STUDY OF POTENTIAL MARKET FOR THE ADARE FOOD

INGREDIENT PVT. LTD

Project report
Under the guidance of
Dr. Y. A. Lad
Associate Professor & Head,
Department of HRD & Personnel Management,
International Agribusiness Management Institute,
Anand Agricultural University, Anand

By,
Tarun Gohil
Reg. No.-2040619009

INTERNATIONAL AGRIBUSINESS MANAGEMENT INSTITUTE,

ANAND AGRICULTURAL UNIVERSITY, ANAND
November 2020
 ABSTRACT

The Report is all about “STUDY OF POTENTIAL MARKET FOR THE ADARE
FOOD INGREDIENT PVT. LTD” base on the geography and segment for the expanding the
business. In today's competitive world while entering new player in the market it is very
necessary to have good knowledge of the potential of a particular market. Adare Food
Ingredients Pvt Ltd is a subsidiary of PLC Ingredients group, based in Ireland, along with
Flaverco Ltd., Real Ingredients and C. P. Ingredients Ltd. It specializes in the manufacture of
range of liquid and powder flavours and supplies these flavours globally. This research done
for the finding out potential market for dairy ingredients and flavour segment.

In the study, the secondary data used for the study and analysis market potential for Adare
Food Ingredients Pvt. Ltd. Secondary data was collected from company database and discuss
with staff members including manager. To meet the objectives of the study tabular analysis and
graphical presentation were employed as analytical tools.

It is clear from the study that there is usage potential market available for the Dairy
Ingredients and Flavour segment. There is great potential market in Asia Pacific region for the
Adare in the segment of Flavour and Both (Dairy & Flavour). India is potential country for the
Flavour and Both (Dairy & Flavour) in the Asia Pacific region. In other, Africa and Middle
East Region have the potential market in the segment of Dairy Ingredients. In Africa and
Middle East Region the UAE is highest potential country for the Adare Food Ingredients Pvt.
Ltd.

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 LIST OF CONTENTS

Serial No Content Page No.

ABSTRACT 2
LIST OF CONTENTS 3
LIST OF TABLES 5
LIST OF FIGURES 6
1 INTRODUCTION 7
1.1 Dairy Industry at Global Level 8
1.2 India – dairy industry 9
1.3 Global Flavour Industry 11
1.4 India Flavour Industry 13
1.5 Dairy Ingredients Market 14
1.6 Dairy Ingredients Market Growth and Forecast 18
(2020-2025)
1.7 Objectives of the study 20
2 REVIEW OF LITERATURE 21
3 RESEARCH METHODOLOGY 22
3.1 Sources of Data 22
3.2 Sample 22
3.3 Analytical tools 22
3.4 Limitations of the study 22
4 RESULTS & DISCUSSION 23
4.1 Category of Firm 23
4.2 Potential Companies by Segment 24
4.3 Category of Firm in Flavour Segment 25
4.4 Category of Firm in Both (Dairy & Flavour) 26
Segment
4.5 Potential Companies by Geography 28

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 4.6 Country of Potential Companies in Asia Pacific 28
Region
4.7 Potential Segment in Asia Pacific Region 30
4.8 Potential Companies of Different Country in Africa 30
and Middle East Region
4.9 Potential Segment in Africa and Middle East 32
4.10 Potential Companies in India by Geography 33
4.11 Potential Segment in India 34
4.12 Potential Companies in UAE by Geography 35
4.13 Potential Companies in UAE by Segment 36
5 CONCLUSION 38
6 REFERENCES 39

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 LIST OF TABLES
Table No Caption Page No.
4.1 Frequency table of Category of Firm 23
4.2 Frequency table of Potential Companies by Segment 24
4.3 Frequency table of Category of Firm in Flavour 25
Segment
4.4 Frequency table of Category of Firm in Both (Dairy 26
& Flavour) Segment
4.6 Country of Potential Companies in Asia Pacific 28
Region
4.7 Potential Segment in Asia Pacific Region 30
4.8 Potential Companies of Different Country in Africa 31
and Middle East Region
4.9 Potential Segment in Africa and Middle East 32
4.10 Potential Companies in India by Geography 33
4.11 Potential Segment in India 35
4.12 Potential Companies in UAE by Geography 35
4.13 Potential Companies in UAE by Segment 36

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 LIST OF FIGURES
Figure No. Caption Page No.
1.3 Global Flavour Industry 13
1.5 Dairy Ingredients Market 17
4.1 Category of Firm 24
4.2 Potential Companies by Segment 25
4.3 Category of Firm in Flavour Segment 26
4.4 Category of Firm in Both (Dairy & Flavour) Segment 27
4.5 Potential Companies by Geography 28
4.6 Country of Potential Companies in Asia Pacific 29
Region
4.7 Potential Segment in Asia Pacific Region 30
4.8 Potential Companies of Different Country in Africa 32
and Middle East Region
4.9 Potential Segment in Africa and Middle East 33
4.10 Potential Companies in India by Geography 34
4.11 Potential Segment in India 35
4.12 Potential Companies in UAE by Geography 36
4.13 Potential Companies in UAE by Segment 37

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 1. INTRODUCTION

India has attained and retains the first rank in milk production in the world. The first
five countries in the world producing maximum milk are India, USA, Russia, Germany and
China. Today, India is 'The Oyster' of the global dairy industry. It offers opportunities galore
to entrepreneurs worldwide, who wish to capitalize on one of the world's largest and fastest
growing markets for milk and milk products. The Indian dairy industry is rapidly growing,
trying to keep pace with the galloping progress around the world. The liberalization of the
Indian economy beckons to MNCs and foreign investors alike. In India, milk production
increased from 17 million tons in 1950-51 to 84.6 million tons in 2001-02 and reached 121.5
million tons during 2011. Therefore, from being a recipient of massive material support from
the World Food Program and the European Community in the 1960s, India has rapidly
positioned itself as the world's largest producer of milk.
The performance of the Indian dairy sector during the past three decades has been very
impressive. Milk production grew at an average annual rate of 4.57 percent during the 1970s,
5.68 percent during the 1980s, 4.21 per cent during the 1990s and 4 per cent during the 2000s.
The country's milk production is expected to reach 170 million tons in 2020.
This growth was achieved through extensive intervention by the Indian government,
as well as through increased demand driven by population growth, higher incomes, and
urbanization. Until 1991, the Indian dairy industry was highly regulated and protected. Milk
processing and product manufacturing were mainly restricted to small firms and cooperatives.
High import duties, non-tariff barriers, restrictions on imports and exports, and stringent
licensing provisions provided incentives to Indian-owned small enterprises and cooperatives
to expand production in a protected market. Indian policy makers saw the development of the
dairy sector as a measure to create supplementary employment and income among the small
and marginal farming households and landless wage earners, as milk production takes place in
millions of rural households scattered across the country.
Despite its being the largest milk producer in the world, India's per capita availability
of milk is one of the lowest in the world, although it is high by developing country standards.
The per capita availability of milk, which declined during the 1950s and 1960s (from 124 gm
per day in 1950-51 to 121 gm in 1973-74) expanded substantially during the 1980s and 1990s
and reached about 281 gm per day in 2010-11. The per capita consumption of milk and milk
products in India is among the highest in Asia. However, it is still below the world average of

