The Indian dairy & soy food sector grew from INR1.2 trillion ($17.4 billion) in 2018 to INR2.3 trillion ($27.9 billion) in 2024, registering a CAGR of 13.8%.
In volume terms, the sector grew from 20.6 billion kg in 2019 to 30.3 billion kg in 2024, registering a CAGR of 8%. The sector is expected to grow further and reach 34.6 million kg in 2029, growing at a CAGR of 2.7% during 2024-29. Milk was the largest category with value sales of INR1.84 trillion ($22 million) in 2024. The cream category is forecast to register the fastest value growth at a CAGR of 3.8%, during 2024-29. It will be followed by milk with a CAGR of 3%.
In volume terms, the sector grew from 20.6 billion kg in 2019 to 30.3 billion kg in 2024, registering a CAGR of 8%. The sector is expected to grow further and reach 34.6 million kg in 2029, growing at a CAGR of 2.7% during 2024-29. Milk was the largest category with value sales of INR1.84 trillion ($22 million) in 2024. The cream category is forecast to register the fastest value growth at a CAGR of 3.8%, during 2024-29. It will be followed by milk with a CAGR of 3%.
Key Highlights
- Per capita expenditure of dairy & soy food was lower in India than both the global and regional levels in 2024
- The Indian dairy & soy food sector is expected to grow at a CAGR of 7.3% by value during 2024-29
- Gujarat Cooperative Milk Marketing Federation accounted for value and volume shares of 19.9% and 16% in the Indian dairy & soy food sector, in 2024
- In the Indian dairy & soy food sector, private labels accounted for a value share of 0.3% in 2024
Scope
This report brings together multiple data sources to provide a comprehensive overview of the dairy & soy food sector in India, as part of the analyst’s global coverage of the sector. It includes analysis of the following:- Country Overview: The report provides a comparative analysis of the value and volume shares of India against the Asia-Pacific and global dairy & soy food sectors. Additionally, the per capita consumption and expenditure of dairy & soy food in India is also compared to Asia-Pacific and global levels. The report also compares the Indian dairy & soy food sector with the other leading countries in Asia-Pacific in terms of market share, growth, and competitive landscape.
- Category and Segment Coverage: The report offers an overview of growth at a sector level and provides analysis of nine categories: butter & spreadable fats, cheese, cream, dairy-based & soy-based desserts, drinkable yogurt, grain, nut, rice, seed milk alternatives, milk, soymilk & soy drinks, and yogurt. These categories are analyzed by value, volume, and CAGR for the 2019-29 period. The analysis also includes the per capita consumption of dairy & soy food in India, by category, compared to the Asia-Pacific and global markets. The section also includes value and volume analysis of segments under each category for the 2019-29 period.
- Distribution Channel: Provides analysis on the leading distribution channels, both at a sector and category level in 2024. The consumer sector reports cover the following four distribution channels: modern retail, traditional retail, specialist retail, and other channels.
- Competitive Landscape: The report provides analysis on leading companies in the Indian dairy & soy food sector in 2024. It also includes analysis on leading companies by category in the same year and analyzes the market share and growth of private labels in each category. The section also includes analysis on the extent of fragmentation by category.
- Health & Wellness Analysis: Provides analysis on the value of health & wellness claims by category in India’s dairy & soy food sector from 2019 to 2024. The analysis includes the key health & wellness attributes and consumer benefits driving the sales of dairy & soy food in India in 2024.
- Packaging: The report provides percentage share (in 2024) and growth analysis (for 2019-29) of various pack materials, pack types, closure types, and primary outer types used in the Indian dairy & soy food sector. The analysis is at both the sector and category level and is based on the volume sales (by pack units) of dairy & soy food in the country.
- Consumergraphics: The report covers the consumption of dairy & soy food by gender, age, education, and urbanization in India.
- City analysis: The report provides leading cities’ market size, volume growth analysis, and contribution to overall market growth for the 2019-2024 period.
- Macroeconomic Analysis: The report also provides an outlook on macroeconomic indicators in India, with a detailed summary of the economy, labor market, and demographics.
- Time Period: The report provides overall sector value and volume data, including category and sector-level data for 2019 to 2029. Distribution channel, company, and brand share data is included for 2024.
Reasons to Buy
- Identify high potential categories and explore further market opportunities based on detailed value and volume analysis
- Existing and new players can analyze key distribution channels to identify and evaluate trends and opportunities
- Gain an understanding of the total competitive landscape based on detailed company share analysis to plan effective market positioning
- Our team of analysts have placed a significant emphasis on changes expected in the market that will provide a clear picture of the opportunities that can be tapped over the next five years, resulting in revenue expansion
- Analysis on key macro-economic indicators such as real GDP, nominal GDP, consumer price index, household consumption expenditure, population (by age group, gender, rural-urban split, and employed people and unemployment rate. It also includes economic summary of the country along with labor market and demographic trends.
