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News: India's milk production is expected to jump three-fold to 628 million tonnes in the next 25 years with an average annual growth of 4.5%. The demand for milk is expected to rise to 517 million tonnes in the next 25 years, leaving an export surplus of 111 million tonnes. Per capita availability of milk in India is expected to increase to 852 gram per day in the next 25 years from 428 gram per day in 2021.
View: With the strong growth in demand and sustainable supply of milk, Indian dairy companies as well as FMCG companies present in value added products (curd, flavoured milk, chass, lassi, etc) would benefit. We believe consumption shift from unbranded to branded products would help FMCG companies grow their revenue from the dairy category.
Impact: Positive.