INDUSTRY PROFILE

Dairy in India
Reference Code: 0102-0711 Publication Date: October 2010

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EXECUTIVE SUMMARY

EXECUTIVE SUMMARY
Market value
The Indian dairy market grew by 13.9% in 2009 to reach a value of $4,388 million.

Market value forecast

In 2014, the Indian dairy market is forecast to have a value of $6,577.3 million, an increase of 49.9% since 2009.

Market segmentation I
Milk is the largest segment of the dairy market in India, accounting for 90.5% of the market's total value.

Market segmentation II
India accounts for 9.5% of the Asia-Pacific dairy market value.

Market share
Gujarat Cooperative Milk Marketing Federation is the leading player in the Indian dairy market, generating a 32.5% share of the market's value.

Market rivalry
The Indian dairy market is concentrated, with top three players holding 51.9% of the total market value.

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CONTENTS

TABLE OF CONTENTS
EXECUTIVE SUMMARY MARKET OVERVIEW Market definition Research highlights Market analysis MARKET VALUE MARKET SEGMENTATION I MARKET SEGMENTATION II MARKET SHARE COMPETITIVE LANDSCAPE LEADING COMPANIES Gujarat Cooperative Milk Marketing Federation Ltd. KCMMF (Kerala Cooperative Milk Marketing Federation) Mother Dairy Fruit & Vegetable Pvt. Ltd. MARKET DISTRIBUTION MARKET FORECASTS Market value forecast MACROECONOMIC INDICATORS APPENDIX Methodology Industry associations Related Datamonitor research Disclaimer ABOUT DATAMONITOR Premium Reports Summary Reports Datamonitor consulting 2 6 6 7 8 9 10 11 12 13 15 15 17 18 19 20 20 21 23 23 24 24 26 27 27 27 27

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CONTENTS

LIST OF TABLES
Table 1: Table 2: Table 3: Table 4: Table 5: Table 6: Table 7: Table 8: Table 9: Table 10: Table 11: Table 12: Table 13: Table 14: Table 15: India dairy market value: $ million, 200509 India dairy market segmentation I:% share, by value, 2009 India dairy market segmentation II: % share, by value, 2009 India dairy market share: % share, by value, 2009 Gujarat Cooperative Milk Marketing Federation Ltd.: key facts KCMMF (Kerala Cooperative Milk Marketing Federation): key facts Mother Dairy Fruit & Vegetable Pvt. Ltd.: key facts India dairy market distribution: % share, by value, 2009 India dairy market value forecast: $ million, 200914 India size of population (million), 200509 India gdp (constant 2000 prices, $ billion), 200509 India gdp (current prices, $ billion), 200509 India inflation, 200509 India consumer price index (absolute), 200509 India exchange rate, 200509 9 10 11 12 15 17 18 19 20 21 21 21 22 22 22

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CONTENTS

LIST OF FIGURES
Figure 1: Figure 2: Figure 3: Figure 4: Figure 5: Figure 6: India dairy market value: $ million, 200509 India dairy market segmentation I:% share, by value, 2009 India dairy market segmentation II: % share, by value, 2009 India dairy market share: % share, by value, 2009 India dairy market distribution: % share, by value, 2009 India dairy market value forecast: $ million, 200914 9 10 11 12 19 20

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MARKET OVERVIEW

MARKET OVERVIEW
Market definition
The dairy market consists of retail sales of cheese, chilled desserts, cream, fromage frais, milk, spreadable fats and yogurt. Any currency conversions used in the creation of this report have been calculated using 2009 annual average exchange rates. For the purpose of this report Asia-Pacific comprises Australia, China, Japan, India, Singapore, South Korea and Taiwan.

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MARKET OVERVIEW

Research highlights
The Indian dairy market generated total revenues of $4.4 billion in 2009, representing a compound annual growth rate (CAGR) of 11.9% for the period spanning 2005-2009. Milk sales proved the most lucrative for the Indian dairy market in 2009, generating total revenues of $4 billion, equivalent to 90.5% of the market's overall value. The performance of the market is forecast to decelerate, with an anticipated CAGR of 8.4% for the fiveyear period 2009-2014, which is expected to lead the market to a value of $6.6 billion by the end of 2014.

