GCMMF, the Gujarat Co-operative Milk Marketing Federation Ltd, announced an impressive growth in revenue of 18.5% to INR 55,055 crore for the financial year 2022-23, thanks to strong demand for its branded consumer products.
In a statement, GCMMF confirmed that its provisional turnover for the year had reached the aforementioned amount, making it one of the leading players in the Indian dairy market.
The Amul group, which comprises 18 member unions, also reported a provisional unduplicated group turnover of over INR 72,000 crore (USD 9 billion) for the same period. This highlights the scale of GCMMF’s operations and its significant contribution to the dairy industry in India.
GCMF said, “Our fresh products grew by 21 percent with a contribution of 50 percent to the GCMMF turnover and ice cream range grew by 41 percent. Our consumer products have registered a growth of 23 percent YOY with products such as cheese, butter, UHT milk, milk beverages, paneer, cream, buttermilk and dahi having grown at 20-40 per cent.”
Shamalbhai Patel, Chairman, GCMMF, said, “Based on estimated growth in market demand for Amul products and our future marketing efforts, GCMMF plans to achieve sales turnover of INR 1,00,000 crore by 2025 and further grow with a compound annual growth rate of more than 20 percent over the next seven years…”
Jayen Mehta, In-charge Managing Director, GCMMF, said,”We have achieved volume sales growth in all product categories.Pouch milk which is the highest turnover product has shown volume growth in double digit apart from this, our products like butter, ghee, Ice Cream, UHT milk, flavored milk, Paneer, and fresh cream have also shown double-digit growth.”
In line with its growth strategy, GCMMF plans to increase its distribution network in the top 400 towns across India, which it aims to achieve by increasing its branch and warehouse infrastructure from 82 to over 100 in the upcoming financial year. This expansion will enable the organization to cater to a broader consumer base, increase its market share, and capitalize on emerging opportunities.
GCMMF procures an average of 270 lakh liters of milk per day, which it distributes to its member unions across 18,600 villages in Gujarat. To meet demand in major metros across India, the member unions have established a network of 98 dairy plants, which ensures that GCMMF is well-equipped to fulfill the diverse needs of its consumers.
The Chairman of GCMMF, Shamalbhai Patel, attributes the organization’s growth to its rapid expansion strategy, higher milk procurement, continuous market expansion, product launches, and increasing milk processing capacities across India.
The Chairman also emphasizes the fact that this growth is a testament to GCMMF’s commitment to its farmer members, who form the backbone of the organization, and whose welfare is at the heart of everything it does.
Going forward, GCMMF aims to broaden its product portfolio by investing in new categories such as organic foods, high protein products, probiotic range, and fresh sweets. This move is part of the organization’s transition from being India’s largest dairy brand to India’s largest Food and Beverages FMCG company, a vision that it hopes to achieve by leveraging its strong brand equity, expertise, and market position.