Indian Dairy Market Overview

Curd (Dahi) India's Curd Market Size (in US$ Million) 7,358 6,478 5,687 +15.4% 4,940 3,746 2,836 2,134 1,597 1,179 2007 2009 2011 2013 2015 2017 2018 2019E 2020E Organized vs Unorganized Sales 4.0% 4.0% 5.0% 5.0% 6.0% 6.0% 7.0% 7.0% 7.0% 96.0% 96.0% 95.0% 95.0% 94.0% 94.0% 93.0% 93.0% 93.0% 2007 2009 2011 2013 2015 2017 2018 2019E 2020E Organised Unorganised Source: IMARC Report 1US$ = INR 67 I Key Highlights PARAG Ideas for a new day • Curd industry has transformed from being a product that was traditionally made at home to a branded & packaged product The organized curd market is growing rapidly at a CAGR of 20%+ with even higher growth in metros • With a distinctive home-made recipe and made of pure Cow milk, our curd is well-positioned to dominate this category in major markets Parag has significant presence in major metros like Mumbai, Pune, Nagpur, Hyderabad, Bangalore & Chennai and is now expanding into Delhi NCR and nearby markets of North & East 39

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