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MARKET OVERVIEW

Market analysis
The Indian dairy market grew strongly in 2005-2009 period, reaching double digit rates, as a result of strong sales growth in the cheese category. Gradual deceleration is expected in the forecast period; however, the growth within the market will remain strong. The Indian dairy market generated total revenues of $4.4 billion in 2009, representing a compound annual growth rate (CAGR) of 11.9% for the period spanning 2005-2009. In comparison, the Chinese and Japanese markets grew with CAGRs of 2.5% and 2.6% respectively, over the same period, to reach respective values of $16.5 billion and $21.4 billion in 2009. Milk sales proved the most lucrative for the Indian dairy market in 2009, generating total revenues of $4 billion, equivalent to 90.5% of the market's overall value. In comparison, sales of spreadable fats generated revenues of $161.5 million in 2009, equating to 3.7% of the market's aggregate revenues. The performance of the market is forecast to decelerate, with an anticipated CAGR of 8.4% for the fiveyear period 2009-2014, which is expected to lead the market to a value of $6.6 billion by the end of 2014. Comparatively, the Chinese and Japanese markets will grow with CAGRs of 8.9% and 2.9% respectively, over the same period, to reach respective values of $25.2 billion and $24.8 billion in 2014.

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MARKET VALUE

MARKET VALUE
The Indian dairy market grew by 13.9% in 2009 to reach a value of $4,388 million. The compound annual growth rate of the market in the period 200509 was 11.9%. Table 1: Year 2005 2006 2007 2008 2009 CAGR: 200509 Source: Datamonitor India dairy market value: $ million, 200509 $ million 2,798.5 2,982.6 3,174.5 3,851.6 4,388.0 Rs. million 136,705.1 145,701.5 155,075.6 188,148.7 214,355.7 million 2,012.5 2,145.0 2,283.0 2,769.9 3,155.7 % Growth 6.6% 6.4% 21.3% 13.9% 11.9% DATAMONITOR

Figure 1:

India dairy market value: $ million, 200509

Source: Datamonitor

DATAMONITOR

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MARKET SEGMENTATION I

MARKET SEGMENTATION I
Milk is the largest segment of the dairy market in India, accounting for 90.5% of the market's total value. The spreadable fats segment accounts for a further 3.7% of the market. Table 2: Category Milk Spreadable fats Yogurt & Fromage Frais Cheese Cream Chilled desserts Total Source: Datamonitor India dairy market segmentation I:% share, by value, 2009 % Share 90.5% 3.7% 3.6% 1.6% 0.6% 0.0% 100% DATAMONITOR

Figure 2:

India dairy market segmentation I:% share, by value, 2009

Source: Datamonitor

DATAMONITOR

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MARKET SEGMENTATION II

MARKET SEGMENTATION II
India accounts for 9.5% of the Asia-Pacific dairy market value. Japan accounts for a further 37.3% of the Asia-Pacific market. Table 3: Category Japan China India South Korea Rest of Asia-Pacific Total Source: Datamonitor India dairy market segmentation II: % share, by value, 2009 % Share 37.3% 31.2% 9.5% 8.3% 13.7% 100% DATAMONITOR

Figure 3:

India dairy market segmentation II: % share, by value, 2009

Source: Datamonitor

DATAMONITOR

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MARKET SHARE

MARKET SHARE
Gujarat Cooperative Milk Marketing Federation is the leading player in the Indian dairy market, generating a 32.5% share of the market's value. Kerala Cooperative Milk Marketing Federation accounts for a further 9.7% of the market. Table 4: Company Gujarat Cooperative Milk Marketing Federation Kerala Cooperative Milk Marketing Federation Mother Dairy Fruit & Vegetable Pvt. Ltd. Others Total Source: Datamonitor India dairy market share: % share, by value, 2009 % Share 32.5% 9.7% 9.6% 48.1% 100% DATAMONITOR