7
285 gm per day and the minimum nutritional requirement of 280 gm per day as recommended
by the Indian Council of Medical Research (ICMR).
A dairy is a facility for the extraction and processing of animal milk, mainly from cows
or goats, but also from buffalo, sheep, horses or camels for human utilisation. Typically, dairy
is a farm (dairy farm) or section of a farm that is concerned with the production of milk, butter
and cheese. Although the milk producing animals are considered as domestic animals and the
consumption of the milk have been undergone with these animals at home, this has been
developed as a cottage industry in the recent past. While most countries generate their own
milk products, the structure of the dairy industry differs in different parts of the world. In major
milk-producing countries largely milk is circulated through whole sale markets. This trend may
vary in different countries with the functioning of cooperatives and also with the farmers’ one
to one sales technique.
In this 21st Century, the Indian dairy industry has set its goal to better manage its
national resources for enhancing milk production and upgrading milk processing through
newer technologies. Multinational dairy giants can carve a niche for themselves in this
challenging task in "a win-win situation that can be won".

1.1 Dairy Industry at Global Level

With industrialisation and urbanisation, the supply of milk has become a commercial
industry, with specialised variety of cattle being developed for dairy, as different from beef or
draught animals. In the beginning, more people were employed as milkers, but it quickly turned
to mechanisation with machines developed to do the milking. Almost all the countries produce
their own milk and each country follow different distribution techniques. In major milk-
producing countries most milk is circulated through wholesale markets. In Ireland and
Australia, farmers' co-operatives own many of the large-scale processors and in the United
States many farmers and processors do business through individual bond. In the United States,
the country's 196 farmer cooperatives sold 86% of milk in the U.S. in 20121. In developing
countries previously farmers were marketing milk in their own neighbourhoods. But these
practices in developing countries are now changing rapidly. Further the notable development
in the world dairy includes considerable foreign investment in the dairy industry and a growing
role for dairy cooperatives. Output of milk is growing rapidly in such countries and presents a
major source of income growth for many farmers (FAO, Rome, 2009).

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 The global recession has made a negative impact on the affordability as well as demand
for dairy products and effects on changing consumer behaviour across several markets
worldwide. But demand for dairy products began to recover in the latter part of 2009 and the
industry began to witness growth in early 2010. The market for dairy products is forecasted to
gain momentum over the ensuing years. Global dairy market over the recent years has
expanded mainly due to the introduction of new dairy products like omega-3 fatty acids-
enriched milk and A2 milk, probiotic dairy product and besides, health benefit played a vital
role in the growth of the global dairy market. Revival in consumption in post global recession,
continuing population growth, rising demand from developing countries, trade liberalization
and continued growth in advertising are expected to fuel market growth.

1.2 India – dairy industry

The creation of the dairy industry has been started since long back in India. Milk is one
of the delectable gifts of nature. From the very beginning itself people are very fond of milk
and the use of milk in various ways through producing many kinds of food from it similar to
curds, butter, cheese, etc. as it exert people to produce such milk in an organized way to meet
the increasing demand of the customer, that in turn results in the dairy industry.
Development of the dairy industry as in the present stage is not a cake walk. The
government has put a lot of efforts to regulate the dairy industry in India and had played a
crucial role to bring it in its present stage. In the early nineties, the Government of India
commence major trade policy, which favoured liberalization of all sectors of the economy and
dairy sectors was also no exemption to this. The dairy industry was de-licensed in 1991 with a
vision to promote private investment, flow capital and new technology in the sector. The
competition from the organized private sector was instantaneously in the form of the sharp
increase in capacities for milk processing, more than ever in areas where milk availability was
relatively significant. Within a year of de-licensing, over 100 new dairy processing plants come
up in the private segment.
However, in 1992 the Milk and Milk Products Order (MMPO) was disseminated under
the essential commodities Act 1955 to control milk and milk products production in the
country. There was certain inbuilt weakness in the MMPO for example; every unit was required
to build up its milk-shed areas to procure milk for processing. In some cases, the milk sheds
areas were fairly far away from the processing units, that increased the cost of transportation
and also affected the quality of raw milk because of many units did not have the necessary

