Indian Dairy Market Overview

Liquid Milk Market India's Liquid Milk Market Size (in US$ Million) 90,567 79,015 68,731 59,791 +16.4% 45,090 33,896 25,463 18,060 12,910 2007 2009 2011 2013 2015 2017 2018 2019E 2020E Organized vs Unorganized Sales 15.0% 16.0% 17.0% 18.8% 20.8% 22.9% 24.0% 25.1% 26.3% II 85.0% 84.0% 83.0% 81.2% 79.2% 77.1% 76.0% 74.9% 73.7% 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 A majority (77%) of the milk sold in India is unorganized and in the form of loose milk sold by milkmen The organized sector in liquid milk is highly fragmented with several regional players and co- operatives Consumers are shifting from loose liquid milk to branded packaged milk due to safety and quality concerns The organized liquid milk market is growing faster than the unorganized market Parag has a strong presence in urban parts of West and South India and is currently the largest private player in Mumbai 42

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