Case Study for Marketing

1. W16098
AMUL DAIRY: CAMEL MILK LAUNCH IN INDIA1
Sandeep Puri, Brij Mohan Taneja, Pratibha Gupta, and Anirudh Menon wrote this case solely to provide material for class discussion.
The authors do not intend to illustrate either effective or ineffective handling of a managerial situation. The authors may have disguised
certain names and other identifying information to protect confidentiality.
This publication may not be transmitted, photocopied, digitized or otherwise reproduced in any form or by any means without the
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Copyright © 2016, Richard Ivey School of Business Foundation Version: 2016-02-02
In March 2015, Gujarat Cooperative Milk Marketing Federation (Amul), the market leader in the Indian
dairy market, planned to launch the sale of camel milk in India.2
Middle Eastern, Asian, and North African
cultures had used camel milk as a natural remedy for diabetes for centuries.3
In 2006, the Food and
Agriculture Organization of the United Nations acknowledged that people believed in the nutritional value
in camel milk and predicted that consumption would go up when consumers could buy the milk easily. A
rise in health issues among the urban population in India and increased interest in fitness had led Amul to
plan the launch of camel milk in India by the end of 2015.4
Countries such as Australia had tapped into the “white gold” camel milk market5
and the West touted camel
milk as a superfood. Some reports suggested that cow’s milk from dairy farms contained antibiotics and was
nutritionally deficient.6
The Food and Agriculture Organization of United Nations listed camel milk as
having three times as much vitamin C as cow’s milk, with a high content of unsaturated fatty acids and B
vitamins.7
However, India had not yet regulated the consumption of camel milk.8
With product approval from the Food Safety and Standards Association of India still pending, industry
observers wondered whether camel milk could be Amul’s next big opportunity after the success of its long-
life milk brand, Taaza. Should Amul launch the sale of camel milk in India? In the event that camel milk
had therapeutic benefits, should Amul introduce the product exclusively for patients with autism and Type
1 diabetes?9
Or, given the benefits camel milk had over cow’s milk, should Amul introduce the product as
a healthy variant for fitness- and health-conscious customers?
THE INDIAN MILK INDUSTRY
India had been the largest dairy-producing country in the world since 1998, according to a National Dairy
Development Report on the country’s dairy industry. The report also predicted a substantial growth in the
industry in coming years, expecting the demand to reach 200 tonnes (t) by 2022.10
The milk industry was
dominated by an unorganized sector of 70 million households producing milk. The per-capita availability
of milk in India was 302 grams per day in 2013.11
With increasing domestic demand, the per-capita
availability of milk was anticipated to reach 336 grams per day by 2017.12
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2. Page 2 9B16M020
A continuing increase in disposable incomes and the advent of smaller family units were factors
contributing to growth in the dairy industry.13
In addition, with a change in (and Westernization of) diet
patterns, people were consuming increasing amounts of dairy products other than just liquid milk. Use of
improved packaging materials increased the shelf life of milk.14
Traditionally, Indian dairy producers limited themselves to the production of milk alone. The industry was
spearheaded by a cooperatives model, which was supported by the Government of India.15
In that model,
farmers owned the cattle and retained ownership of the product. The system had many advantages because
the cooperatives provided a range of services such as cattle vaccination, cattle insurance, artificial
insemination, and provision of coolers in the villages to improve productivity.16
The cooperatives model ensured that almost 80 per cent of the retail price for milk went back to the farmers.
The operating costs were very low at 4 to 5 per cent. However, this model prevented companies from
investing in modern milk production techniques. Cost-effectiveness, coupled with factors such as evolving
tastes, preferences, and higher affordability, led cooperatives to venture into the value-added dairy products
(VADP) segment for higher profitability.
Liquid milk had the largest market share of 73 per cent of total sales value, followed by milk powder (see
Exhibit 1). However, the shift in consumers’ preferences and the emergence of a new health-conscious
generation led to increased interest in purchasing VADPs. This was good news for manufacturers.
