The study gives an in-depth analysis of the ghee market landscape in India, covering the current, historical and future trends for ghee production along with its prices. The report also offers SWOT, Value Chain and Porter’s Five Forces analysis of the Indian ghee market along with breakup by segment, region and an analysis of the competitive landscape. The study is based on both desk research and multiple waves of qualitative primary research. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Indian ghee market in any manner.

For each of the states, the report provides a thorough analysis of the current and historical value and volume trends, market share of key players and market forecast. Currently, Uttar Pradesh represents the region with highest market share in the country. It is followed by Rajasthan and Madhya Pradesh. The competitive landscape of the Indian ghee market has also been covered in this report. Some of the prominent players operating in the market include GCMMF, RCDF, Mother Dairy, Patanjali, SMC Foods, etc.

Ghee, which is widely used in Indian cooking, is the pure butter fat left over after the milk solids and water are removed from butter. It is very fragrant with a rich nutty taste and represents the second largest consumed dairy product in India, after liquid milk. A recently released report by IMARC Group, titled “ Ghee Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025 ”, critically examines the Indian ghee market. The report finds that the market reached a value of INR 2,273 Billion in 2019. The healthy growth of the market can be attributed to numerous forces. Population growth, rising disposable incomes, easy availability, and growing awareness about the benefits of ghee are some of the factors that are broadening the growth aspects of the market. Looking forward, IMARC Group expects the ghee market in India to exhibit strong growth during 2020-2025.

