132 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD MDA STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS As the population grows, so does the demand for milk. Factors such as health awareness, dietary requirements, and improving living standards significantly contribute to the rising demand for fresh milk across the country. A2 Milk is sourced exclusively from buffalo milk, thereby retaining its full cream richness. Collected directly from farms, it undergoes sterilization in the company’s state-ofthe-art facilities. This milk boasts of high A2 protein content, bolstering immunity and ensuring easy digestion. UTH Milk or ultra-high temperature milk, undergoes a high-heat treatment to eliminate pathogens, ensuring preservation of its full nutritional profile. This process allows it to be stored at ambient temperatures for extended periods without the need for preservatives. Its convenience surpasses that of traditional milk, as it requires no refrigeration or boiling prior to use. The market for UHT milk is propelled by its storage simplicity, enabling efficient transport to areas even with limited milk access. Additional factors contributing to its popularity include user-friendliness, extended shelf life and shifts in dietary preferences. The IMARC Group’s report reveals that India’s UHT milk market volume stood at 1,156.2 million litres at the close of 2023. The market is projected to expand to 3,588.2 million litres by 2032, demonstrating a robust CAGR of 13%. Value-added segment Curd serves as a vital component of a nutritious diet and is also suitable for those with lactose intolerance. Its rich composition of calcium, vitamin D, proteins and phosphorus not only fortifies bones but also enhances digestive health. The expansion of the yogurt market is being propelled by factors such as demographic growth, rising disposable income, heightened awareness of health and wellness among consumers and cost-effectiveness. According to IMARC report, the India yogurt market reached `2.4 billion in 2023 and is expected to reach `12.7 billion by 2032, exhibiting a robust CAGR of 20.57%. Paneer, a non-fermentative and heat-resistant cheese crafted through the acid-induced coagulation of milk, stands as a staple in Indian culinary traditions. Identified for its versatility, paneer is a prominent feature in a myriad of vegetable dishes and is a part of India’s gastronomic heritage, especially vegetarian cuisine. Market expansion for the product is driven by demographic surge, urban development, and advancement in the cold supply chain and chilling infrastructure. IMARC report indicates that the Indian paneer market attained a value of `570.8 billion in 2023. It is projected to burgeon to `1,848.9 billion by 2032, displaying a CAGR of 13.5%. Cheese delights the senses with its exquisite taste and velvety texture. Heritage Mozzarella and processed cheeses are crafted from 100% pure cow’s milk, boasting extended longevity. Rich in vital nutrients such as protein, calcium, essential minerals and fats, cheese is a nutritional powerhouse. Growing appetite for Western cuisine, rising incomes, organised retail channels, and demand for protein-enriched diets are accelerating the market expansion of cheese. IMARC report forecasts that the cheese market in India reached `88.9 billion in 2023 and is expected to reach `512.1 billion by 2032, exhibiting a CAGR of 20.9% during the period. Buttermilk is renowned for its digestibility, surpassing that of many other dairy offerings. It contributes to dental well-being too, reinforcing skeletal strength, while also aiding in regulating cholesterol and blood pressure. As a rich source of calcium, it is an indispensable element of a well-rounded diet. While buttermilk is savoured as a cooling beverage, it also serves as a soothing antidote to India’s intense summers. According to IMARC report, the buttermilk market in India reached `162.3 billion in 2023 and is expected to reach `819.4 billion by 2032, exhibiting a CAGR of 19.1% during the period. Flavoured milk, a delightful and invigorating dairy delight, is available in glass or PP bottles. Crafted from fresh, wholesome, double-toned milk, it offers a spectrum of tastes. Recognised for its nutritional richness, flavoured milk encompasses the full suite of vital nutrients such as calcium, phosphorus, magnesium, potassium, protein, riboflavin, niacin and vitamins A, B12, and D, making it a favoured choice. According to IMARC report, the Indian flavoured milk market reached `52 billion in 2023 and is expected to reach `322.8 billion by 2032, exhibiting a strong CAGR of 21.8% during the period. Milkshakes primarily appeal to the youth demographic. The surge in the popularity of milkshakes is attributed to a host of factors, including growing youth population, evolving lifestyle patterns, allure of convenience, enhanced product offerings, and increasing emphasis on health and wellness. Immunity-boosting milk, infused with anti-inflammatory ingredients, promotes well-being and is offered in an array of flavours such as turmeric, ginger and ashwagandha, catering to a health-conscious audience. According to IMARC report, the Indian milkshake market reached `6.4 billion in 2023 and is expected to reach `29.9 billion by 2032, exhibiting a CAGR of 18% during the period. Milk-based confections, including the delectable doodh peda (a traditional Indian sweetmeat) and milk cake, are crafted from milk and clarified butter (ghee). The doodh peda tempts the palate with its tender consistency, aromatic essence and a delightful dissolution upon tasting. It strikes a perfect balance of sucrose, offering great taste. Meanwhile, milk cake boasts of a creamy smoothness and a sumptuous flavour, owing to ingredients such as premium skimmed milk powder and pure ghee. Lassi, a fermented beverage crafted from pasteurized and homogenized curd, brims with beneficial bacteria that promote gut health. Its dense and velvety texture is complemented by a natural elaichi (cardamom) flavour.
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