Profitability in the production of liquid milk ranged from 4 to 5 per cent, whereas profitability in production
of VADPs ranged from 12 to 18 per cent. The potential for higher profits attracted private participation in
the industry.17
GUJARAT COOPERATIVE MILK MARKETING FEDERATION LIMITED
Founded in 1946 and reorganized in 1973, the Gujarat Cooperative Milk Marketing Federation (GCMMF)
was a food product–marketing organization based out of Gujarat in west India. It was one of the few Indian
companies with a pan-Indian presence. The company marketed almost all of its products under the flagship
brand, Amul, and had a large product portfolio in key categories such as dairy and its associated products
— butter, ice cream, cheese, cream, yogurt, oils, and fats. The milk category accounted for the largest
portion of the company’s revenues.18
In addition, GCMMF built a nationwide network of milk booths and
retailers. The company registered a sales turnover of INR₹207.3 billion19
for 2014/15, an increase of 14 per
cent over the previous year (see Exhibit 2).
MARKETING MIX AT GCMMF
Amul catered to a large segment of the Indian market with a wide product portfolio, and regularly
introduced new products to the market over the years. Amul’s wide product range included milk, bread
spreads, cheese, ultra-high temperature (UHT) milk, a range of beverages, ice cream, paneer (cottage
cheese), yogurt, ghee (clarified butter), milk powders, fresh cream, chocolates, and traditional Indian
sweets.20
Amul led the ₹20 billion domestic butter market with double-digit growth in both volume and
value,21
holding a dominant market share.22
GCMMF developed several new products in 2014. For example, it launched Amul Crème Rich in the ice
cream category and positioned it as a premium ice cream to compete with Hindustan Unilever’s new launch,
Magnum.23
Other new launches included Amul cheese spread in nine new flavours, and Amul garlic and
herbs butter spread. These products were designed to introduce different flavours, and in particular, to meet
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3. Page 3 9B16M020
a recent rise in demand for Italian cuisine. Some other significant developments included Amul brown ghee,
Amul “Slim ‘N’ Trim,” and Amul whipping cream.24
Price
GCMMF entered the market with the goal of providing dairy products to consumers at affordable prices at
a time when the Indian dairy industry was highly unorganized and lacked a national competitor. Until 2014,
Amul had maintained its strategy of providing its products to consumers at reasonable prices, which kept
Amul at the top in this competitive market.25
The company’s corporate philosophy of providing value for many (3.5 million milk producers and its
channel partners) and value for cost (for millions of consumers)26
was reflected in the company’s pricing
strategies across the complete product portfolio.
In the milk category, as a farmers’ cooperative, Amul operated on a cost-to-cost basis and priced its products
aggressively, forcing its competitors to slash their prices to stay competitive, even if lower prices resulted
in thinner margins.27
The company maintained its reasonable pricing even for premium products in the
growing chocolate segment28
in order to compete against international brands, such as Mondelez and Nestlé.
Place
With a focus on supplying all of India, the Amul built an extensive distribution network with 56 sales
offices, 10,000 dealers, and 1 million retailers across the country.29
The company handled the distribution
of its products through self-run retail outlets and third-party retailers. To increase market penetration, the
company strengthened its distribution network over the years to extend its reach — even into parts of rural
India that were not easily accessible. Like any other fast-moving consumer goods company, Amul supplied
huge volumes of product to its carrying and forwarding agents, who were responsible for transferring the
products to distributors, who in turn forwarded the product to the retailers. The company also had a direct
sales force that catered to the needs of the modern retail format.
To supply such a large market, the company constantly upgraded and opened new plants to increase
production capacity. GCMMF’s expansion plans included the addition of a milk powder plant in Palanpur
with a 120 t capacity per day, a dairy plant at Rohtak, a butter plant at Gandhinagar with a 40 t capacity,
and other state-of-the-art new dairy plants.30
Various online retailers (such as Vishal Mega Mart, BigBasket, and AaramShop) also sold Amul’s products,
adding yet another channel for Amul to supply even more consumers.