Figure 4:

India dairy market share: % share, by value, 2009

Source: Datamonitor

DATAMONITOR

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COMPETITIVE LANDSCAPE

COMPETITIVE LANDSCAPE
The dairy market will be analyzed taking manufacturers/packagers of dairy products as players. The key buyers will be taken as food retailers, and dairy farmers as the key suppliers. The Indian dairy market is concentrated, with top three players holding 51.9% of the total market value. Suppliers commonly integrate forward, as dairy co-operatives offer farmers the opportunity to access larger markets and use capital items, such as packaging and processing plants. The dairy market is fairly easy to enter as a small enterprise, however in order to supply to the mass market consumer companies must be large and have some level of integration, if successful market entry is to be secured. A wide range of food and drink products can be used in similar ways to dairy products and therefore it becomes easy for consumers to replace dairy products with such alternatives, if dairy prices rise too high. Rivalry, however, is strong as there are numerous players present that are generally similar to one another despite most operating diverse dairy portfolios. In India, the main distribution channels for the dairy market are independent retailers, which account for 10.9% of the total market value. Food and beverage retail is fragmented in India: the non-organized segment accounts for a significant share of its revenues, and independents and small supermarket chains are significant in the organized segment. Stringent regulations make it difficult for large foreign retailers, such as Wal-Mart, to gain access to the retail market. In these circumstances, where market players have many small potential buyers, buyer power is weakened. It is difficult to differentiate staple foods, such as milk and butter; however, cheese and yogurt products are more differentiated, with a number of niche cheese markets in operation. The dairy market is highly price sensitive, as buyers will tend to choose the cheaper option, especially in the milk market, subsequently enhancing buyer power. Manufacturers can target end-users with their branding strategies, or develop more individual, premium products, such as organic yoghurt, to counter balance the power of buyer to make purchasing decisions on price alone. Overall, buyer power is assessed as strong. Key suppliers to this market are dairy farmers. Dairy products are by definition made of milk, and there are therefore no real alternatives to raw materials. Dairy cooperatives, which typically integrate dairy farming, milk collection, processing, and packaging, are present in developed-economy markets (e.g. Campina in Europe); however, they have a much more prominent role in India. Almost 100,000 dairy cooperatives are organized into 170 "producer unions", which are combined at state level into 15 cooperative milk marketing federations. Some of the latter have strong brands and enjoy consumer recognition, i.e. Amul. As the Indian market is dominated by such cooperatives, the suppliers of interest are further upstream, and include manufacturers of cattle feed, milking machines, packaging, and providers of service, such as veterinary care and artificial insemination. The products involved are fairly commoditized, and there are a reasonable number of suppliers; also, the ability of cooperatives to purchase on behalf of their members (who may be very small-scale farmers) means that supplier power is correspondingly decreased. Overall, supplier power is moderate.

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COMPETITIVE LANDSCAPE

In the Indian dairy market, small-scale entry, perhaps as an artisanal producer of premium dairy products, does not require very large amounts of capital. However, for new entrants aiming to challenge the major players in the mass-consumer market, entry barriers are higher. Scale economies in production are important, especially in countries, where a consolidated food retail sector means that players are forced to compete intensely on price. Most dairy products are perishable, which means that reliable supply and distribution chains are vital to avoid the costs of wastage - this can be a particular barrier to entry in less developed economies. Leading dairy product manufacturers may have strong brands, more apparent yogurt and butter products, aimed at retaining end-user loyalty, which means that new players will have a more difficult task to distinguish their own brands. Overall, there is a strong likelihood of new players in the dairy market. From the consumer's point of view, dairy products may be used directly as food or beverages, but also ingredients for other home-made foods. There is a wide range of food and drink that can be used in similar ways to dairy products, so if dairy prices raise too high, it is possible for consumers to replace them with alternatives. This reduces the pricing freedom of retailers and market players. Some of the alternatives may have advantages for retailers, such as cheaper storage or higher margins. Dairy products are important parts of most peoples' diet, with the benefits of calcium highly publicized, therefore are unlikely to be completely replaced. Overall, the threat of substitutes is assessed as moderate. The Indian dairy market is tending towards concentration, with top three players holding 51.9% of the total market value. The market is dominated by milk federations, such as Gujarat Co-operative Milk Marketing Federation and Kerala Cooperative Milk Marketing Federation. This indicates the presence of large sized competitors, which boosts rivalry. Switching costs for buyers are not particularly high, although some retailers may allocate contracts to single suppliers of dairy products. The larger multinational players tend to operate in a number of fast moving consumer goods markets, therefore may not be as reliant on sales of dairy products, which decreases rivalry. As dairy products are usually perishable, storage costs are high. Industrial production of dairy products requires substantial, specialized assets, and the need to sell these off when leaving the market translates into high exit costs. The strong growth in the Indian dairy products market in recent years eases rivalry to a certain extent. Overall, rivalry is assessed as moderate.