Table of Contents
- Executive Summary
- Market Environment
- Value and Volume Share of India in the Global and Asia-Pacific Markets
- Growth Analysis of India Compared to Other Leading Countries in the Asia-Pacific Market
- PCC and PCE of India Compared to the Global and Asia-Pacific Markets
- Sector Deep Dive
- India Dairy & Soy Food Sector Snapshot
- Market Size Analysis
- Cross-Category Comparison - Value Growth Analysis and Category Winners and Losers
- Cross-Category Comparison - Volume Growth Analysis and Category Winners and Losers
- Category Deep Dive
- Per Capita Consumption Analysis by Category
- Market Size Analysis - Category: Butter & Spreadable Fats
- Segment-Level Analysis (in Value Terms) - Butter & Spreadable Fats
- Segment-Level Analysis (in Volume Terms) - Butter & Spreadable Fats
- Market Size Analysis - Category: Cheese
- Segment-Level Analysis (in Value Terms) - Cheese
- Segment-Level Analysis (in Volume Terms) - Cheese
- Market Size Analysis - Category: Cream
- Segment-Level Analysis (in Value Terms) - Cream
- Segment-Level Analysis (in Volume Terms) - Cream
- Market Size Analysis - Category: Dairy-Based & Soy-Based Desserts
- Segment-Level Analysis (in Value Terms) - Dairy-Based & Soy-Based Desserts
- Segment-Level Analysis (in Volume Terms) - Dairy-Based & Soy-Based Desserts
- Market Size Analysis - Category: Drinkable Yogurt
- Segment-Level Analysis (in Value and Volume Terms) - Drinkable Yogurt
- Market Size Analysis - Category: Grain, Nut, Rice, Seed Milk Alternatives
- Segment-Level Analysis (in Value Terms) - Grain, Nut, Rice, Seed Milk Alternatives
- Segment-Level Analysis (in Volume Terms) - Grain, Nut, Rice, Seed Milk Alternatives
- Market Size Analysis - Category: Milk
- Segment-Level Analysis (in Value Terms) - Milk
- Segment-Level Analysis (in Volume Terms) - Milk
- Market Size Analysis - Category: Soymilk & Soy Drinks
- Segment-Level Analysis (in Value Terms) - Soymilk & Soy Drinks
- Segment-Level Analysis (in Volume Terms) - Soymilk & Soy Drinks
- Market Size Analysis - Category: Yogurt
- Segment-Level Analysis (in Value and Volume Terms) - Yogurt
- Distribution Analysis
- Channel Share Analysis
- Competitive Environment
- Leading Companies - Value and Volume Shares
- Brand Share Analysis of Top Five Companies
- Brand Share Analysis of Top Five Companies by Category
- Private Label Share Analysis by Category
- Growth of Private Labels Compared to Branded Products
- Degree of Consolidation/Fragmentation by Category
- Health & Wellness Analysis
- Health & Wellness Analysis by Category
- Health & Wellness Analysis by Product Attributes
- Health & Wellness Analysis by Consumer Benefits
- Cross Category Comparison - Products with H&W Claims Vs. Non-H&W Claims
- Packaging Analysis
- Pack Material Growth Analysis
- Pack Type Growth Analysis
- Closure Type Growth Analysis
- Primary Outer Type Growth Analysis
- City Deep Dive
- Market Size Analysis of Top 10 Cities
- Market Size Analysis of Top 10 Cities by Category
- Consumergraphics
- Demographic Analysis
- Macroeconomic Analysis
- GDP Growth and Inflation
- Population Growth
- Labor Market Trend
- Economic Summary, Labor Market Trends, and Demographic Trends
- India Risk Index (GCRI) 2023
- India Risk Analysis - Compared to Global and Asia-Pacific Markets
- Methodology
- Definitions
- Appendix
- Leading categories (value), 2024
- Fastest growing segments (value), 2024
- Leading value category
- Leading volume category
- Per capita consumption* (by category), India compared to Asia-Pacific and global levels (in kg), 2024
- Butter & spreadable fats - value analysis by segment (INR million), 2019-29
- Butter & spreadable fats - value analysis by segment ($ million), 2019-29
- Butter & spreadable fats - volume analysis by segment (million kg), 2019-29
- Cheese - value analysis by segment (INR million), 2019-29
- Cheese - value analysis by segment ($ million), 2019-29
- Cheese - volume analysis by segment (million kg), 2019-29
- Cream - value analysis by segment (INR million), 2019-29
- Cream - value analysis by segment ($ million), 2019-29
- Cream - volume analysis by segment (million kg), 2019-29
- Dairy-based & soy-based desserts category - value analysis by segment (INR million), 2019-29
- Dairy-based & soy-based desserts category - value analysis by segment ($ million), 2019-29
- Dairy-based & soy-based desserts category - volume analysis by segment (million kg), 2019-29
- Drinkable yogurt category - value analysis by segment (INR million), 2019-29
- Drinkable yogurt category - value analysis by segment ($ million), 2019-29
- Drinkable yogurt category - volume analysis by segment (million kg), 2019-29
- Grain, nut, rice, seed milk alternatives category - value analysis by segment (INR million), 2019-29
