India Dairy Market Forecast 2023
The India dairy market forecast is expected to grow at a compound annual growth rate (CAGR) of 15.4% from 2023 to 2028, reaching a value of USD 472.7 billion by 2028. This growth is being driven by a number of factors, including:
- Increasing demand for dairy products, driven by rising incomes and changing dietary habits
- Growing urbanization and changing lifestyles
- Government support for the dairy sector
- Expansion of the organized retail sector
India Dairy Industry Forecast
The Indian dairy industry forecast is also expected to grow at a CAGR of 15.4% from 2023 to 2028. The industry is currently dominated by small-scale farmers, but there is a growing trend towards consolidation, with large dairy companies acquiring smaller players. This consolidation is expected to help the industry to become more efficient and competitive.
India Dairy Market Size
The Indian dairy market size was valued at USD 203.3 billion in 2022. The major segments of the market are milk, milk products, and dairy ingredients. Milk is the largest segment, accounting for about 70% of the market.
India Dairy Production Forecast
India is the world’s largest milk producer, producing about 156 million tonnes of milk in 2022. The country is expected to produce 287 million tonnes of milk by 2028.
India Dairy Exports
India is also a major exporter of dairy products. The country exported about USD 2.5 billion worth of dairy products in 2022. The major export destinations for Indian dairy products are the United Arab Emirates, the United States, and Bangladesh.
India Dairy Consumption
The per capita consumption of dairy products in India is about 300 grams per day. This is expected to increase to 400 grams per day by 2028. The major dairy products consumed in India are milk, yogurt, cheese, and butter.
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