1 Preface

2 Scope and Methodology

2.1 Objectives of the Study

2.2 Stakeholders

2.3 Data Sources

2.3.1 Primary Sources

2.3.2 Secondary Sources

2.4 Market Estimation

2.4.1 Bottom-Up Approach

2.4.2 Top-Down Approach

2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Indian Dairy Industry

5.1 Market Overview

5.2 Market Performance

5.3 Market by Organised and Unorganised Segment

5.4 Milk Production and Consumption Trends

5.4.1 Current and Historical Trends

5.4.2 Production and Consumption Forecast

5.5 Milk Production by State

5.6 Milk Production by Cattle

5.7 Milk Utilization Patterns in India

5.8 Market Forecast

6 Indian Ghee Industry

6.1 Market Overview

6.2 Market Performance

6.2.1 Volume Trends

6.2.2 Value Trends

6.3 Impact of COVID-19

6.4 Price Trends

6.4.1 Milk Procurement Price Trends

6.4.2 Ghee Price Trends

6.5 Market Breakup by Region

6.6 Market Breakup by Private and Cooperative Sector

6.7 Market Breakup by Packaging

6.8 Market Breakup by Retail and Institutional Sales

6.9 Market Breakup by Cow Ghee and Desi Ghee

6.10 Market Forecast

6.11 SWOT Analysis

6.11.1 Overview

6.11.2 Strengths

6.11.3 Weaknesses

6.11.4 Opportunities

6.11.5 Threats

6.12 Value Chain Analysis

6.13 Porter’s Five Forces Analysis

6.13.1 Overview

6.13.2 Bargaining Power of Buyers

6.13.3 Bargaining Power of Suppliers

6.13.4 Degree of Rivalry

6.13.5 Threat of New Entrants

6.13.6 Threat of Substitutes

6.14 Key Market Drivers and Success Factors

7 Market Breakup by Type

7.1 Cow Ghee

7.1.1 Market Trends

7.1.2 Market Forecast

7.2 Desi Ghee

7.2.1 Market Trends

7.2.2 Market Forecast

8 Market Performance by Retail and Institutional Sales

8.1 Retail

8.1.1 Market Trends

8.1.2 Market Forecast

8.2 Institutional

8.2.1 Market Trends

8.2.2 Market Forecast

9 Performance of Key Regions

9.1 Karnataka

9.1.1 Market Performance

9.1.1.1 Volume Trends

9.1.1.2 Value Trends

9.1.2 Competitive Landscape

9.1.3 Market Forecast

9.1.3.1 Volume Trends

9.1.3.2 Value Trends

9.2 Maharashtra

9.2.1 Market Performance

9.2.1.1 Volume Trends

9.2.1.2 Value Trends

9.2.2 Competitive Landscape

9.2.3 Market Forecast

9.2.3.1 Volume Trends

9.2.3.2 Value Trends

9.3 Tamil Nadu

9.3.1 Market Performance

9.3.1.1 Volume Trends

9.3.1.2 Value Trends

9.3.2 Competitive Landscape

9.3.3 Market Forecast

9.3.3.1 Volume Trends

9.3.3.2 Value Trends

9.4 Delhi

9.4.1 Market Performance

9.4.1.1 Volume Trends

9.4.1.2 Value Trends

9.4.2 Competitive Landscape

9.4.3 Market Forecast

9.4.3.1 Volume Trends

9.4.3.2 Value Trends

9.5 Gujarat

9.5.1 Market Performance

9.5.1.1 Volume Trends

9.5.1.2 Value Trends

9.5.2 Competitive Landscape

9.5.3 Market Forecast

9.5.3.1 Volume Trends

9.5.3.2 Value Trends

9.6 Andhra Pradesh and Telangana

9.6.1 Market Performance

9.6.1.1 Volume Trends

9.6.1.2 Value Trends

9.6.2 Competitive Landscape

9.6.3 Market Forecast

9.6.3.1 Volume Trends

9.6.3.2 Value Trends

9.7 Uttar Pradesh

9.7.1 Market Performance

9.7.1.1 Volume Trends

9.7.1.2 Value Trends

9.7.2 Competitive Landscape

9.7.3 Market Forecast

9.7.3.1 Volume Trends

9.7.3.2 Value Trends

9.8 West Bengal

9.8.1 Market Performance

9.8.1.1 Volume Trends

9.8.1.2 Value Trends

9.8.2 Competitive Landscape

9.8.3 Market Forecast

9.8.3.1 Volume Trends

9.8.3.2 Value Trends

9.9 Kerala

9.9.1 Market Performance

9.9.1.1 Volume Trends

9.9.1.2 Value Trends

9.9.2 Competitive Landscape

9.9.3 Market Forecast

9.9.3.1 Volume Trends

9.9.3.2 Value Trends

9.10 Haryana

9.10.1 Market Performance

9.10.1.1 Volume Trends

9.10.1.2 Value Trends

9.10.2 Competitive Landscape

9.10.3 Market Forecast

9.10.3.1 Volume Trends

9.10.3.2 Value Trends

9.11 Punjab

9.11.1 Market Performance

9.11.1.1 Volume Trends

9.11.1.2 Value Trends

9.11.2 Competitive Landscape

9.11.3 Market Forecast

9.11.3.1 Volume Trends

9.11.3.2 Value Trends

9.12 Rajasthan

9.12.1 Market Performance

9.12.1.1 Volume Trends

9.12.1.2 Value Trends

9.12.2 Competitive Landscape

9.12.3 Market Forecast

9.12.3.1 Volume Trends

9.12.3.2 Value Trends

