Heritage Foods Limited | 31st Annual Report 2022-23

Milk  Fresh Milk is the most consumed product in India and also the most trusted source of essential nutrients for health. With an increasing population, the consumption of milk has also been on the rise. Health consciousness, dietary needs and rising living standards have been major contributors to rising demand for fresh milk.  A2 Milk is 100 per cent buff alo milk with full cream, which is procured from the farms and sterilised in the Company’s plants. The milk is high in A2 protein, boosts immunity and is easy to digest.  UTH Milk or ultra-high temperature milk is made by processing milk at high temperatures to remove pathogens. The UHT process preserves all the nutrients present in milk and makes it suitable for storage at room temperature for long periods without any preservatives. It is more convenient than ordinary fl uid milk as it need not be stored in 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. Value-added products  Curd represents an essential part of a balanced diet and can also be consumed by lactose intolerant people also. Owing to high content of calcium, vitamin D, proteins and phosphorus present, curd helps strengthen bones and improves digestion. Population growth, rising disposable incomes, increasing health consciousness among consumers and its aff ordable price are some of the factors that are currently broadening the growth of the market.  Paneer is a non-fermentative and non-melting type of cheese, obtained by acid and heat coagulation of milk. 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 in the Indian traditional cuisine. Paneer emerged as a viable option for a considerable vegetarian population. Apart from this, factors such as increasing population, urbanization, improved cold supply chain and growing Chilling infrastructure penetration also infl uenced market growth.  Cheese has a delicious fl avour, a rich aroma and a smooth texture. Heritage Mozzarella Cheese and Processed Cheese aremade from 100%pure cowmilk. Cheese has a longer shelf life than milk. It contains a lot of nutrients, including protein, calcium, essential minerals, fat and others. Additionally, rising demand for Western cuisines, the longer shelf life of cheese products, increasing disposable incomes and growing demand for protein-rich food items are propelling its market growth. As the number of organised retail outlets grows, many international players are now making investments in the Indian cheese market. According to the IMARC report, the cheese market in India is projected to reach INR 262.6 billion by 2028, growing at a CAGR of 24.06% between 2023 and 2028.  Buttermilk is often more easily digested than other dairy products. It improves oral health, strengthens bones and helps to keep cholesterol and blood pressure levels under control. Being an excellent source of calcium, it forms a crucial part of a balanced meal. Although traditionally buttermilk is consumed as a refreshment drink, it also off ers relief from the heat during the extremely hot summers in India.  Flavoured milk is a delicious and revitalising dairy beverage that can be purchased in glass bottles or PP bottles. It is made from fresh, pure, double-toned milk and comes in a variety of fl avours and colours. Flavoured milk is preferred as it is highly nutritious. Also, it contains all the essential nutrients present in plain milk, including calcium, phosphorus, magnesium, potassium, protein, ribofl avin, niacin and vitamins A, B12 and D.  Milkshake consumers constitute the young and salaried class. Its demand is driven by various factors such as large young population, changing lifestyles, convenience, value addition, health consciousness, etc. Immunity Milk contains anti-infl ammatory properties, which helps maintain a healthy life. It is available in four fl avours viz., turmeric, ginger, tulsi and ashwagandha.  Sweets such as Doodh Peda and Milk Cake are made from fresh milk and ghee. The Doodh Peda is soft, fl avourful and melts in the mouth. It has the right amount of sucrose, a rich taste and a granular texture. Milk Cake has a smooth texture and a rich fl avour because it is made using the highest quality skimmed milk powder and pure ghee.  Lassi is a fermented drink made with pasteurised, homogenised curd and contains good bacteria that help improve gut health. It has a dense and rich texture with a natural Elaichi fl avour. Lassi, also known as desi buttermilk, is a sweet or savoury beverage with a dense and creamy consistency. Lassi drinks are high in lactic acid, vitamin D, protein and other nutrients that provide refreshment and hydration during the summer, boost energy levels, aid in fi ghting gastrointestinal problems and reducing bacteria buildup, improve bone health, help manage weight and improve overall skin health as well. As a result, Lassi is widely preferred by Indian consumers. According to the IMARC report, the lassi market in India is projected to reach INR 101 billion by 2027, growing at a CAGR of 20.47% between 2022 and 2027. 139 MDA | Statutory Reports

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