India: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in India

The Indian whole fresh milk market rose modestly to $X in 2022, picking up by 2.1% against the previous year. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Whole Fresh Milk Production in India

In value terms, whole fresh milk production expanded modestly to $X in 2022 estimated in export price. Overall, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.6% against 2020 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 42%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Whole Fresh Milk Exports

Exports from India

In 2022, the amount of whole fresh milk exported from India soared to X tons, growing by 29% against the previous year's figure. Overall, exports posted noticeable growth. The most prominent rate of growth was recorded in 2014 when exports increased by 239%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, whole fresh milk exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The growth pace was the most rapid in 2019 with an increase of 141%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

Bhutan (X tons) was the main destination for whole fresh milk exports from India, with a 63% share of total exports. Moreover, whole fresh milk exports to Bhutan exceeded the volume sent to the second major destination, Singapore (X tons), twofold. The third position in this ranking was held by Nepal (X tons), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bhutan stood at +75.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+3.3% per year) and Nepal (-18.7% per year).

In value terms, Bhutan ($X) remains the key foreign market for whole fresh milk exports from India, comprising 59% of total exports. The second position in the ranking was taken by Singapore ($X), with a 27% share of total exports. It was followed by Nepal, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bhutan amounted to +77.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+2.4% per year) and Nepal (-12.4% per year).

Export Prices by Country

The average whole fresh milk export price stood at $X per ton in 2022, growing by 1.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2015 when the average export price increased by 33%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Nepal ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to Bhutan ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nepal (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Whole Fresh Milk Imports

Imports into India

In 2022, supplies from abroad of whole fresh milk decreased by -96.8% to X tons, falling for the fifth year in a row after two years of growth. In general, imports saw a dramatic setback. The pace of growth appeared the most rapid in 2016 with an increase of 310%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, whole fresh milk imports fell significantly to $X in 2022. Overall, imports continue to indicate a precipitous decline. The pace of growth appeared the most rapid in 2016 when imports increased by 256% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Denmark (X tons) was the main supplier of whole fresh milk to India, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Denmark amounted to -16.4%.

In value terms, Denmark ($X) constituted the largest supplier of whole fresh milk to India.

From 2012 to 2022, the average annual growth rate of value from Denmark totaled -34.5%.

Import Prices by Country

In 2022, the average whole fresh milk import price amounted to $X per ton, surging by 20% against the previous year. Over the last decade, it increased at an average annual rate of +4.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major supplying country, the average price level is determined by prices for Denmark.

From 2012 to 2022, the rate of growth in terms of prices for Ireland amounted to +5.7% per year.

Source: IndexBox Platform

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