Promotion
Amul was identified by its mascot, the polka-dotted Amul Girl. In 1966, Amul approached Sylvester
DaCunha, founder-chairman of DaCunha Communications, to design an advertisement campaign for
Amul’s butter brand. Cartoonist Eustace Fernandes created the mascot and the first billboard, “Give us this
day our daily bread with Amul butter.”31
DaCunha Communications continued to handle the Amul account
and the campaign became famous for being the longest-running outdoor campaign. Amul monitored current
events and used the Amul Girl in different ways to communicate the company’s interpretations of various
subjects. The campaigns evolved over the years and covered varied topics. The first advertising campaign
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4. Page 4 9B16M020
in 1966 dealt with the topic of in vitro fertilization. Later campaigns dealt with a World Cup win, Anna
Hazare’s protests, Bharatiya Janata Party’s election campaign, Bollywood controversies, Obama’s visit to
India, and more.32
Amul also engaged its customers with television commercials, but the main focus was on below-the-line
campaigns with outdoor advertising, sales and trade promotions, and discount schemes. In 2015, Amul also
launched a book (Amul’s India) as a promotional strategy, collaborating with the makers of the movie Piku
for the campaign. The launch included prominent personalities associated with the film, such as Shoojit
Sircar, Deepika Padukone, and Irrfan Khan.33
Further, Amul was the title sponsor of the cooking show
MasterChef India,34
and the company established itself as a pioneer in the dairy industry.
Packaging
GCMMF signed a contract with the international firm TMA Systems to redesign the packaging of all of
Amul’s products.35
Amul upgraded its packaging system to the latest, modern Tetra Pak technology.36
New
high-speed production lines allowed Amul to process UHT milk and adapt to consumer trends while
maintaining the highest industry standards of quality.37
Amul’s milk was pouch-packed for customer
convenience.38
MAJOR COMPETITORS
Mother Dairy
Mother Dairy, a wholly owned subsidiary of the National Dairy Development Board, was established as
part of Operation Flood in 1974. It manufactured a wide array of products, including milk, ghee, paneer,
ice cream, and other associated products. Mother Dairy also distributed other food products, such as edible
oils, fruits and vegetables, cereals, and processed foods. The company expected a revenue of ₹70 billion
for 2014/15, which represented an 11 per cent growth over the previous year. The dairy arm of Mother
Dairy earned 80 per cent of the company’s revenue. Mother Dairy entered into the ₹2 billion dairy-whitener
segment as well, holding about 5 per cent of the market. The company also launched other value-added
beverages like lassi (a South Asian drink made from yogurt) and buttermilk.39
Britannia
With a history of more than 100 years, Britannia was amongst the oldest companies in India. Starting in the
baked goods industry, Britannia sold a range of food products through more than 3.5 million retail outlets
all over India, and in 2014/15, had revenue of over ₹60 billion. The company produced a wide variety of
dairy products, including milk, cheese, and flavoured drinks.40
Profits from the company’s dairy business,
which comprised less than 5 per cent of total sales, plummeted 69.5 per cent from ₹350 million in 2013, to
₹106.7 million by the fiscal year-end in 2014. The business registered a turnover of ₹2.99 billion, down 3.2
per cent from ₹3.09 billion in the previous year. The dairy business experienced a 30 per cent increase in
milk prices in that period.41
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5. Page 5 9B16M020
Nestlé
One of the biggest companies in the world, Nestlé had operations in almost all countries. Nestlé Dairy
started in India in 1961, with a plant in Moga, Punjab, collecting 511 kilograms of milk. In 2015, the
company collected over 1.3 million kilograms and produced milk and milk products to supply all of India.42
Milk and nutrition products, as a category, was the largest contributor to Nestlé’s revenues in India. It
accounted for 47.1 per cent of the company’s revenue in 2014. In the same period, the volume of milk and
nutritional products dropped 2.3 per cent from 138,772 t in 2013, to 135,591 t in 2014. Nestlé’s investment
in milk collection and distribution development also declined from ₹175.9 million in 2013, to ₹161.8
million in 2014. Its investment was ₹157.8 million in 2012, ₹131.2 million in 2011, and ₹143.1 million in
2010.43
See Exhibits 3 and 4 for competitive positioning of GCMMF and Nestlé’s company shares of
drinking milk products for the year 2014.
CONSUMER EVOLUTION
The Indian milk industry grew by 15 per cent in 2014 to reach ₹603 billion.44
Trends showed a switch
toward more health-conscious options, largely driven by the growing urban population. Consumers focused
more on a protein-rich diet, relying on milk as an easy option. The first effect was a move from traditional
loose milk to packaged milk. Drinking-milk products were predicted to see a value-compound annual
growth rate of 4 per cent at constant 2014 prices, to reach ₹749 billion by 2019.
