Parag Milk Foods

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SSIO – III

Parag Milk Foods (Parag) operates in the US$100B+ Indian dairy space which is growing at a robust pace of 20%+, with modern products such as UHT Milk, Cheese, Whey, etc growing at a much faster rate. The dairy space is one of the toughest spaces to crack within the consumer sector given the challenges around milk procurement and overall supply chain. Thus, barriers to entry in this business are extremely high.

Founded in 1992 by Devendra Shah, a first-generation founder, Parag has scaled to become one of the largest private dairy players in the country. Parag has been the pioneer of various product formats with its core positioning around “cow’s milk” and has already established a strong dominance in cheese (second largest player in India with a near 35% market share). Parag manufactures a diverse range of products including cheese, ghee, fresh milk, whey protein, paneer, curd, yoghurt, milk powders and dairy based beverages targeting a wide range of consumer groups.