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infrastructure (Cold chain) to procure and to transport of the procured milk. Since in many of
the existing milk shed, the procurement by organized sector was low; it was astonishing to
restrict the entry of other players in those areas. It’s been on familiar terms with the need for
suitable amendments in the MMPO Act 1992, GOI has made amendments from time to time
in order to make more liberal and facilitated the dairy development.
During 2001, the Government made some important modification in MMPO Act 1992,
whereby the registration of units handling up to one-lakh litres of milk per day or 5000 tonnes
of milk solids per annum was granted by the concerned State Government. The requirement of
restoration of license was brought to an end, but the Government controls, regulations, and
licensing requirements limited large Indian and multinational players for making significant
investments in this sector.
In the month of March 2003, GOI put an end to the restrictions on setting up milk
processing and milk products manufacturing plants and removed the concept of milk shed,
whereas requirements regarding to food safety and hygiene were retained in the MMPO. The
Cooperatives have to be handled and run on commercial lines and corporatisation of
cooperatives will enable to compete efficiently in an open market environment by amendments
of Multi State Cooperative Society Act 1984. The growth of dairy sector during the last decade
has been impressive due to a set of Government policies which created a suitable prize
environment for domestic milk production as well as export of dairy products.
India now has indisputably the world's biggest dairy industry, in terms of milk
production; last year India produced close to 100 million tonnes of milk, 15% more than the
US and three times as much as the much-heralded new growth champ, China. In India, the
dairy sector plays an important role in the country’s socioeconomic development, and
constitutes an important segment of the rural economy. The research report, “Indian Dairy
Industry Analysis (2012)” says that India is the world’s largest milk producer, accounting for
around 17% of the global milk production.
Besides, India is noted as one of the largest producers as well as consumers of dairy
products. Due to the rich nutritional qualities of milk, the utilisation of dairy products has been
growing exponentially in the country, and in view of such facts and figures, the study
anticipates that the milk production in India will grow at a CAGR (Compound Annual Growth
Rate) of around 4% during 2011-20158. Normally in India, agriculture contributes around 25%
to the GDP (Gross Domestic Product), in which one fourth of the contribution in the GDP
comes from livestock products. Also, dairy industry provides livelihood to millions of families
in villages, guaranteeing supply of quality milk and milk products to people in both urban and
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rural areas. India is a country which consumes almost the 100% of its own milk production
(Ashraf Imam, M N Zadeh and Laxmi Rani Dubey, 2011). The profile of Dairy Industry in
India says that presently there are about 70,000 village dairy cooperatives in the country. The
cooperative societies are united into 170 district milk producers' unions, which in turn has 22
state cooperative dairy federations. Milk production gives employment to more than 72million
dairy farmers.
On the darker side of Dairy Industry in India, it is said that, even though milk production
has grown at a fast pace during the last three decades (courtesy: Operation Flood), the milk
processing industry is small compared to the huge amount of milk produced every year. It is
learned that only 10% of all the milk is delivered to some 400 dairy plants. An explicit Indian
phenomenon is the unorganised sector of milkmen, vendors who collects the milk from local
producers and sells the milk in both, urban and rural areas, which handles around 65-70% of
the nation’s total milk production. In organised dairy industry, the cooperative milk processors
have 60% market share. The cooperative dairies process 90% of the collected milk as liquid
milk whereas the private dairies process and sell only 20% of the milk collected as liquid milk
and 80% for other dairy products with a focus on value-added products (Ashraf Imam, M N
Zadeh and Laxmi Rani Dubey, 2011).

1.3 Global Flavour Industry

The global flavors market has witnessed a remarkable growth in the processed food &
beverage segment over the past few years. This has positively affected the fruit & vegetable
ingredients market growth. Food & beverages have a major role to play in the packaged food
industry, which varies according to the region. Flavors can be broadly classified as natural and
synthetic flavors, where natural flavors are produced from edible substances such as fruits,
vegetables, leaves; and synthetic flavors from inedible substances such as petroleum, which is
processed in the labs to create flavors.
Flavors have a major share in overall food industry and are at the threshold of gigantic
growth. This market can be characterized as innovative, technical, and specialized in nature.
Growth of the flavors market is driven by changing lifestyle of consumers, increase in demand
for convenience food and development of global beverage industry in terms of packaging and
safe logistics, for instance, self-chilling beverage cans. New technologies have pioneered the
outgrowth of advanced ingredients derived from fruits & vegetables. Developing countries
such as China, India, Germany, France, and Japan present a feasible market for the

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manufacturers with potential availability of raw materials. However, growth in premium lines
of sauces and seasonings, rising raw material prices, bargaining power of customer and
supplier, high entry barriers, and price pressure on manufacturers hinder market growth.
Growing interest of small-scale industries in market expansion by developing facilities and
technical service centers in various regions provide opportunities for market growth. This
growth strategy is crucial for the smaller companies, enabling them to extend their technical
capability through precise R&D infrastructure offered by the major players.
Demand for natural flavors is expected to increase substantially considering health and
wellness issues. Global flavor industry is led by Switzerland followed by U.S. and Germany.
Canadian companies entering the flavors market are expected to find it highly competitive and
will need to compete not only on price but also on innovation and quality.
Leading players such as Kerry Group plc, Archer Daniels Midland Company,
DohlerGroup, AGRANA Group, SVZ International B.V. and SunOpta, Inc. Other well-known
companies in the market are Sensient Technologies Corporation, Olam International Limited,
DIANA S.A.S., and Sensory Effects Ingredient Solutions. The global flavour and fragrance
market was worth US$ 27.9 billion in 2018. Flavors and fragrances are substances that are used
to enhance the overall aesthetic value of a product by altering its smell and taste. Flavors are
majorly used in the foods, beverages, dairy and confectionary industries, whereas, fragrances
are used for providing fine smells in body care, home care and cosmetic products. Taste and
smell are among the key determinants for the appeal of the product. The possibilities of flavours
and fragrances are endless, ranging from floral, musky to warm and woody. They are usually
prepared using natural/artificial chemicals and essential oils to deliver a specific flavour and to
enhance the existing ones. The key end-users of the flavours industry include beverages, dairy,
confectionary, meat, snacks, healthcare, bakery, etc. On the other hand, some of the key end-
users of the fragrances industry include cosmetics and toiletries, soap and detergents,
household cleaners and air fresheners, etc.
A key driver of the global flavours and fragrances market is the strong growth in the
food and beverage industry. Catalysed by a rising global population and increasing
urbanization rates, the demand of processed foods and beverages has been witnessing a
continuous growth creating a positive impact on the growth of the market. Moreover, driven
by rising incomes, changing lifestyle and increasing consciousness towards physical
appearance, the market for personal care products has also been witnessing a strong growth
creating a strong demand for flavours and fragrances. Other major factors driving the market
include emerging markets, rising demand for organic and natural products, growing young
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population, etc. Looking forward, the publisher expects the market to grow at a CAGR of
around 4% during 2019-2024, reaching a value of US$ 35.1 billion by 2024.

Fig. 1.3 Global Flavour Industry

1.4 India Flavour Industry

The Indian food flavors market is set to grow; and offer innumerable opportunities for
new entrants to grow in this market. Rampant urbanization, growth of disposable income,
availability of convenience goods coupled with growing health concerns are the major drivers
for the industry’s growth. Additional factors such as awareness among governments and
consumers to address specific health and nutritional needs are strongly fuelling the food and
beverage markets, which, in turn are boosting the s market. There is demand for new variants
especially in the health foods and beverage categories that keeps the market growing; a trend
which is expected to continue for the next few years. The future of the Indian flavors market
rests on the launch of novel foods and beverages constituting health and functional ingredients.
Innovation in flavor variants of key producers, enhancement of sales force capabilities and
technological improvement are the critical factors for the success of a flavor industry.