Consumers in urban India switched to the new UHT and flavoured milk options, while the majority of rural
customers moved to packaged milk. UHT was safer and could be stored for longer, hence eliminating the
need for regular purchase.45
While packaged milk delivered by the local milkman was still common in Tier
2 and Tier 3 cities (cities with populations between 20,000 and 100,000), distribution in the big metro cities
veered toward the easily available new UHT and other modern milk products. Premium consumers and
double-income households had moved towards these products, whereas middle- and low-income
households still used packaged fresh milk.
Flavoured milk saw the fastest growth in the milk category, with a value of 26 per cent in 2014.46
This
encouraged manufacturers to introduce new flavours and variants. With many people also switching from
traditional beverages like tea to milk, flavoured milk had seen a substantial growth. Rising inflation and the
overall increase in milk prices resulted in an increase in the average unit price. All major companies,
including as Amul and Mother Dairy, introduced flavoured milk products.
Traditionally, there was no difference between the types of milk products offered to children and adults;
however, some companies, such as Danone, began to offer a children’s version of their products with extra
nutrients (such as vitamin A, iron, zinc, and iodine) added.47
The rise of the health-conscious consumer
resulted in an increased focus on the health aspects of milk, which also prompted many companies to
introduce enriched versions of their products.
Milk was not a subsidized product, but the Indian government had included it as part of the midday meal
in government schools, along with milk powder and other allied products. Soy milk evolved as the most
popular option among non-dairy products. Although soy milk was widely considered to be healthy, it had
a very small customer base due to problems with lack of awareness, lack of manufacturer push, and higher
processing costs (see Exhibit 5).
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6. Page 6 9B16M020
CAMEL MILK
Camel milk, a by-product of camel breeding, was consumed primarily by herdsmen and their families,
especially during migration.48
The average daily yield of a lactating camel was 2.5 to 6 kilograms. The camels
were milked twice a day. Camel milk, which was dense white in colour, had a sweet and sharp taste, but could
also taste salty. The water content of camel milk fluctuated between 84 to 90 per cent. Changes in taste were
attributed to the type of fodder and the availability of drinking water. Factors considered important when
rating the quality of camel milk included the age of the animal, the stage of lactation, the quality and quantity
of feed, and the amount of water available during animal feeding. The taste of camel milk was drastically
different to the taste of full-fat cow’s milk, making it difficult for many consumers to adapt to the taste.
Camel milk was proven to contain three times the amount of vitamin C found in traditional cow’s milk and
one and a half times that in human milk. It was also a good source of vitamin B1 and calcium. Lower fat
content and the presence of anti-bacterial properties also made camel milk more beneficial than cow’s milk.
In addition, camel milk was more similar to human milk than cow’s milk.49
India was at the risk of becoming the diabetes capital of the world by 2025, with rapid globalization and
lack of precautionary measures identified as the leading causes of diabetes in the country.50
Analysis of
camel milk showed that it contained 52 micro units of insulin per millilitre, which was 60 per cent more
than the average external insulin required by Type 1 diabetic patients.51
Camel milk’s natural probiotic
properties52
made it easy to digest, and it could be consumed by lactose-intolerant people.53
Preliminary
evidence had also shown that camel milk was an effective antioxidant.54
Camel milk had a very short shelf life of four to five hours55
— half that of cow’s milk.56
In addition, it took
as long as 10 to 12 hours for camel milk to turn to curd, compared to the three to four hours it took for cow’s
milk. In a curd-consuming nation like India, that might be an issue in the acceptance of camel milk.57
Camel
milk contained less vitamin A, B2, folic acid, and pantothenic acid than cow’s milk, which might be viewed
by some as a negative.58
There was a drastic drop in the camel population in India from 500,000 in 2003, to 300,000 in 2013.59
If
this trend continued, local sourcing of camel milk would prove to be a factor in competitive advantage;
hence, the drop in camel population was seen as a problem that needed urgent attention. Yet only a few
locations in India had the resources to sustain large herds of camels. The herds were mainly Mewari camel,
raised in the Aravalli Hills (in South Rajasthan), the Udaipur, Chittorgarh, and Rajsamand districts, the
Neemuch and Mandsour districts (in Madhya Pradesh), and in the Banaskantha district (in Gujarat).60
CONCLUSION
Amul, the market leader in the Indian milk industry, had pioneered several progressive initiatives and stayed
current through continuous product development and knowledge of consumer trends. No company in India
had yet tapped into the camel milk market, and this could give Amul a head start in an unexplored segment.
