Gujarat Co-operative Milk Marketing Federation, which markets popular dairy products under the brand name Amul, has registered a provisional turnover of Rs 55,055 crore in the financial year 2022-23 that ended on 31 March 2023, the company said.
The 18.5% turnover growth is largely due to the demand for branded consumer products. The fresh products grew by 21% and had a 50% share of GCMMF’s turnover. The ice cream range grew by 41% while the consumer products registered a growth of 23% y-o-y with cheese, butter, UHT milk, milk, beverages, paneer, cream, buttermilk, and dahi having grown at 20-40%.
The provisional un-duplicated group turnover of member unions of Amul group crossed Rs 72,000 crore ($9 billion).
In a bid to increase its distribution across the top 400 towns in terms of population, GCMMF is expanding its network of 82 branches and warehouse infrastructure to more than 100 in 2023-24. The number of distributors and the retail universe in these towns will also be increased.
The 18 member unions of GCMMF with a farmer member strength of more than 36 lakh across 18,600 villages of Gujarat procure an average 270 lakh liters of milk per day. To meet the demand for milk and milk products in major metros, the member unions have set up a network of 98 dairy plants.
The federation ranks eighth among the top 20 dairy companies in the world in terms of milk processing, as per the International Farm Comparison Network (IFCN). Amul is also the strongest dairy brand as per the Brand Finance 2022 report, UK. It annually distributes 2,000 crore packs of products across India.
GCMMF is investing in new product categories such as organic foods, high-protein products, and probiotic range. To cater to the evolving international taste buds of consumers, GCMMF launched its first ice cream lounge in Pune.
Shamalbhai Patel, chairman, GCMMF, said the rapid expansion has yielded rich dividends. “Based on the estimated growth in market demand for Amul products and our future marketing efforts, GCMMF plans to achieve a sales turnover of Rs 100,000 crore by 2025 and further grow at a compound annual growth rate of more than 20% over the next seven years because of higher milk procurement, continuous expansion in terms of adding new markets, launching of new products, and adding new milk processing capacities across India.”
Jayen Mehta, managing director in charge, GCMMF, said, “We have achieved volume sales growth in all product categories. Pouched milk, which is the highest turnover product, has shown a double-digit volume growth. Apart from this, our products such as butter, ghee, ice cream, UHT milk, flavored milk, paneer, and fresh cream also showed double-digit growth.