India’s dairy business set to grow to ₹30 trillion by 2027: NDDB
The government is committed provide a boost to dairy cooperatives in association with National Dairy Development Board
PremiumNEW DELHI: India’s dairy business is set to grow to ₹30 trillion by 2027, as the Union government takes steps to boost dairy cooperatives, Meenesh Shah, chairman, National Dairy Development Board (NDDB), said on Tuesday.
“The current value of Indian dairy business is close to ₹13 trillion. We expect this to more than double in the next five years and reach close to ₹30 trillion by 2027," he said.
Addressing the session on the future of dairy industry at the IDF World Dairy Summit 2022, Union minister for Fisheries and Animal Husbandry Parshottam Rupala said the country has a sound organisational structure to help stakeholders in dairy business to take the sector to the next level.
“We all know how dairy cooperatives have played a crucial role in the emergence of India as the global dairy powerhouse. The government is committed to give further boost to dairy cooperatives in association with National Dairy Development Board (NDDB) as the country is bound to make further gains in dairy output," Rupala added.
While the dairy sector will maintain an average growth rate of 15%, some of its value-added verticals like organic milk, cheese, flavoured milk, lassi, among others, will be growing at over 20%. “These products are slated to drive the growth of the Indian dairy sector in the coming years," he said.
Amul’s Managing Director RS Sodhi said, “Currently, we are producing 23% of the total global production. By 2045, this may well shoot up to 47%," he said.
The value addition in India will be defining the trend in the future, Rupala said, adding that the government is not only committed to help stakeholders in shoring up production but has also put in place regulations comparable to the global standards to ensure that consumers get nutritious dairy products.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