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 India flavors market stood at $ 414 million in 2018 and is projected to grow at a CAGR
of over 13% to surpass $ 875 million by 2024, on account of increasing youth population,
growing urbanization and hence, rising demand for various packaged food products across the
country. Additionally, increasing disposable income of middle-class urban population,
innovative marketing and promotional strategies of companies offering a variety of options of
flavored food products coupled with changing taste preferences of consumers is expected to
encourage the growth of India flavors market through 2024.
On the basis of source, India flavors market has been categorized into nature identical
flavors, artificial flavors and natural flavors. Nature identical flavors captured half of the
market in 2018 and are expected to maintain their dominance during the forecast period as well
owing to strong consumer perception about nature identical flavors being safer for health and
availability of numerous options in the category.

1.5 Dairy Ingredients Market

In terms of value, the dairy ingredients market is expected to grow at a CAGR of 4.1%
from 2020 to 2027 to reach $71.5 billion by 2027. In terms of volume, the market is projected
to reach 16,074.0 kilotons at a CAGR of 1.4% during the forecast period. Dairy Ingredients are
derived from milk that satisfy nutritional, organoleptic, and other functional needs. Dairy
Ingredients are highly valuable in food industries for their multifunctionality and are
considered as an essential ingredient for food formulation. The growth in the dairy ingredients
market is majorly driven by the increasing food demand for a growing population and rising
economy of developing nations. Additionally, rise in nutritionally aware consumers, increasing
demand for clean label products, and advancement in supply chain management are also some
of the key factors boosting the adoption of dairy ingredients.
• Increasing population and rise of the nutritionally aware consumers are propelling the
growth of the dairy ingredients market
According to the Population Reference Bureau (PRB), the global human population is
expected to grow by 75 million annually or at 1.1% per year. With this, the world population
is expected to reach 9.9 billion in 2050, an increase of 33% from an estimated 7.4 billion
population of 2017; whereas, by 2050, the number of older people is expected to be doubled.
Considering the world’s growing population, the demand for food products is expected to rise.
According to the report of Harvard Business Review, food demand is expected to increase
between 59 to 98% by 2050. The factors driving the demand for nutritious food are the growing

14
incidence of diseases in the population and rising geriatric population. The dairy ingredients
are a major constituent of nutritious food and supplements. It gets widely used in probiotic
foods, protein supplements, and in various range of food products such as yoghurt, fermented
beverages, and savoury. Thus, the rising demand for nutritious food from a growing population
is expected to drive the growth of the dairy ingredients market.
• Growth in investments and strategic alliances to support the dairy ingredients market
growth
On a global scale, the dairy and its allied industries are experiencing significant growth
in developing and emerging economies, especially in Asia and Latin America. According to the
Indian Council of Food and Agriculture, India is the largest producer of dairy products by
volume, accounting for more than 13% of the world's total milk production, and it also has the
world's largest dairy herd. Hence, India is one of the prominent markets for the expansion of
the dairy ingredients. Also, the innovative partnerships formed between organizations/agencies
of different countries is driving the market expansion of dairy ingredients. For instance, the U.S.
Dairy Export Council and China’s Jignana University aims to increase the U.S. dairy exports to
China by providing traditional products of China, particularly focusing on dairy protein
products. Besides, initiatives taken by key players to increase the production in future are
expected to provide significant growth opportunities in the market.
• Impact of COVID-19 on the dairy ingredients market
Both lives and livelihoods are at a risk from the COVID-19 pandemic. The continuous
spread of the disease has dramatically affected the logistics and supply chain operations. The
quarantines and lockdowns are freezing the economy with unexpected force and speed.
According to the report of Foreign Policy Research Institute, in 2020, the stock market has sunk
from its peak, eliminating out three years of gains. Unemployment is shooting up far faster than
the 2008 recession and this negative impact has adversely affected the various business sectors
including dairy segment. Dairy functional ingredients consumption has slumped as households
have reduced expensive purchase as consumers are worried about their finance and job.
Additionally, the shortage of animal feed, veterinary medicine, and other important
input of dairy sector have started impacting the dairy industry. Closure of restaurants, schools,
and less frequent grocery shopping is diminishing the demand for food products including dairy-
based products which are affecting the businesses of producers and suppliers. Further, the
disruption to the supply chain has been causing wastage of enormous amounts of fresh
milk/milk products and sales to major dairy export markets have dried up as the majority of

15
foodservice sectors have shut down, globally. The dairy companies are significantly facing
reduced consumption of dairy ingredients; supply chain challenges; and limited workforce at
the plant, harvest, and distribution centres due to the travel restrictions. The present imbalance
and crisis circumstances have adversely affected the global market for dairy ingredients. During
this global pandemic, numerous dairy industries are struggling to mitigate impacts from a
potential global recession. Despite the huge loss, the market is expected to show a slow recovery
once the situation begins to normalize, and consumption will be expected to pick up gradually,
but is unlikely to be enough to compensate for the previous loss.
• Dairy Ingredients Market Segment:
Dairy Ingredients Market by Source
• Milk
• Whey
Dairy Ingredients Market by Type
• Milk Powder
• Whey Protein
• Milk Protein
• Third- Generation Ingredient
• Casein
• Butter Milk Powder
• Whey Permeate
• Lactose
Dairy Ingredients Market by Application
• Paediatric
• Sports Nutrition
• Medical Nutrition
• Functional Food
• Bakery
• Confectionery
• Dairy
• Animal Feed
• Others
Dairy Ingredients Market by Geography
• North America
o U.S.
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 o Canada
• Europe
o Germany
o France
o Russia
o Italy
o U.K.
o Spain
o Rest of Europe
• Asia-Pacific (APAC)
o China
o Japan
o India
o New Zealand
o Australia
o Thailand
o Rest of Asia-Pacific (RoAPAC)
• Latin America
o Brazil
o Mexico
o Argentina
o Rest of Latin America
• Middle East and Africa
Dairy Ingredients Market by Source (Milk, Whey), Type (Milk Powder, Whey Protein,
Milk Protein, Third- Generation Ingredients, Casein), and Application (Paediatric, Sports
Nutrition, Medical Nutrition, Functional Food, Bakery)

