Heritage Foods Limited | 30th Annual Report 2021-22

30 th Annual Report 2021-22 Heritage Foods Limited 96 without any preservatives. UHT milk is more convenient than ordinary fluid milk as it does not need to be stored in a refrigerator or boiled before consumption. Currently, one of the major factors driving the market is the ease of storage of UHT milk, which facilitates its transportation over long distances to milk-scarce regions. Some of the other growth-inducing factors include ease of use, long-shelf life, changing dietary habits, etc. The UHT milk market in India is expected to grow at a CAGR of 15.3 per cent during the forecast period (FY 2021-2026). Ɣ Skimmed Milk Powder The Indian skimmed milk powder (SMP) market experienced strong growth during FY 2015-2020. Milk powder manufacturing is a simple process carried out in a large scale. It involves the gentle removal of water at the lowest possible cost under strict hygienic conditions while retaining all the desirable natural properties of the milk colour, flavour, solubility, nutritional value. The Indian skimmed milk powder (SMP) market is expected to grow at a CAGR of around 13 per cent during FY 2021-2026. Value-added Products Ɣ Curd Curd represents an essential part of a balanced diet and can also be consumed by lactose intolerant people. Owing to the high content of calcium, vitaminD, proteins and phosphorus present in it, curd helps strengthen bones and improve digestion. As per the IMARC Group report the market exhibited double-digit growth in curd during FY 2015-2020. The healthy growth of the market can be attributed to numerous factors. Population growth, rising disposable incomes, increasing health consciousness among consumers and its affordable price are some of the factors that are currently broadening the growth of the market. The curd market in India is expected to grow at a CAGR of 15.3 per cent during the forecast period (FY 2021-2026). Ɣ Paneer The paneer market in India exhibited strong growth during FY 2015-2020. Paneer is a non-fermentative and non-melting type of cheese, obtained by acid and heat coagulation of milk. It is one of the most extensively consumed dairy products in India. Paneer is used in various combinations with other vegetables and dishes, and forms an important ingredient of the Indian traditional cuisine. Paneer emerged as a viable option for a considerable vegetarian population. Apart from this, factors such as increasing population, urbanisation, improved cold supply chain and growing Chilling infrastructure penetration also influenced market growth. The paneer market in India is expected to grow at a CAGR of 15 per cent during FY 2021- 2026. Ɣ Cheese The cheese market in India exhibited strong growth during FY 2015-2020. India is currently the world’s largest producer of milk owing to which the cheese market holds significant growth potential. With the rising influence of western cuisines and inflating disposable incomes, consumers are now shifting from paneer to cheese, thereby increasing its demand in the country. In addition to this, manufacturers are introducing a number of flavoured cheese products, including pepper, garlic, red chilli flakes and oregano pickle, which cater to the different tastes and preferences of consumers in India. The cheese market in India is expected to grow at a CAGR of 24.80 per cent during FY 2021-2026. Ɣ Buttermilk Buttermilk represents an integral part of a balanced diet and has been traditionally consumed as a refreshment drink for centuries in India. It offers relief from heat and has gained immense popularity in India due to the country’s extremely hot summers. The demand for buttermilk is also increasing as it is good for digestion and boosts immunity. The buttermilk market in India is expected to grow at a CAGR of 22.4 per cent during the forecast period (FY 2021-2026). Ɣ Flavoured Milk Flavoured milk represents one of the most popular dairy-based beverages in India. The market is expected to grow at a CAGR of 24.3 per cent during FY 2021-2026. Ɣ Milkshake The consumers who are mostly responsible for the demand of this product are the young and the salaried class. The Indian milkshake market has reported strong growth during FY 2015- 2020. The market is expected to grow at a CAGR of 25.3 per cent during FY 2021-2026. It is currently being driven by numerous factors such as a large young population, changing lifestyles, convenience, value addition, health consciousness, etc. Immunity Milk - Immunity Milk contains anti-inflammatory properties, which help one maintain a healthy life. It is now available in four flavours: turmeric, ginger, tulsi and ashwagandha. Ɣ Sweets Doodh Peda & Milk Cake are made out of the highest quality milk & ghee which is soft, rich in taste and melts in the mouth. With the right amount of sucrose addition, it is rich in taste and granular with better chewiness. Ɣ Lassi The Indian lassi market exhibited strong growth during FY 2015- 2020. Lassi , also known as desi buttermilk, is obtained by the churning of curd. It is a bit sour in taste and has a rich dense texture. It is consumedmostly in the northern part of the country, especially during the summer. Lassi not only offers refreshment during the summer time, but also boosts the energy levels. Apart from this, it also helps in fighting other summer-related problems such as prickly heat, gastro-intestinal problems and the build-up of bacteria. These factors have highly added to market growth. The Indian lassi market is likely to grow at a CAGR of 21 per cent during 2021-2026. Ɣ Ice-creams/Frozen Dessert Ice-cream today represents one of the fastest growing food segments in India. The healthy growth of the market can be