The company needed to assess its capabilities and competitors in India’s booming dairy products market,
where a growing economy and increasing health awareness were pushing Indian consumers to look at
healthier nutritional options. Should Amul enter the promising camel milk segment to take advantage of
the evolving preferences of Indian consumers and the current industry and global trends? Knowing that
Indian consumers were as yet unaware of camel milk as a market product, should Amul introduce the
product exclusively for autistic and diabetic patients, or should the company promote camel milk as a
healthy variant for fitness- and health-conscious customers in general? How would Amul leverage its
substantial brand presence to overcome the challenges faced in the launch and distribution of camel milk?
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7. Page 7 9B16M020
EXHIBIT 1: MARKET SHARE OF MILK PRODUCTS IN 2013 (% OF TOTAL SALES VALUE)
Category Market Share (%)
Liquid milk 73
Milk powder 8
Ghee (clarified butter) 8
Ice-cream 4
Butter 3
Paneer (cottage cheese) 1
Flavoured milk 1
Cheese 1
Curd 1
Source: Abhay Nayak, “Indian Dairy Industry Report 2014,” India Microfinance, July 29, 2014, accessed August 22, 2015,
http://indiamicrofinance.com/indian-dairy-industry-report-2014-pdf.html.
EXHIBIT 2: TOTAL SALES (2005/06 TO 2014/15)
Year ₹ (Million)
2005/06 37,736
2006/07 42,778
2007/08 52,554
2008/09 67,113
2009/10 80,053
2010/11 97,742
2011/12 116,680
2012/13 137,350
2013/14 181,434
2014/15 207,330
Source: “Amul,” Amul Dairy, accessed August 8, 2015, www.amul.com/m/organisation.
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8. Page 8 9B16M020
EXHIBIT 3: GUJARAT COOPERATIVE MILK MARKETING FEDERATION LTD:
COMPETITIVE POSITION IN 2014
Product Type Retail Value Share (%) Rank
Packaged food 7.0 1
Confectionery 0.6 11
Dairy 15.0 1
Ice cream 31.5 1
Oils and fats 8.4 3
Source: Euromonitor International “Gujarat Cooperative Milk Marketing Federation Ltd in Packaged Food (India),” Passport,
accessed August 25, 2015.
EXHIBIT 4: NATIONAL BRAND OWNER COMPANY SHARES OF DRINKING MILK PRODUCTS:
PERCENTAGE VALUE IN 2014
Company
Retail Value
(%)
Gujarat Cooperative Milk Marketing Federation Limited 13.35
Mother Dairy Fruit & Vegetable Private Limited 8.74
Karnataka Cooperative Milk Producers Federation Limited 7.56
GlaxoSmithKline Consumer Healthcare Limited 6.73
Tamil Nadu Cooperative Milk Producers Federation Limited 5.99
Andhra Pradesh Dairy Development Cooperative Federation Limited 3.41
Maharashtra Rajya Sahakari Dudh Mahasangh Maryadit 3.34
Rajasthan Cooperative Dairy Federation Limited 3.17
Kerala Cooperative Milk Marketing Federation Limited 2.76
Source: Euromonitor International, “Drinking Milk Products in India,” Passport, accessed August 25, 2015.
EXHIBIT 5: FORECAST SALES OF DRINKING MILK PRODUCTS BY CATEGORY:
VALUE IN 2014–2019 (₹ BILLION)
Products 2014 2015 2016 2017 2018 2019
Dairy-only flavoured milk
drinks
20.63 23.75 27.17 30.76 34.61 38.55
Chocolate-based flavoured
powder drinks
0.41 0.42 0.43 0.44 0.45 0.46
Malt-based hot drinks 48.09 49.80 51.33 52.81 54.23 55.34
Cow's milk 514.53 540.11 564.88 588.16 611.51 632.53
Powder milk 18.58 18.99 19.38 19.75 20.08 20.34
Soy milk 1.16 1.26 1.36 1.47 1.58 1.70
Drinking milk products 603.40 634.38 664.59 693.40 722.47 748.92
Source: Euromonitor International, “Drinking Milk Products in India,” Passport, accessed August 25, 2015.