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LEADING COMPANIES

LEADING COMPANIES
Gujarat Cooperative Milk Marketing Federation Ltd.
Table 5: Head office: Telephone: Fax: Website: Source: company website Gujarat Cooperative Milk Marketing Federation Ltd.: key facts Amul Dairy Road, Anand 388 001, Gujarat, IND 91 2692 258 506 91 2692 240 208 www.amul.com DATAMONITOR

Gujarat Cooperative Milk Marketing Federation (GCMMF) is a dairy product co-operative engaged in the marketing and distribution of dairy products, including milk powder, cheese, butter, ghee, ice cream and baby milk. The company primarily operates in India, where it is headquartered in Anand, Gujarat. GCMMF sells its products largely under the Amul brand name. It offers a range of fresh, UHT and low fat milk products, as well as cheeses, flavored milk and yogurts under this name. The company also markets a malt chocolate drink under the brand Nutramul. The company's product lines include spreads, cheese, ethnic sweets, UHT milk, milk for infants, milk powders, sweetened condensed milk, fresh milk, curd, ice creams, chocolate and confectionery, brown beverages, milk drinks and health beverages. The company offers spreads under the brands Amul Butter, Amul Lite and Delicious Table Margarine. Its milk drinks portfolio consists of brands such as Amul Kool Millk Shaake, Amul Kool, Amul Kool Cafe, Kool Koko, Nutramul energy drink, Amul Lassee, Amul Masti (spiced buttermilk), and Amul Kool Thandai. GCMMFs powder milk products comprises infant milk foods marketed under the Amul Spray Infant Milk Food brand; full cream milk powder under the Amul Instant Full Cream Milk Powder brand; skimmed milk powder and tea & coffee whitener under the brand Sagar; and dairy whitener under the brand Amulya. Fresh milk with different pasteurizations are marketed under brands such as Amul Gold, Amul Fresh, Amul Taaza (double toned milk), Amul Lite Slim and Trim Milk, Amul Fresh Cream, Amul Shakti (toned milk), and Amul calci+ and Amul Buttermilk. GCMMF markets pasteurized processed cheese under the brands Amul Pasteurised Processed Cheese, Amul Cheese Spreads, Amul Emmental Cheese, Amul Pizza Mozzarella Cheese and Gouda Cheese.
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LEADING COMPANIES

The company also offers desserts such as ice creams (Amul Ice Creams), traditional sweets (Amul Shrikhand), chocolates (Amul Chocolates), and concentrated milk based products (Amul Basundi). The company provides cooking products such as butter, pizza (Amul Utterly Delicious Pizza), sweetened condensed milk (Amul Mithai Mate), and packed curd (Amul Masti Dahi). The company also offers health drinks under the brands such as Nutramul and Amul Shakti. The company markets its products through dairy and ice-cream distributors, as well as online website. GCMMF also exports its products to the US, the Gulf countries and Singapore. In July 2009, GCMMF announced plans to set up 6,000 Amul retail parlors across India during the period 2009-2010. The company currently has a network of 4,000 outlets of which 2,000 were added during 2008-2009. Key Metrics As this company is privately held, financial information is not available.

