Indian Dairy Market Overview

India's Favourable Dynamics offer Huge Opportunities India GDP Growth 7.1% 6.4% PARAG Ideas for a new day Rising Middle Class Population & Income Levels Middle class households to grow from 255 million in 2015 to 586 million in 2025 at a CAGR of 8.7% Rising income & disposable income to drive consumption of milk & dairy products 7.5% Urbanisation • FY14 FY17 FY20E* . Urban population expected to increase from 31.2% in 2011 to 34.5% in 2021 Preference for clean, hygienic & ready-to-eat milk & dairy products to boost organised dairy industry Changing Dietary Patterns with focus on Milk Milk being important source of vital nutrients especially for vegetarians, consumers are shifting away from cereals to milk & dairy products 31% Indian population is vegetarian, ensuring continuous demand for milk & dairy products Shift to Packaged Food to drive Organised Market Source: IMARC Report * As per World Bank report on Global Economic Prospects - January 2018 • Increasing quality & safety concerns increasing demand for packaged food, in particular pasteurised packaged milk Organised market share to also increase to 26%, in value terms, by 2020 33

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