9.13 Madhya Pradesh

9.13.1 Market Performance

9.13.1.1 Volume Trends

9.13.1.2 Value Trends

9.13.2 Competitive Landscape

9.13.3 Market Forecast

9.13.3.1 Volume Trends

9.13.3.2 Value Trends

9.14 Bihar

9.14.1 Market Performance

9.14.1.1 Volume Trends

9.14.1.2 Value Trends

9.14.2 Competitive Landscape

9.14.3 Market Forecast

9.14.3.1 Volume Trends

9.14.3.2 Value Trends

9.15 Orissa

9.15.1 Market Performance

9.15.1.1 Volume Trends

9.15.1.2 Value Trends

9.15.2 Competitive Landscape

9.15.3 Market Forecast

9.15.3.1 Volume Trends

9.15.3.2 Value Trends

10 Competitive Landscape

10.1 Competitive Structure

10.2 Market Breakup by Key Players

11 Ghee Manufacturing Process

11.1 Product Overview

11.2 Detailed Process Flow

11.3 Various Types of Unit Operations Involved

11.4 Mass Balance and Raw Material Requirements

12 Project Details, Requirements and Costs Involved

12.1 Land Requirements and Expenditures

12.2 Construction Requirements and Expenditures

12.3 Plant Machinery

12.4 Machinery Pictures

12.5 Raw Material Requirements and Expenditures

12.6 Raw Material and Final Product Pictures

12.7 Packaging Requirements and Expenditures

12.8 Transportation Requirements and Expenditures

12.9 Utility Requirements and Expenditures

12.10 Manpower Requirements and Expenditures

12.11 Other Capital Investments

13 Loans and Financial Assistance

14 Project Economics

14.1 Capital Cost of the Project

14.2 Techno-Economic Parameters

14.3 Product Pricing and Margins Across Various Levels of the Supply Chain

14.4 Income Projections

14.5 Expenditure Projections

14.6 Taxation and Depreciation

14.7 Financial Analysis

14.8 Profit Analysis

15 Key Player Profile

15.1 Gujarat Co-operative Milk Marketing Federation Ltd

15.1.1 Company Overview

15.1.2 Financials and Milk Processing Capacity

15.1.3 Product Portfolio

15.2 Mother Dairy Fruits and Vegetables Pvt. Ltd.

15.2.1 Company Overview

15.2.2 Financials and Milk Processing Capacity

15.2.3 Product Portfolio

15.3 SMC Foods Limited

15.3.1 Company Overview

15.3.2 Financials and Milk Processing Capacity

15.3.3 Product Portfolio

15.4 Bhole Baba Dairy Industries Ltd.

15.4.1 Company Overview

15.4.2 Financials and Milk Processing Capacity

15.4.3 Product Portfolio

15.5 Rajasthan Cooperative Dairy Federation Ltd (RCDF)

15.5.1 Company Overview

15.5.2 Financials and Milk Processing Capacity

15.5.3 Product Portfolio

15.6 Parag Milk Foods Ltd.

15.6.1 Company Overview

15.6.2 Financials and Milk Processing Capacity

15.6.3 Product Portfolio



List of Figures

Figure 4 1: Indian Ghee Industry: Key Drivers and Challenges

Figure 5 1: India: Dairy Market (in Billion INR), 2014 - 2019

Figure 5 2: India: Dairy Market Structure

Figure 5 3: India: Breakup of Organized and Unorganized Dairy Market (in %), 2014 - 2019

Figure 5 4: India: Total Milk Production (in Million Metric Tons), 2014-15 – 2019-20

Figure 5 5: India: Total Milk Consumption (in Million Metric Tons), 2014-15 – 2019-20

Figure 5 6: India: Total Milk Production Forecast (in Million Metric Tons), 2020-21 – 2025-26

Figure 5 7: India: Total Milk Consumption Forecast (in Million Metric Tons), 2020-21 – 2025-26

Figure 5 8: India: Utilization Patterns of Milk and Milk Products (in %)

Figure 5 9: India: Milk Production Volume Breakup by Marketability

Figure 5 10: India: Dairy Market Forecast (in Billion INR), 2020 - 2025

Figure 5 11: India: Breakup of Organized and Unorganized Dairy Market (in %), 2020 - 2025

Figure 6 1: India: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 6 2: India: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 6 3: India: Ghee Market: Breakup of Organized and Unorganized Sales (in %), 2014 - 2019

Figure 6 4: India: Ghee Market: Average Price Trends (in INR/Kg), 2014 – 2019

Figure 6 5: India: Ghee Market Forecast: Average Price Trends (in INR/Kg), 2020 - 2025

Figure 6 6: India: Ghee Market Consumption: Breakup by Region (in %), 2019

Figure 6 7: India: Ghee Market Consumption: Breakup by Private and Cooperative Sector (in %), 2019