Fig. 1.5 Dairy Ingredients Market

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1.6 Dairy Ingredients Market Growth and Forecast (2020-2025)
The Global Dairy Ingredients Market Size was worth USS 53.8 billion in 2020, and it
is estimated to reach a valuation of USS 81.4 billion by the end of 2025, expanding at an annual
compound rate of above 7% between 2020 and 2025. Knowledge of the functional properties
of dairy ingredients enables food technicians to utilize possible contributions to the product's
features to meet consumer expectations.
• Market Overview:
Dairy ingredients are mainly extracted from milk and whey and are used to develop
different types of products with diverse applicability. For example, these ingredients provide
food with nutritional and health benefits, flavor and other properties. Traditional heat treatment
methods are used to produce dairy ingredients and to cool and taste, while membrane separation
techniques are used for the same purpose. Dairy Ingredients are used as constituents in many
foods. They have a unique flavor, pleasant texture and excellent nutritional value.
In many cases, dairy ingredients provide easy-to-use labels for packaged foods. In
addition, these ingredients have many properties, such as whey protein concentrate, and the
isolate has gelling properties and also helps absorb moisture content; Caseinate has the ability
to emulsify and stabilize; Lactose helps brown during the heating process. However, lactose
has crystallization properties and the hydrolytic activity of the enzyme lactase, which is very
important for frozen and confectionery products. Therefore, food manufacturers can choose
suitable dairy ingredients to ensure the quality of food.
• Recent Developments in Dairy Ingredients Industry:
o On March 27, 2018, the French dairy cooperative Laita and its subsidiary Epi Ingredients
launched a new nutrient, ESI Nutrition.
o French-based dairy company Danone has launched five new products in its product line,
Icelandic Skyer, Laban, Iran, Lacy and Strazisto. These five products are rich in protein
with high-fat content and are available in 5 countries, including India, Turkey, Greece and
Lebanon.
o Arla Foods Ingredients opens a new production plant in Denmark. The facility can produce
4,000 tons of high-quality whey and casein hydrolyzate each year.
o PowerBar has launched a new line of whey products under the Clean Whey brand, which
does not have an artificial sweetener formulation and contains 2 grams of sugar.
o Epigamy launched India's first lactose-free boat, which has creamy texture, low-fat, high-
protein Greek yogurt

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• Dairy Ingredients Market Growth:
Complemented by the application of versatile dairy ingredients and increased consumer
awareness of consumers' healthy eating habits, consumption of functional ready-to-eat foods
is increasing, and the global market for dairy ingredients is growing.
• Drivers:
As awareness of maintaining a healthy lifestyle for people increases, the importance of
strengthening food and beverage nutrition is supposed to have a positive impact in the next
eight years. Vegans are expected to consume functional foods enriched with protein to
supplement their protein needs will have a significant effect on the market. Food and beverage
companies have launched new products, including Kellogg, which is presumed to increase
demand for whey and milk powder as demand for protein supplements increases. The
ingredients of dairy products in the form of milk powder are reinforced in the preparation of
infant products, as they provide a superficial microbiological level, high thermal stability and
promote prolonged processing work in the production of infant formulas. Most consumers
generally use it as a supplement along with resistance exercises to support improved protein
synthesis and help lean tissue mass.
As diet foods become more aware of nutritional supplements, their knowledge of
protein-rich foods is expected to fuel the use of dairy ingredients, including whey, in the next
eight years. The level of innovation led by Danone, a baby food maker in emerging countries,
including China and India, is anticipated to increase demand for powdered milk in the next
eight years. Regulatory support for the inclusion of whey protein in food and beverages by the
US FDA is assumed. The USA and the UK government will have a substantial impact in the
next eight years. Health problems arise between people. R&D activation associated with
innovative solutions using dairy ingredients, growth in applications such as confectionery and
dairy products, and increased urbanization drive the market growth.
However, the availability of milk substitutes and lactose intolerance and the appearance
of milk allergies interfere with this growth. Milk Protein Concentrate (MPC) has functional
properties similar to acidic casein and was developed by CO2 infusion, a potential alternative
to casein and caseinate components. Recent developments in advanced technologies, such as
adsorption chromatography, have created elements with prebiotic benefits, making them an
excellent opportunity for market growth.
Regional Analysis:

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 The market for dairy ingredients finds coverage in Europe, North America, Latin
America, Asia Pacific and the Middle East and Africa. Asia-Pacific is the fastest-growing
region in the market due to events such as the increase in disposable income of the population
in emerging markets, including China, India, Bangladesh, Thailand, Malaysia and Indonesia.
The Asia-Pacific dairy ingredients market is likely to account for a large part of sales in the
global business and is expected to maintain its leadership during the forecast period. As
people's health awareness increases, demand for nutritious food and drinks is supposed to
increase, and it is expected to lead the market for dairy ingredients in the Asia Pacific. Changes
in local eating habits are anticipated to drive regional growth during the outlook period. In
addition, favourable government regulations are foreseen to boost investment in the region's
food and beverage industry.
European demand was 3,439.2 kilotons. Increased spending by sports professionals and
people working on nutritional products in Germany, France, the UK and Russia to improve
muscle strength is expected to promote the use of milk powder as a functional ingredient. MEA
is expected to grow at an average annual rate of 3.1% from 2016 to 2024. It is presumed to
break new ground during propensity movement forecasts in the upstream oil and gas sector to
facilitate investment in the food sector and national drinks by governments of countries in the
Middle East such as Saudi Arabia, United Arab Emirates and Qatar.

1.7 Objectives of the study

• Find out the potential market for the Flavors.
• Find out the potential market for the dairy ingredient.

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 2. REVIEW OF LITERATURE

Dr. Deepa Ingavale (2012) in a study on “A Study of International Trade of Indian Dairy
Industry” she concluded that the exports of dairy products from India are increasing. The Asian
countries are the major destination for exports. In recent years, India has found some new
markets in South & East Asia & in Gulf regions. China, Korea, Lebanon, Myanmar, Israel &
Iran are the new & emerging markets. Considering the size of these markets, particularly of
China, India has a great export potential in these markets. Skim Milk Powder, Whole Milk
Powder, Milk food for babies, Butter & ghee are the main products of Indian basket of dairy
exports. India needs to diversify product range to capture the new markets as the food habit
patterns is changing rapidly in south & east Asian markets. Although, India has made some
effort to diversify exports towards products like whey-based products, dairy spreads, Butter
oil, processed & powdered cheese & fermented products, but efforts need to modify these
product lines.

ICFA (2017) report on “Indian Dairy Product Market” shown that Despite having the world’s
largest milk production, India is a very minor player in the international market. This is due to
the direct consumption of liquid milk by the producer households as well as the demand for
processed dairy products that has increased with the growth of income levels, which have left
little dairy surpluses for export. Nevertheless, India consistently exports specialty products
such as casein for food processing or pharmaceuticals. The major export destinations for the
Indian dairy products are Bangladesh, Middle East, US and Egypt.

