India’s Cheese Market Set for Strong Growth with Projected Value of USD 2.395 Billion by 2028
Source: DairyNews.today
India’s cheese market is on a notable growth trajectory, with market valuation reaching USD 1.614 billion in 2023 and expected to expand to USD 2.395 billion by 2028, driven by a robust compound annual growth rate (CAGR) of 8.21%. This reflects a steady demand for both natural and processed cheese as the market continues to grow in value and volume, according to ResearchAndMarket.
The market achieved an impressive 15.04% CAGR from 2018 to 2023, resulting in a total sales value of INR 133.33 billion in 2023, a 14.09% increase over the previous year. However, market volatility due to economic factors saw varied growth rates, with the strongest year being 2020, which experienced a 26.01% surge, and the weakest year being 2021, with a moderate 4.26% increase.