Figure 6 8: India: Ghee Market: Breakup by Packaging Type (in %), 2019

Figure 6 9: India: Ghee Market: Breakup by Retail and Institutional (in %), 2019

Figure 6 10: India: Ghee Market: Breakup by Cow Ghee and Desi Ghee (in %), 2019

Figure 6 11: India: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 6 12: India: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 6 13: India: Ghee Market Forecast: Breakup of Organized & Unorganized Sales (in %), 2020 - 2025

Figure 6 14: India: Ghee Industry: SWOT Analysis

Figure 6 15: India: Ghee Industry: Value Chain Analysis

Figure 6 16: India: Ghee industry: Porter’s Five Forces Analysis

Figure 7 1: India: Cow Ghee Market: Sales Value (in Billion INR), 2014 & 2019

Figure 7 1: India: Cow Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 7 2: India: Desi Ghee Market: Sales Value (in Billion INR), 2014 & 2019

Figure 7 2: India: Desi Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 8 1: India: Ghee Market: Sales through Retail (in Billion INR), 2014 & 2019

Figure 8 1: India: Ghee Market Forecast: Sales through Retail (in Billion INR), 2020 - 2025

Figure 8 2: India: Ghee Market: Sales through Institutional (in Billion INR), 2014 & 2019

Figure 8 2: India: Ghee Market Forecast: Sales through Institutional (in Billion INR), 2020 - 2025

Figure 9 1: Karnataka: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 2: Karnataka: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 3: Karnataka: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 4: Karnataka: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 5: Karnataka: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 6: Maharashtra: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 7: Maharashtra: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 8: Maharashtra: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 9: Maharashtra: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 10: Maharashtra: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 11: Tamil Nadu: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 12: Tamil Nadu: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 13: Tamil Nadu: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 14: Tamil Nadu: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 15: Tamil Nadu: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 16: Delhi: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 17: Delhi: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 18: Delhi: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 19: Delhi: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 20: Delhi: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 21: Gujarat: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 22: Gujarat: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 23: Gujarat: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 24: Gujarat: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 25: Gujarat: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 26: Andhra Pradesh and Telangana: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 27: Andhra Pradesh and Telangana: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 28: Andhra Pradesh and Telangana: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 29: Andhra Pradesh and Telangana: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 30: Andhra Pradesh and Telangana: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 31: Uttar Pradesh: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 32: Uttar Pradesh: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 33: Uttar Pradesh: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 34: Uttar Pradesh: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 35: Uttar Pradesh: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 36: West Bengal: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 37: West Bengal: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 38: West Bengal: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 39: West Bengal: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 40: West Bengal: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 41: Kerala: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 42: Kerala: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 43: Kerala: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 44: Kerala: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 45: Kerala: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 46: Haryana: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 47: Haryana: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 48: Haryana: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 49: Haryana: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 50: Haryana: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 51: Punjab: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 52: Punjab: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 53: Punjab: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 54: Punjab: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 55: Punjab: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 56: Rajasthan: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 57: Rajasthan: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 58: Rajasthan: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 59: Rajasthan: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 60: Rajasthan: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 61: Madhya Pradesh: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 62: Madhya Pradesh: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 63: Madhya Pradesh: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 64: Madhya Pradesh: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 65: Madhya Pradesh: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 66: Bihar: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 67: Bihar: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 68: Bihar: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 69: Bihar: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 70: Bihar: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 9 71: Orissa: Ghee Market: Sales Volume (in Million Kg), 2014 - 2019

Figure 9 72: Orissa: Ghee Market: Sales Value (in Billion INR), 2014 - 2019

Figure 9 73: Orissa: Ghee Market: Key Players Market Share (in %), 2019

Figure 9 74: Orissa: Ghee Market Forecast: Sales Volume (in Million Kg), 2020 - 2025

Figure 9 75: Orissa: Ghee Market Forecast: Sales Value (in Billion INR), 2020 - 2025