Gulfood (2019) report on “Global Industry Outlook Report 2019” shown that Western food
trends and eating habits have entered markets in Asia Pacific, the Middle East and North Africa
as well as Sub-Saharan Africa and Latin America with great success, while flavours from said
regions are increasingly incorporated into cuisines in North America, Europe and Australasia.
Western eating habits usually offer a more convenient way of eating, perfect for increasingly
busy lifestyles. Spices like turmeric, or ingredients like hummus and olive oil on the other hand
are seen as exciting, delicious and naturally healthy and nutritious additions to ones’ diet and
therefore a perfect fit with current developments in most developed markets. Consumers also
appreciate the variation and new flavours of other cuisines.

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 3. RESEARCH METHODOLOGY

The project entitled “Find out the potential market for the Adare Food Ingredients Pvt.
Ltd.” was started from 15th June, 2020. The specific objectives of the study were to finding the
potential market for the dairy ingredient and flavours on the base of the geographic location
and segment.

3.1 Sources of Data

Secondary data were collected to meet the objectives of the study.
• Secondary Data
Secondary data was collected from company database and discuss with staff members
including manager.

3.2 Sample
• Sampling Method: Non-Probability
• Sampling Technique: Purposive sampling
• Sample Size: 500

3.3 Analytical tools

• To meet the objectives of the study tabular analysis and graphical presentation were
employed as analytical tools.

3.4 Limitations of the study

• This project is mainly based on the secondary data, so it is lacking some data which was
not available in the records. So, reliability is the major limitation of this project.
• The data Obtained through secondary research may be outdated.

22
 4. RESULTS & DISCUSSION
4.1 Category of Firm
Total of 500 companies were taken for the study. Among them, 26 agriculture produce,
28 bakeries, 31 bakery & Dairy, 27 Beverages, 20 Confectionery, 28 Pharma & Cosmetics, 99
Dairy, 53 Food Ingredient, 20 Proceed & Frozen Food, 38 HoReCa, 10 Premix, 7 Snack and
113 others were selected purposively. In the other, there were Trading, Importer, Exporter and
different agencies included.
Table 4.1 Frequency Table of Category of Firm
Frequency Percent Cumulative Percent
Category of Firm
(Number of Firm) (%) (%)

Agriculture Produce 26 5.2 5.2

Bakery 28 5.6 10.8

Bakery & Dairy 31 6.2 17

Beverages 27 5.4 22.4

Confectionery 20 4 26.4

Pharma & Cosmetics 28 5.6 32

Dairy 99 19.8 51.8

Food Ingredient 53 10.6 62.4

Proceed & Frozen Food 20 4 66.4

HoReCa 38 7.6 74

Premix 10 2 76

Snack 7 1.4 77.4

Other 113 22.6 100

Total 500 100

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 Category of Firm

Agriculture Produce
5% Bakery
5% Bakery & Dairy
23%
6% Beverages
5% Confectionery
1% Pharma & Cosmetics
2% 4%
Dairy
8% 6% Food Ingredient
Proceed & Frozen Food
4%
HoReCa
11% 20%
Premix
Snack
Other

Fig. 4.1 Category of firm use in study

From the above chart it is seen that maximum 23% firm others, 20% firm of dairy and
11% firm of food ingredient category.

4.2 Potential Companies by Segment

From the total of 500 companies, 79 were potential for dairy segment, 154 were
potential for flavour segment, whereas 152 were observed potential for both segments.
Table 4.2 Frequency table of Potential Companies by Segment
Frequency Percent Cumulative Percent
Segment (Number of Firm) (%) (%)

Dairy 79 15.8 15.8

Flavour 154 30.8 46.6

Both (Dairy & Flavour) 152 30.4 77

Other 115 23 100

Total 500 100

24
 Potential Companies by Segment
180
154 152
160
140
115
120
100 79
80
60
40
20
0
Dairy Flavour Both (Dairy & Other
Flavour)

Fig. 4.2 Potential Companies by Segment

As shows in the above Chart we can Say that Majority of the companies are the potential
for the Flavour and Both (Dairy & Flavour) segment 154 and 152 respectively.

4.3 Category of Firm in Flavour Segment

The following table show the category of firm which potential for the flavour segment.
There were 154 potential companies for flavour segment in the study. It consists 33 Food
Ingredient, 27 Pharma & Cosmetics, 19 Beverages, 18 Bakery and other category companies.

Table 4.3 Frequency Table of Category of Firm in Flavour Segment

Category of Firm Frequency (Number of Firm) Percent (%)
Agriculture Produce 9 5.84
Bakery 18 11.69
Beverages 19 12.34
Confectionery 4 2.60
Pharma & Cosmetics 27 17.53
Food Ingredient 33 21.43
Proceed & Frozen Food 16 10.39
Premix 1 0.65
Snack 6 3.90
Other 21 13.64
Total 154 100.00

25
 Category of Firm in Flavour Segment

Agriculture Produce
14% 6%
Bakery
12%
4% Beverages
1% Confectionery
10% 12% Pharma & Cosmetics
Food Ingredient
3% Proceed & Frozen Food
Premix
21% 17% Snack
Other

Fig. 4.3 Category of Firm in Flavour Segment

As shown in above chart, the food ingredient, Pharma & Cosmetics Beverages, Bakery
and proceed & frozen food have good potential category firms for flavour segment, which
contributed 21%, 17%, 12%, 12% and 10% respectively.

4.4 Category of Firm in Both (Dairy & Flavour) Segment

The following table show that category of firm which potential for the flavour segment.
There were 152 potential companies for Both (Dairy & Flavour) segment in the study. It
consists of 38 HoReCa, 31 Bakery & Dairy, 19 Dairy, 17 Food Ingredient, 16 Confectionery,
10 Bakery and other category companies.
Table 4.4 Frequency Table of Category of Firm in Both (Dairy & Flavour) Segment

Frequency
Category of Firm Percent (%)
(Number of Firm)
Agriculture Produce 1 0.66
Bakery 10 6.58
Bakery & Dairy 31 20.39
Beverages 8 5.26
Confectionery 16 10.53

26
 Pharma & Cosmetics 1 0.66
Dairy 19 12.50
Food Ingredient 17 11.18
Proceed & Frozen Food 1 0.66
HoReCa 38 25.00
Premix 9 5.92
Snack 1 0.66
Total 152 100

Category of Firm in Both (Dairy & Flavour) Segment

Agriculture Produce
Bakery
6%1%
1%7%
Bakery & Dairy
Beverages
20% Confectionery
25%
Pharma & Cosmetics
Dairy
5% Food Ingredient
1%
Proceed & Frozen Food
11% 10%
HoReCa
12% 1%
Premix
Snack

Fig. 4.4 Category of Firm in Both (Dairy & Flavour) Segment

As shown in above chart, HoReCa, Bakery & Dairy, Dairy, Food Ingredient,
Confectionery and Bakery have good potential category firms for flavour segment, which
contributed 25%, 20%, 12%, 11%, 10% and 6% respectively.

