all categories by all measures.
Key trends in 2024
Convenience is increasingly a key priority for consumers when it comes to dairy products and alternatives. For instance, a rising number of consumers are opting for products which have a longer shelf life, which has benefited UHT packaged products such as shelf stable milk, buttermilk, lassi, and flavoured milk drinks.
Competitive landscape
Leading companies in dairy products and alternatives in India are focusing on new product development and expanding to newer geographies to gain share. Gujarat Co-operative Milk Marketing Federation Ltd (Amul brand) is expected to maintain its strong leadership in the industry in retail value terms in 2024, thanks to its strong presence across all the key dairy categories in India.
Channel developments
While the traditional distribution channel of small local grocers is expected to continue to dominate sales of dairy products and alternatives in India in value terms in 2024, modern grocery retailers and retail e-commerce are set to continue to gain share. Modern grocery retailers such as supermarkets and hypermarkets are expanding at a rapid pace in the country, and these retailers are equipped with the infrastructure required to store dairy products, which is helping them to gain share.
What next for dairy products and alternatives?
Dairy products and alternatives in India is set to maintain solid retail volume and current value growth throughout the forecast period, with increases across all categories. Consumers in the country are heavily dependent on dairy products for nutrition, and this will remain the case in the forecast period, which is set to drive demand.
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Overview:
Understand the latest market trends and future growth opportunities for the Dairy Products and Alternatives industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Dairy Products and Alternatives industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Dairy Products and Alternatives in India report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Dairy Products and Alternatives in India?
- Which are the leading brands in Dairy Products and Alternatives in India?
- How are products distributed in Dairy Products and Alternatives in India?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Dairy Products and Alternatives?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in India?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Dairy Products and Alternatives in India
Dairy products and alternatives in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for dairy products and alternatives?
DISCLAIMER
Baby Food in India
KEY DATA FINDINGS
Adoption of milk formula continues to grow in India
While major players consolidate, the market is opening up
E-commerce aids growth, driven by improved product accessibility
India offers bright opportunities for the growth of baby food
Special baby milk formula set to gain traction
Many consumers in India will continue to use home-cooked food, challenging growth
Butter and Spreads in India
KEY DATA FINDINGS
Increasing product penetration drives further demand for butter and spreads in India
Amul continues to dominate, while the competition from local players intensifies
Improving channel dynamics increase accessibility to butter and spreads
With evolving consumer lifestyles, demand for packaged products set to grow
Adulteration of products will continue to challenge sales
New flavours and formats expected to gain prominence
Cheese in India
KEY DATA FINDINGS
Retail value sales of cheese in India continue to see growth momentum in 2024
The competition intensifies as D2C brands gain prominence
E-commerce continues to gain traction as a distribution channel for cheese
Strong economic outlook set to drive sales of cheese in India
Influence of Western culture will increase the consumption of cheese in India
Consumer foodservice demand for cheese will remain strong
Drinking Milk Products in India
KEY DATA FINDINGS
Milk prices remain high even in 2024
Flavoured milk drinks an increasingly popular alternative to other beverages
FSSAI regulates the labelling of milk products in India
Demand for dairy products, especially milk, will continue to be strong
Unpackaged milk will continue to be a challenge
Retail e-commerce gains prominence with the rise of D2C brands
Yoghurt and Sour Milk Products in India
KEY DATA FINDINGS
Strong summer season aids growth of yoghurt and sour milk products in 2024
Amul and Nandini retain the top two positions
Modern grocery retailers and e-commerce gain prominence
Demand for packaged products will continue to gain momentum
Demand will remain strong owing to hot summers and access to refrigeration
Flavoured yoghurt expected to witness strong growth in India
Other Dairy in India
KEY DATA FINDINGS
Consumers’ search for convenience drives demand in other dairy
Gujarat Co-operative Milk Marketing Federation and Nestlé continue to dominate
Growth momentum continues for foodservice volumes
Improving standard of living will drive demand in other dairy
Brands will look to continuously innovate and address consumers’ health concerns
E-commerce will continue to drive higher category penetration the country
Plant-Based Dairy in India
KEY DATA FINDINGS
Growing prevalence of lactose intolerance drives demand for plant-based dairy
Soy drinks dominates, but other plant-based milk is emerging
Plant-based dairy becomes increasingly fragmented with the entry of new players
Increasing product variety will continue to drive demand
Increasing number of players set to enter plant-based dairy
High prices of plant-based products may limit penetration
The following categories and subcategories are included:
Dairy Products and Alternatives
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- Dried Baby Food
- Prepared Baby Food
- Other Baby Food
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- Liquid Standard Milk Formula
- Powder Standard Milk Formula
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- Liquid Follow-on Milk Formula
- Powder Follow-on Milk Formula
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- Liquid Growing-Up Milk Formula
- Powder Growing-Up Milk Formula
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- Liquid Special Baby Milk Formula
- Powder Special Baby Milk Formula
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- Butter
- Cooking Fats
- Margarine and Spreads
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- Spreadable Cheese
- Processed Cheese excl Spreadable
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- Packaged Hard Cheese
- Unpackaged Hard Cheese
- Soft Cheese
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- Dairy Only Flavoured Milk Drinks
- Flavoured Milk Drinks with Fruit Juice
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- Fat-free Fresh Milk
- Semi Skimmed Fresh Milk
- Full Fat Fresh Milk
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- Fat-free Shelf Stable Milk
- Semi Skimmed Shelf Stable Milk
- Full Fat Shelf Stable Milk
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- Goat Milk
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- Powder Milk
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- Sour Milk Products
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- Drinking Yoghurt
- Flavoured Yoghurt
- Plain Yoghurt
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- Chilled Dairy Desserts
- Shelf Stable Dairy Desserts
- Chilled Snacks
- Coffee Whiteners
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- Flavoured Condensed Milk
- Plain Condensed Milk
- Evaporated Milk
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- Cream
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- Flavoured Fromage Frais and Quark
- Plain Fromage Frais and Quark
- Savoury Fromage Frais and Quark
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- Soy Drinks
- Other Plant-based Milk
- Plant-based Yoghurt
- Plant-based Cheese
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This report originates from Passport, our Dairy Products and Alternatives research and analysis database.
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