India is the world's largest producer of milk and milk products contributing to 23 percent of global production. With the wedding season returning to pre-COVID-19 levels, the demand for milk and milk products is expected to rise sharply in the future.
"India is not only the world's largest producer of milk but also the world’s largest and fastest growing market. Today if we are contributing 23 percent of world milk production, the way we have grown in the last 15-25 years, we will be producing around three times more, which will be 45 percent to the world’s milk production in the future," said RS Sodhi, managing director of Gujarat Cooperative Milk Marketing Federation (GCMMF) otherwise known as Amul.
All over the world, demand for milk and milk products is increasing, he added.
Separately, Amul also has hiked the prices of milk three times a year. However, compared to last year, the price increase in milk and milk products is around 8 percent, which is the lowest in the world.
"The developed economies like the USA, Europe or other southeast countries, milk prices are increased from 10-12 percent to 30-50 percent. In India, it is most stable," he said.
The big, fat Indian wedding clearly is back after two years and the demand for jewellery is estimated to rise 10-12 percent higher than pre-COVID levels. Jewellery accounts for 15-20 percent of wedding budgets.
India is the second largest producer of gold in the world and accounts for nearly 27 percent of global gold consumption according to World Gold Council. 50 percent demand for gold in India comes in from weddings. Suvankar Sen, MD, and CEO at Senco Gold discussed the key wedding trends and the demand for gold.
For the entire discussion, watch the accompanying video