27
4.5 Potential Companies by Geography

Potential Companies by Geography

Central & Eastern Europe 8

Africa and Middle East 60

south America 1

North America 3

Western Europe 11

Asia Pacific 455

0 100 200 300 400 500

Africa
Central &
Asia Western North south and
Eastern
Pacific Europe America America Middle
Europe
East
Number of Companies 455 11 3 1 60 8

Fig. 4.5 Potential Companies by Geography

As Shown in the chart, most of the companies from the Asia Pacific region in the study.
The Asia pacific region have 455 potential companies. That shown the more potential market
in the Asia Pacific region. After that the Africa and Middle East have 60 companies and other
region have 23 companies. Other regions were Central & Eastern Europe, South America,
North America and Western Europe. There were 10 companies working in the multiple nation.

4.6 Country of Potential Companies in Asia Pacific Region

The following table show that number of potential companies of different country in
Asia Pacific region. It consists of Bangladesh, China, India, Indonesia, Malaysia, Pakistan,
Singapore, Thailand, Australia, New Zealand and Vietnam.
Table 4.6 Country of Potential Companies in Asia Pacific Region
Country Frequency (Number of Firm) Percent (%)

Bangladesh 2 0.44

China 5 1.10

28
 India 422 92.75

Indonesia 2 0.44

Malaysia 5 1.10

Pakistan 10 2.20

Singapore 2 0.44

Thailand 2 0.44

Australia 3 0.66

New Zealand 1 0.22

Vietnam 1 0.22

Total 455 100.00

Fig. 4.6 Country of Potential Companies in Asia Pacific Region

As Shown in the chart, the majority potential companies from the India. India have
422 potential companies. It acquired 92.75% potential companies in the Asia Pacific region.

29
4.7 Potential Segment in Asia Pacific Region
The following table show that number of potential companies base on their potential
segment. From the total of 455 companies, 72 were potential for dairy segment, 142 were
potential for flavour segment, whereas 139 were observed potential for both segments.

Table 4.7 Potential Segment in Asia Pacific Region

Frequency
Segment (Number of Percent (%)
Firm)
Dairy 72 15.82
Flavour 142 31.21
Both (Dairy & Flavour) 139 30.55
Other 102 22.42
Total 455 100.00

Potential Segment in Asia Pacific Region

Dairy Ingredients

22% 16% Flavour

Both (Dairy
31% Ingredients &
31% Flavour)
Other

Fig. 4.7 Potential Segment in Asia Pacific Region

As shows in the above Chart we can Say that Majority of the companies are the potential
for the Flavour and Both (Dairy & Flavour) segment 31% and 31% respectively. So, Flavour
and Both (Dairy & Flavour) segment have great potential in the Asia Pacific region.
4.8 Potential Companies of Different Country in Africa and Middle East
Region
The following table show that number of potential companies of different country in
Africa and Middle East region. It consists of Egypt, Iran, Iraq, Jordan, Kenya, Kingdom of

30
Bahrain, Kuwait, North Africa, Turkey, Senegal, Syria, Somalia, UAE, Ethiopia, Lebanon,
Angola, Ghana, Senegal, Algeria, Congo, Yemen and Saudi Arabia.

Table 4.8 Potential Companies of Different Country in Africa and Middle East Region
Country Frequency (Number of Firm) Percent (%)
Egypt 6 10.00
Iran 1 1.67
Iraq 1 1.67
Jordan 2 3.33
Kenya 3 5.00
Kingdom of Bahrain 1 1.67
Kuwait 2 3.33
North Africa 1 1.67
Turkey 2 3.33
Senegal 1 1.67
Syria 1 1.67
Somalia 1 1.67
UAE 28 46.67
Ethiopia 2 3.33
Lebanon 1 1.67
Angola 1 1.67
Ghana 1 1.67
Senegal 1 1.67
Algeria 1 1.67
Congo 1 1.67
Yemen 1 1.67
Saudi Arabia 1 1.67
Total 60 100.00

31
 Potential Companies of Different Country in Africa and Middle
East Region

2%
2% 2% 10%
2%
2%
2%
2% 2%
2% 2%
3% 3%
5%
2%
3%
2%
3%
2%
2%
2%
47%

Egypt Iran Iraq Jordan

Kenya Kigdom of Bahrain Kuwait North Africa
Turkey Senegal Syria Sumalia
UAE Ethiopia Lebanon Angola
Ghana Senegal Algeria Congo
Yemen Saudi Arabia

Fig 4.8 Potential Companies of Different Country in Africa and Middle East Region
As Shown in the chart, the majority potential companies from the UAE. UAE have 28
potential companies. It acquired 47.67% potential companies in the Africa and Middle East
region.

4.9 Potential Segment in Africa and Middle East

The following table show that number of potential companies base on their potential
segment. From the total of 60 companies, 18 were potential for dairy segment, 15 were potential
for flavour segment, whereas 13 were observed potential for both segments.

Table 4.9 Potential Segment in Africa and Middle East

Segment Frequency (Number of Firm) Percent (%)
Dairy 18 30.00
Flavour 15 25.00
Both (Dairy & Flavour) 13 21.67

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 Other 14 23.33
Total 60 100

Potential Segment in Africa and Middle East

Dairy Ingredients
14, 23%
18, 30% Flavour

Both (Dairy
13, 22% Ingredients & Flavour)
15, 25% Other

Fig. 4.9 Potential Segment in Africa and Middle East

As shows in the above Chart we can Say that Majority of the companies are the potential
for the Dairy and Flavour segment 30% and 25% respectively. So, Dairy and Flavour have
great potential in the Africa and Middle East region.

4.10 Potential Companies in India by Geography

The following table show that number of potential companies of different location in
India. It shown the state wise number of potential companies.