Figure 10 1: India: Ghee (Mix) Market: Key Players Market Share (in %), 2019

Figure 11 1: Ghee Manufacturing Plant: Detailed Process Flow

Figure 11 2: Ghee Manufacturing Process: Conversion Rate of Feedstocks

Figure 14 1: Ghee Manufacturing Plant: Breakup of Capital Costs (in %)

Figure 14 2: Ghee Industry: Margins Across Various Stages of the Supply Chain

Figure 14 3: Ghee Production: Manufacturing Cost Breakup (in %)

Figure 15 1: GCMMF: Annual Turnover (in Billion INR)

Figure 15 2: Mother Dairy: Annual Turnover (in Billion INR)

Figure 15 3: SMC Foods Limited: Annual Turnover (in INR Billion)

Figure 15 4: Bhole Baba Dairy Industries Limited: Annual Turnover (in Billion INR)

Figure 15 5: RCDF: Annual Turnover (in Billion INR)

Figure 15 6: Parag Milk Foods Limited: Annual Turnover (in Billion INR)

List of Tables

Table 5 1: Indian Dairy Market: Key Industry Highlights, 2019 and 2025

Table 5 2: India: Dairy Market, 2019 and 2025

Table 5 3: India: Dairy Products and Their EBIDTA Margins

Table 5 4: India: Milk Production: Volume Breakup by State, 2014-15 – 2019-20

Table 5 5: India: Milk Production: Volume Breakup by Animal Type, 2014-15 - 2019-20

Table 6 1: Indian Ghee Market: Key Industry Highlights, 2019 and 2025

Table 6 2: India: Procurement Prices of Milk Private Dairies Vs. Cooperatives (in INR/Kg), 2019

Table 7 1: India: Ghee Market Forecast: Market Breakup by Type (in INR Billion), 2020-2025

Table 8 1: India: Ghee Market Forecast: Market Breakup by Retail and Institutional Sales (in INR Billion), 2020-2025

Table 11 1: Typical Composition of Ghee

Table 11 2: Ghee Manufacturing Plant: Raw Material Requirements (in Tons/Day)

Table 12 1: Ghee Manufacturing Plant: Costs Related to Land and Site Development (in INR)

Table 12 2: Ghee Manufacturing Plant: Costs Related to Civil Works (in INR)

Table 12 3: Ghee Manufacturing Plant: Machinery Costs (in INR)

Table 12 4: Ghee Manufacturing Plant: Raw Material Requirements (in Tons/Day) and Expenditures (INR/Ton)

Table 12 5: Ghee Manufacturing Plant: Utilities Requirements and Expenditures

Table 12 6: Ghee Manufacturing Plant: Costs Related to Salaries and Wages (in INR)

Table 12 7: Ghee Manufacturing Plant: Costs Related to Other Capital Investments (in INR)

Table 13 1: Details of Financial Assistance Offered by Financial Institutions

Table 14 1: Ghee Manufacturing Plant: Capital Costs (in INR)

Table 14 2: Ghee Manufacturing Plant: Techno-Economic Parameters

Table 14 3: Ghee Manufacturing Plant: Income Projections (in INR)

Table 14 4: Ghee Manufacturing Plant: Expenditure Projections (in INR)

Table 14 5: Ghee Manufacturing Plant: Taxation (in INR)

Table 14 6: Ghee Manufacturing Plant: Depreciation (in INR)

Table 14 7: Ghee Manufacturing Plant: Cash Flow Analysis without Considering the Income Tax Liability

Table 14 8: Ghee Manufacturing Plant: Cash Flow Analysis on Considering the Income Tax Liability

Table 14 9: Ghee Manufacturing Plant: Profit and Loss Account (in INR)

Table 15 1: GCMMF: Product Portfolio

Table 15 2: Mother Dairy: Product Portfolio

Table 15 3: SMC Foods Ltd.: Product Portfolio

Table 15 4: Bhole Baba Dairy Industries Limited: Product Portfolio

Table 15 5: RCDF: Milk Unions: Milk Procurement

Table 15 6: RCDF: Product Portfolio

Table 15 7: Parag Milk Foods Ltd.: Product Portfolio