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LEADING COMPANIES

KCMMF (Kerala Cooperative Milk Marketing Federation)

Table 6: Head office: Telephone: Fax: Website: Source: company website KCMMF (Kerala Cooperative Milk Marketing Federation): key facts Milma Bhavan, Pattom Palace, Thiruvananthapuram, Kerala, IND 91 471 2555981 91 471 2555992 www.milma.com DATAMONITOR

Kerala Co-operative Milk Marketing Federation (KCMMF) is engaged in the manufacturing and marketing of milk and milk derivatives. Its product portfolio includes milk (fat free milk, toned milk, standardized milk and pasteurized flavored skimmed milk); ice cream (available in a range of flavors: vanilla, chocolate, mango, strawberry and fruit & nut); curd (butter milk, curd and sweetened curd); cattle feed; beverages (flavored health drinks and mango drink); and sweets (cream roll). These products are marketed under brands such as Milma milk, Milma ice-cream, Milma Sambharam (butter milk), Milma Butter (butter), Milma Refresh (mango drink) and Milma Peda (sweets). The company manufactures these products through 11 dairies, 13 milk chilling centers, two cattle feed plants and one milk powder plant, and markets them through a chain of 5,200 retail outlets across Kerala. Key Metrics KCMMF generated revenues of $33.1 million in the financial year (FY) 2008-09, an increase of 14.6% over FY2007-08. The company's net income totaled $3 million in FY2008-09.

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LEADING COMPANIES

Mother Dairy Fruit & Vegetable Pvt. Ltd.

Table 7: Head office: Telephone: Fax: Website: Source: company website Mother Dairy Fruit & Vegetable Pvt. Ltd.: key facts NDDB House, Opposite Kamal Cinema Complex, Safdarjung Enclave, New Delhi-110029, IND 91 11 41 52 91 00 91 11 41 52 71 70 www.motherdairy.com DATAMONITOR

Mother Dairy Fruits & Vegetables (Mother Dairy) is an India based dairy and vegetable company. Mother Dairy is a wholly owned subsidiary of National Dairy Development Board of India. Mother Dairy is headquartered in New Delhi, India. Mother Dairy markets and sells dairy products, vegetables and oils under the brand names Mother Dairy, Safal and Dhara, respectively. Its range of dairy products includes liquid milk, UHT milk, yogurt, ice creams, yogurt based drinks, flavored milk, cheese, and butter. Milk varieties offered include full cream, standardized, toned, double toned, skimmed, cow and bulk vended token milk. It markets around 2.8 million liters of milk daily and operates around 845 exclusive outlets and also through 14,000 retail outlets. Fresh and frozen fruits and vegetables are marketed under the brand name Safal through a chain of more than 400 fruit and vegetable shops; and 20,000 retail outlets. Edible oils are marketed under the brand Dhara, which includes range of oils, such as refined vegetable oil, refined soybean oil, refined sunflower oil, refined rice bran oil, kachi ghani mustard oil and filtered groundnut oil. Mother Dairy also offers extra virgin olive oil under the brand name Daroliva. Mother Dairy also exports fruit pulp, pastes, purees and concentrates around the world and with its marketing office in Rotterdam, Netherlands. Key Metrics Financial information of the company is not available.

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DISTRIBUTION

MARKET DISTRIBUTION
Independent Retailers form the leading distribution channel in the Indian dairy market, accounting for a 10.9% share of the total market's value. Supermarkets / hypermarkets accounts for a further 6.1% of the market. Table 8: Channel Independent Retailers Supermarkets / hypermarkets Specialist Retailers Others Total Source: Datamonitor India dairy market distribution: % share, by value, 2009 % Share 10.9% 6.1% 5.8% 77.3% 100% DATAMONITOR

Figure 5:

India dairy market distribution: % share, by value, 2009

Source: Datamonitor

DATAMONITOR

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MARKET FORECASTS

MARKET FORECASTS
Market value forecast
In 2014, the Indian dairy market is forecast to have a value of $6,577.3 million, an increase of 49.9% since 2009. The compound annual growth rate of the market in the period 200914 is predicted to be 8.4%. Table 9: Year 2009 2010 2011 2012 2013 2014 CAGR: 200914 Source: Datamonitor India dairy market value forecast: $ million, 200914 $ million 4,388.0 4,844.4 5,325.3 5,762.5 6,168.2 6,577.3 Rs. million 214,355.7 236,650.6 260,139.8 281,500.2 301,316.5 321,299.1 million 3,155.7 3,483.9 3,829.7 4,144.2 4,435.9 4,730.1 % Growth 13.9% 10.4% 9.9% 8.2% 7.0% 6.6% 8.4% DATAMONITOR

Figure 6:

India dairy market value forecast: $ million, 200914

Source: Datamonitor

DATAMONITOR

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MACROECONOMIC INDICATORS

MACROECONOMIC INDICATORS
Table 10: Year 2005 2006 2007 2008 2009 Source: Datamonitor India size of population (million), 200509 Population (million) 1,091.0 1,107.6 1,124.1 1,140.6 1,156.9 % Growth 1.6% 1.5% 1.5% 1.5% 1.4% DATAMONITOR

Table 11: Year 2005 2006 2007 2008 2009

India gdp (constant 2000 prices, $ billion), 200509 Constant 2000 Prices, $ billion 648.8 711.8 776.8 832.5 892.5 % Growth 9.1% 9.7% 9.1% 7.2% 7.2% DATAMONITOR

Source: Datamonitor

Table 12: Year 2005 2006 2007 2008 2009

India gdp (current prices, $ billion), 200509 Current Prices, $ billion 764.4 872.7 1,127.4 1,244.6 1,403.0 % Growth 15.7% 14.2% 29.2% 10.4% 12.7% DATAMONITOR

Source: Datamonitor

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MACROECONOMIC INDICATORS

Table 13: Year 2005 2006 2007 2008 2009

India inflation, 200509 Inflation Rate (%) 3.3% 6.9% 8.1% 8.4% 10.9% DATAMONITOR

Source: Datamonitor

Table 14: Year 2005 2006 2007 2008 2009

India consumer price index (absolute), 200509 Consumer Price Index (2000 = 100) 115.6 123.6 133.6 144.8 160.6 % Growth 3.3% 6.9% 8.1% 8.4% 10.9% DATAMONITOR

Source: Datamonitor

Table 15: Year 2005 2006 2007 2008 2009

India exchange rate, 200509 Exchange rate ($/Rs.) 44.1154 45.3188 41.3570 43.8145 48.8500 Exchange rate (/Rs.) 54.8337 56.8596 56.5898 64.1115 67.9264 DATAMONITOR

Source: Datamonitor

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APPENDIX

APPENDIX
Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-checked and presented in a consistent and accessible style. Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by analysis from industry experts using highly complex modeling & forecasting tools, Datamonitors in-house databases provide the foundation for all related industry profiles Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market overview Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the market and our clients Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends Datamonitor aggregates and analyzes a number of secondary information sources, including: National/Governmental statistics International data (official international sources) National and International trade associations Broker and analyst reports Company Annual Reports Business information libraries and databases

Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative and qualitative data to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can then be refined according to specific competitive, regulatory and demand-related factors Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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APPENDIX

Industry associations
Indian Dairy Association IDA House, Sector-IV, R.K. Puram, New Delhi-110 022 Tel.: 91 11 2617 0781 Fax: 91 11 2617 4719 www.indairyasso.org

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APPENDIX

Dairy in France Dairy in Poland Dairy in Spain Dairy in the United States Dairy in Germany Dairy in Singapore Dairy in Chile Dairy in Brazil Dairy in Australia Dairy in China Dairy in Belgium Dairy in Asia-Pacific Dairy in Canada Dairy in South Africa Dairy in Saudi Arabia Dairy in Egypt Dairy in Israel Dairy in United Arab Emirates Dairy in Switzerland

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APPENDIX

Disclaimer
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