Table 4.10 Potential Companies in India by Geography

State Frequency (Number of Firm) Percent (%)
Andhra Pradesh 1 0.24
Gujarat 211 50.00
Goa 3 0.71
Kerala 7 1.66
Karnataka 8 1.90
Maharashtra 106 25.12
Madhya Pradesh 13 3.08
New Delhi 27 6.40

33
 Tamil Nadu 7 1.66
Rajasthan 13 3.08
West Bengal 3 0.71
Haryana 9 2.13
Punjab 1 0.24
Telangana 8 1.90
Uttar Pradesh 4 0.95
Chandigarh 1 0.24
Total 422 100.00

Potential Companies in India by Geography

2%
1%0%
3% 2%
6% 2% 1%
0%
3% 0%

50%

25%

2%
2%
1%

Andhra Pradesh Gujarat Goa Kerala

Karnataka Maharashtra Madhya Pradesh New Delhi
Tamil Nadu Rajasthan West Bengal Haryana
Punjab Telangana Uttar Pradesh Chandigarh

Fig. 4.10 Potential Companies in India by Geography

As Shown in the chart, the majority potential companies located at Gujarat and
Maharashtra state. They have 211 and 106 potential companies respectively. They acquired
50% and 25% potential companies of the India respectively.

4.11 Potential Segment in India

The following table show that number of potential companies base on their potential
segment. From the total of 422 companies, 61 were potential for dairy segment, 135 were
potential for flavour segment, whereas 133 were observed potential for both segments.

34
 Table 4.11 Potential Segment in India
Segment Frequency (Number of Firm) Percent (%)
Dairy 61 14.45
Flavour 135 31.99
Both (Dairy & Flavour) 133 31.52
Other 93 22.04
Total 422 100.00

Potential Segment in India

Dairy Ingredients

22% 16% Flavour

Both (Dairy
31% Ingredients &
31% Flavour)
Other

Fig. 4.11 Potential Segment in India

As shows in the above Chart we can Say that Majority of the companies were the
potential for the Flavour and Both (Dairy & Flavour) segment 32% and 32% respectively. So,
the Flavour and Both (Dairy & Flavour) segment have great potential in India.

4.12 Potential Companies in UAE by Geography

The following table show that number of potential companies of different location in
UAE. It shown the city wise number of potential companies.
Table 4.12 Potential Companies in UAE by Geography
City Frequency (Number of Firm) Percent (%)
Abu Dhabi 4 14.29
Dubai 17 60.71
Umm AL Quwain 1 3.57
Sharjah 6 21.43
Total 28 100.00

35
 Potential Companies in UAE by Geography

4, 14%
6, 21%
Abu Dhabi
1, 4% Dubai
Umm AL Quwain
Sharjah
17, 61%

Fig. 4.12 Potential Companies in UAE by Geography

As Shown in the chart, the majority potential companies located at Dubai. It has
potential companies. It acquired 61% potential companies of the UAE.

4.13 Potential Companies in UAE by Segment

The following table show that number of potential companies base on their potential
segment in UAE. From the total of 28 companies, 4 were potential for dairy segment, 8 were
potential for flavour segment, whereas 7 were observed potential for both segments.

Table 4.13 Potential Companies in UAE by Segment

Frequency Percent
Segment
(Number of Firm) (%)
Dairy 4 14.29
Flavour 8 28.57
Both (Dairy &
Flavour) 7 25.00
Other 9 32.14
Total 28 100.00

36
 Potential Companies in UAE by Segment

Dairy Ingredients
14%
32% Flavour

29% Both (Dairy Ingredients

& Flavour)
25% Other

Fig. 4.13 Potential Companies in UAE by Segment

As shows in the above Chart we can say that majority of the companies were the
potential for the Flavour and Both (Dairy & Flavour) segment 29% and 25% respectively. So,
the Flavour and Both (Dairy & Flavour) segment have great potential in UAE.

37
 5. CONCLUSION

With ever increasing competition in dairy and flavour industry, it become imperative
to have good knowledge of the potential of a particular market. Based on the findings, the Asia
Pacific region has a highest potential market for Adare Food Ingredients Pvt. Ltd. in segment
of Flavour and Both (Dairy & Flavour). India have highest share of market potential in the Asia
Pacific region. It has potential market in the segment of Flavour and Both (Dairy & Flavour)
segment. Gujarat and Maharashtra state have majority potential market in India.
In other, Africa and Middle East Region have the potential market in the segment of
Dairy Ingredients. In Africa and Middle East Region, UAE have highest potential country for
the Adare Food Ingredients Pvt. Ltd. UAE have potential market in the segment of Flavour and
Both (Dairy & Flavour). Dubai city has majority potential market in UAE.
The findings of the study will be useful for identifying geographical location for the
expanding the business and targeting particular segment at that specific location.

38
 6. REFERENCES

1. Dutta, S. (2011). “Milk and Dairy Products”. National Conference on Processed Foods and
Beverages for Health: Beyond Basic Nutrition.
2. FAO, Milk for Health and Wealth, FAO, Rome, 2009
3. Gulfood, Global Industry Outlook Report, 2019
4. ICFA, Indian Dairy Product Market Report, 2017
5. Indian Dairy Industry Analysis (2012), Industry research solutions. RNCOS Eservices
Private Limited.
6. Ingavale, D. (2012). “A Study Of International Trade Of Indian Dairy Industry”, Indian
Journal of Applied Research. 1(12), 127-128.
7. Imam, A., Zadeh, M. & Dubey, L. (2011). “Dairy Marketing Strategies in the Context of
Globalization: Issues and Challenges”. International Journal of Trade, Economics and
Finance, 2(2), 138-143.
8. Jagadish, T. (2013), “Dairy Processing Industry in India”. Chapter IV, 139-187
9. Kashtanova, E. (2010). “Global Trends in Milk Production and Trade: The Impact on the
European Milk Market”. Biotechnology in Animal Husbandry. 26 (1-2), 129-134.
10. National Dairy Development Board Annual report, 2011-12
11. Singh, R. (2011). India Dairy and Products Annual Report 2010. USDA Foreign
Agricultural Service: Global Agricultural Information Network. Retrieved 16 June
2011, from static.globaltrade.net/files/pdf/20110226231255627.pdf

Websites referred:
• https://www.grandviewresearch.com/industry-analysis/flavors-market
• https://www.meticulousresearch.com/product/dairy-ingredients-market-4994/
• https://www.mordorintelligence.com/industry-reports/dairy-ingredients-market
• https://www.techsciresearch.com/report/india-flavors-market/4137.html
• https://www.takasago.com/en/rd/times/archive/vol4.html

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