- Grain, nut, rice, seed milk alternatives category - value analysis by segment ($ million), 2019-29
- Grain, nut, rice, seed milk alternatives category - volume analysis by segment (million kg), 2019-29
- Milk - value analysis by segment (INR million), 2019-29
- Milk - value analysis by segment ($ million), 2019-29
- Milk - volume analysis by segment (million kg), 2019-29
- Soymilk & soy drinks category - value analysis by segment (INR million), 2019-29
- Soymilk & soy drinks category - value analysis by segment ($ million), 2019-29
- Soymilk & soy drinks category - volume analysis by segment (million kg), 2019-29
- Yogurt - value analysis by segment (INR million), 2019-29
- Yogurt - value analysis by segment ($ million), 2019-29
- Yogurt - volume analysis by segment (million kg), 2019-29
- Top five companies’ share by brand (in value and volume terms) in the dairy & soy food sector, 2024
- Brand shares of top five companies (in value and volume terms) by category, 2024
- Category comparison - with H&W claims and non-H&W claims, 2019-24
- Volume share analysis of top three cities by category (%), 2023
- Value and volume shares of India in the global and Asia-Pacific dairy & soy food sector, 2024-29
- India compared to the other top countries in terms of market share, growth, and the competitive landscape
- PCC* comparison - India, Asia-Pacific, and global, 2019-29
- PCE comparison - India, Asia-Pacific, and global, 2019-29
- Sector size (value)
- Sector size (volume)*
- Market size and growth analysis by value and volume*, dairy & soy food sector, 2019-29
- Fastest-growing category (value and volume)
- Market size and growth analysis by value and volume, butter & spreadable fats category, 2019-29
- Market size and growth analysis by value and volume, Cheese category, 2019-29
- Market size and growth analysis by value and volume, cream category, 2019-29
- Market size and growth analysis by value and volume, dairy-based & soy-based desserts category, 2019-29
- Market size and growth analysis by value and volume, drinkable yogurt category, 2019-29
- Market size and growth analysis by value and volume, grain, nut, rice, seed milk alternatives category, 2019-29
- Market size and growth analysis by value and volume, milk category, 2019-29
- Market size and growth analysis by value and volume, soymilk & soy drinks category, 2019-29
- Market size and growth analysis by value and volume, yogurt category, 2019-29
- Share of key distribution channels (in value terms) - dairy & soy food, 2024
- Key distribution channel share by category (in value terms), 2024
- Leading companies (in value and volume terms) in the dairy & soy food sector, 2024
- Private label penetration by category (in value terms), 2024
- Growth analysis, private label and brands, 2019-24
- Category consolidation/fragmentation (in value terms) - diary & soy food, 2024
- Prominence of health & wellness claims by category, $ million, 2019-24*
- Contribution of health & wellness by product attributes, $ million, 2019-24
- Contribution of health & wellness by consumer benefits, $ million, 2019-24
- Key pack materials in the India dairy & soy food sector by percentage share of pack units, 2024
- Use of pack material by category (in pack units), 2024
- Annual growth rate by key pack material, 2019-29
- Key pack types in the India dairy & soy food sector by percentage share of pack units, 2024
- Use of pack type by category (in pack units), 2024
- Annual growth rate by key pack type, 2019-29
- Key closure types in the India dairy & soy food sector by percentage share of pack units, 2024
- Use of closure type by category (in pack units), 2024
- Annual growth rate by key closure type, 2019-29
- Key primary outer types in the India dairy & soy food sector by percentage share of pack units, 2024
- Use of primary type by category (in pack units), 2024
- Annual growth rate by key primary outer type, 2019-29
- Volume growth analysis of three cities (million kg), 2019-23
- Demographic analysis (consumption by gender, age group, education, and urbanization)
- Real GDP (INR billion) and annual growth (%)
- Nominal GDP (INR billion) and annual growth (%)
- Consumer price inflation (%)
- Nominal household final consumption expenditure growth (%) in INR terms
- population (million) and annual growth (%)
- Population by age group (%)
- Population by gender (%)
- Population by rural-urban split (%)
- Employed people (million) and unemployment rate (%)
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Gujarat Cooperative Milk Marketing Federation
- National Dairy Development Board
- Karnataka Milk Federation
- Tamilnadu Co-operative milk producers' Federation
- Nestlé
