The share of value added dairy
products (VADP) in the milk and milk derivatives segment is expected to
grow by around 25 per cent till 2019-20, Care Ratings said. The
profitability in liquid milk space ranges from 4-5 per cent, whereas the
profitability in VADPs ranges from 12 to 18 per cent, attracting
private participation in the industry. The share of VADP in the milk
and milk derivatives segment is growing currently at around 25 per cent
every year and is expected to grow at the same rate until 2019-20, the
agency said in its report on dairy industry. The Indian dairy industry
is witnessing growth backed by the rising consumption and higher margins
in the VADPs. As per National Dairy Development Board, the Indian
dairy industry is all set to experience high growth rates in the next
eight years with demand likely to reach 200 million tonnes by 2022 from
132 million tonnes in 2013, report said. Increasing share of the VADPs
in the overall dairy industry augurs well for the participants as the
same is likely to drive sales and improvement in the operating
profitability resulting into better cash flow generation. Subsequently,
there is a high possibility of improvement in the credit profiles of the
dairy players, the report said. Rising consumption coupled with better
margins in VADPs are driving the dairy players to get into the growth
and higher profitable trajectory, it said. Product innovations are
likely to accelerate India's dairy market which is anticipated to
improve industry margins by attaining greater scale, higher capacity use
and an increasing contribution from new milk variants. Further, the
development of processing and packaging technology along with
improvement in retail and cold storage infrastructure has increased the
shelf life of dairy products. Traditionally, dairy industry was more
focused towards liquid milk alone. However, factors such as rising
disposable income, structural changes in food habits coupled with better
margins in the VADP segment lead the existing players think beyond the
liquid milk, the report observed. Consequently, investors' have shown
keen interest in the dairy space and have invested into slew of dairy
companies in this part of the world. Recently, Groupe Lactalis SA,
France, one of the largest dairy players in the world, acquired 100 per
cent of Tirumala Milk Products Pvt Ltd.
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