India Paneer Market to Grow at a CAGR of 13% During 2024-2032, Aided by the Rising Dairy Product Demand

The paneer market in India is supported by the growing consumer demand for dairy products and the growing health awareness. Paneer is a protein rich food, which further contains dietary fibres, calcium, vitamins, and many other nutrients, thus, witnessing a growth in its demand. Uttar Pradesh (UP) accounted for the largest share in the industry in 2020, owing to the thriving dairy sector and the presence of a large vegetarian populace in the region. In July 2018, Ananda, a leading manufacturer in the industry, announced the launch of its new awareness campaign aiming to educate customers regarding the benefits of consuming packed paneer as compared to easily available loose paneer, further highlighting the purity and quality offered by the company itself.

Moreover, the imposition of the nationwide lockdown to control the spread of COVID-19 in March 2020 has led to the adoption of work-from-home model. In the month of April, some large dairies across the country reported a 50-100% rise in monthly sales of cheese, butter, paneer, and dairy whitener as people work and eat from home. In April, Gujarat Cooperative Milk Marketing Federation (GCMMF), a key player in the industry, announced that the demand for paneer from household consumers has increased by 70%, which is more than compensating the fall in its demand from hotel, restaurant, and canteen amidst the lockdown. The looming threat from the pandemic has pushed consumers to shift towards healthy and nutritious vegetarian food. GCMMF, which markets dairy products under the Amul brand, is expecting a growth of 15% in turnover this fiscal despite COVID-19, thus, reflecting its positive impact on the paneer industry in India. Further, the sales of the product in India is being supported by the growing penetration of online retail sites such as Amazon (NASDAQ: AMZN), Big Basket, Grofers, and others.

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Market Breakup by Sector and Regions:

• On the basis of sector, the industry is bifurcated into retail and institutional. 

• Region-wise, the paneer market in India has been divided into Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Haryana, Odisha, Jharkhand, Delhi, Karnataka, Tamil Nadu, Gujarat, Andhra Pradesh and Telangana, West Bengal, Kerala, and Rajasthan, among other states.

Key Findings of the Report:

• The paneer market in India is being driven by the rising health awareness among consumers and the growing shift towards protein-rich food. 

• Adoption of modern practices in the dairy sector and the launch of new paneer variants by the manufacturers are supporting the growth of the paneer industry in India. 

• Growing population and rising consumer disposable incomes in the region are providing further impetus to the industry growth. 

• Various initiatives taken by the government of India to strengthen the dairy sector is propelling the industry forward.

Key Offerings of the Report:

• The EMR report gives a detailed analysis of the paneer market in India for the periods (2018-2023) and (2024-2032). 

• The report offers historical (2018-2023) and forecast (2024-2032) market information for the sectors and regional markets for paneer in India.

• The report also gives the historical (2018-2023) and forecast (2024-2032) price trends of paneer in India. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the India paneer market are Gujarat Co-operative Milk Marketing Federation Ltd, Mother Dairy Fruits & Vegetables Pvt Limited, Karnataka Co-operative Milk Producers Federation Limited, Tamil Nadu Cooperative Milk Producers Federation Ltd (TCMPF), Pradeshik Cooperative Dairy Federation Ltd (PCDF), Ananda Dairy Ltd, Parag Milk Foods Limited, and Hatsun Agro Product Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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