Parag Milk Foods Ltd sees a Rs 10-30 crore opportunity in its recent Singapore expansion and said that their buttermilk is loved by the Chinese populace there.
Parag Milk Foods Ltd sees a Rs 10-30 crore opportunity in its recent Singapore expansion and said that their buttermilk is loved by the Chinese populace there, Devendra Shah, Chairman, Parag Milk Foods said in an interview with CNBC TV-18. “The island country Singapore is totally dependent on milk imports” to cater to its dairy needs and Parag is the first Indian company to deliver farm to door milk there, Shah added. The company, which launched its “Pride Of Cows” milk in Singapore recently, also sells mozzarella cheese is retail under the name ‘Go Cheese’, Govardhan ghee, and buttermilk as well. The Rs 10-30 crore revenue estimate will be generated by the combined sale of the Parag Milk Foods portfolio available across Singapore in the form of milk and other value-added products, Devendra Shah told the news channel.
Addressing the competition in India, the private FMCG company said that while major players are into fresh liquid milk marketing, Parag Milk Foods eye value addition product market which includes mozzarella cheese and cow ghee. Without naming the competitors, Devendra Shah told the news agency “these all players are into fresh milk and confined to their respective regions. They want to expand because milk production is growing by 8-10%. However, we are totally into value-added products and FMCG.”
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Earlier, Devendra Shah had said that the consumption of fresh and organic milk has increased in Singapore and the consumers have become mindful of the source of the milk they consume. “There is a dearth of such products in the country. Moreover, for the affluent consumer, experiential luxury is what truly drives spending, and a brand like Pride of Cows epitomizes those ideals,” Devendra Shah had said in a BSE filing on 10 June 2019.
Parag Milk Foods, which launched in 1992, is now available across the globe in countries including the United States, Egypt, Morocco, Mauritius, Sri Lanka and Australia. The company went public in 2006.