Indian Dairy Market Overview

Paneer (Cottage cheese) India's Paneer Market Size (in US$ Million) 9,761 8,582 7,522 6,597 +16.8% 5,030 3,806 2,896 1,940 1,358 2007 2009 2011 2013 2015 2017 2018 2019E 2020E Organized vs Unorganized Sales 1.6% 1.9% 2.0% 2.3% 2.6% 2.9% 3.1% 3.3% 3.5% 98.4% 98.1% 98.0% 97.7% 97.4% 97.1% 96.9% 96.7% 96.5% 2007 2009 2011 2013 2015 2017 2018 2019E 2020E Organised Unorganised Source: IMARC Report 1US$ = INR 67 I PARAG Ideas for a new day Key Highlights Paneer is to India what cheese is to the Western world and is an integral part of many Indian recipes • Paneer is the third largest segment in the milk products category • Paneer is consumed like vegetables in Indian households and therefore purchased fresh on a daily basis • With innovation in manufacturing & packaging, Parag has created a long-shelf life Fresh Paneer made from 100% cow milk • Due to hygiene and consistency in taste, the trend towards branded packaged paneer is gaining momentum 38

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