India's Cheese Market Surges, Projected to Reach INR 512.1 Billion by 2032
Source: The DairyNews
According to a report from ResearchAndMarkets.com, the cheese market in India demonstrated robust growth, reaching INR 88.9 billion in 2023 and is forecasted to soar to INR 512.1 billion by 2032, with an impressive compound annual growth rate (CAGR) of 21.47% during the period 2023-2032.
India's status as the world's largest milk producer contributes significantly to the cheese market's potential for expansion. The evolving culinary preferences, coupled with increasing disposable incomes, are steering consumers away from traditional paneer towards a growing demand for cheese. Notably, the influence of Western cuisines is playing a pivotal role in shaping these changing tastes.
Manufacturers are responding to this trend by introducing a diverse range of flavored cheese products, incorporating elements such as pepper, garlic, red chili flakes, and oregano pickle. This variety caters to the diverse tastes and preferences of the Indian consumer base.
Cheese, traditionally associated with fast food items like pasta, pizzas, burgers, sandwiches, and more, is now finding its way into traditional Indian recipes such as dosa, uttapam, and parathas. The booming working population and their evolving dietary habits contribute to the fast food industry's growth, subsequently fueling the demand for cheese.
As organized retail outlets proliferate across India, global players are increasingly investing in the country's cheese market. To bolster awareness about the benefits of cheese, manufacturers are also leveraging various marketing channels, including newspapers, television, and social media platforms.
Despite the optimistic outlook, the Indian cheese market remains highly concentrated, with a limited number of major players such as GCMMF, Parag Milk Foods, Britannia, and Mother Dairy. Competition in terms of prices and quality underscores the dynamic nature of the market as these industry leaders vie for consumer attention and market share.
Manufacturers are responding to this trend by introducing a diverse range of flavored cheese products, incorporating elements such as pepper, garlic, red chili flakes, and oregano pickle. This variety caters to the diverse tastes and preferences of the Indian consumer base.
Cheese, traditionally associated with fast food items like pasta, pizzas, burgers, sandwiches, and more, is now finding its way into traditional Indian recipes such as dosa, uttapam, and parathas. The booming working population and their evolving dietary habits contribute to the fast food industry's growth, subsequently fueling the demand for cheese.
As organized retail outlets proliferate across India, global players are increasingly investing in the country's cheese market. To bolster awareness about the benefits of cheese, manufacturers are also leveraging various marketing channels, including newspapers, television, and social media platforms.
Despite the optimistic outlook, the Indian cheese market remains highly concentrated, with a limited number of major players such as GCMMF, Parag Milk Foods, Britannia, and Mother Dairy. Competition in terms of prices and quality underscores the dynamic nature of the market as these industry leaders vie for consumer attention and market share.
