Latest report by Netscribes highlights robust growth in the milk processing market in India, despite challenges
Mumbai, March 20, 2017 –Netscribes, a global market intelligence firm, today released its report Milk Processing Market in India. According to Netscribes, the milk processing industry in India will rise at an overall compound annual growth rate (CAGR) of 20.5%, and will be worth USD 53.17 billion by 2020.
Increasing urbanization, rising incomes, and the proliferation of food and grocery retail outlets across tier 2 and tier 3 cities has led to an increasing accessibility and demand for processed milk products in India. However, the Indian milk processing industry is yet to achieve its full potential due to challenges such as gaps in the supply chain, insufficient cold storage and distribution facilities, and lack of quality feed.
Despite the challenges, growth in the Indian milk processing industry looks promising. The industry is seeing a number of established FMCG players foray into the dairy segment with new product launches. Foreign players such as Groupe Lactalis SA, the world's largest dairy products company, are entering the Indian market, while established milk processing companies are looking to further expand their business through IPOs. This will further contribute to the development of the country’s milk processing industry.
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