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9. Page 9 9B16M020
ENDNOTES
1
This case has been written on the basis of published sources only. Consequently, the interpretation and perspectives
presented in this case are not necessarily those of Amul Dairy or any of its employees.
2
Sunil Raghu, “Dairy Giant Amul Planning to Launch Camel Milk,” Deccan Herald, April 4, 2015, accessed January 17, 2016,
www.deccanherald.com/content/469587/dairy-giant-amul-planning-launch.html.
3
Ragaa Hosny Mohamad, Zekry Khalid Zekry, Hussain A. Al-Mehdar, Omar Salama, Siad Ebrahim El-Shaieb, Amany A. El-
Basmy, Mohamad Gamil Abdel Monem Al-said, and Sabry Mohamed Sharawy, “Camel Milk as an Adjuvant Therapy for the
Treatment of Type 1 Diabetes: Verification of a Traditional Ethnomedical Practice,” Journal of Medicinal Food 12, no. 2
(2009): 461–65. doi: 10.1089/jmf.2008.0009.
4
Ibid.
5
Lucy Martin, “Milking It: Camel Farm Taps New Market With Dairy Offering,” News, accessed June 26, 2015, Australian
Broadcasting Corporation, August 12, 2014, www.abc.net.au/news/2014-02-28/camel-feature-wa/5291792.
6
Andri Antoniades, “Move Over Cows, Now There’s Something Healthier: Camel Milk,” Takepart, March 23, 2013, accessed
December 14, 2015, www.takepart.com/article/2013/03/23/camel-milk-gaining-popularity-overseas.
7
“Dairy Production and Products: Milk Composition,” Food and Agriculture Organization of the United Nations, accessed
December 14, 2015, www.fao.org/agriculture/dairy-gateway/milk-and-milk-products/milk-composition/en/#.VonnWxVlOUk.
8
Ismat Tahseen, “Camel Milk, the New Superfood?” The Times of India, July 25, 2014, accessed January 17, 2016,
http://timesofindia.indiatimes.com/life-style/health-fitness/diet/Camel-milk-the-new-superfood/articleshow/38978102.cms.
9
Ragaa Hosny Mohamad, Zekry Khalid Zekry, Hussain A. Al-Mehdar, Omar Salama, Siad Ebrahim El-Shaieb, Amany A. El-
Basmy, Mohamad Gamil Abdel Monem Al-said, and Sabry Mohamed Sharawy, op. cit.
10
“India's Estimated Milk Demand to Be About 155 Mn Tonnes by 2016-17: NDDB Chairman,” Business Standard, August
26, 2014, accessed January 17, 2016, www.business-standard.com/article/economy-policy/estimated-milk-demand-by-2016-
17-to-be-about-155-mn-tonnes-nddb-chairman-114082601068_1.html.
11
“NDDB Annual Report 2013-2014,” National Dairy Development Board, India, accessed August 28, 2015,
www.nddb.org/sites/default/files/pdfs/nddb-annual-report-2013-2014.pdf.
12
Rajeev Kumar and Raj Kiran Prabhakar, “Opportunities and Challenges in Indian Dairy Industry Supply Chain:ALiterature Review,”
International Journal of Logistics and Supply Chain Management Perspectives 2, no.4 (2013): 791-800, accessed January 17, 2016,
http://crawl.prod.proquest.com.s3.amazonaws.com/fpcache/230ccf2c7030375b6967d3a85ffd132c.pdf?AWSAccessKeyId=AKIAJF
7V7KNV2KKY2NUQ&Expires=1453071432&Signature=mVBlSLB9YT62YWdgEDHXoA%2BzLKU%3D.
13
Abhay Nayak, “Indian Dairy Industry Report 2014,” India Microfinance, July 29, 2014, accessed August 22, 2015,
http://indiamicrofinance.com/indian-dairy-industry-report-2014-pdf.html.
14
“Dairy Milk Product Market Likely to See 25 per Cent Growth by 2019-20,” The Economic Times, July 15, 2014, accessed
January 17, 2016, http://articles.economictimes.indiatimes.com/2014-07-15/news/51542388_1_dairy-industry-value-added-
dairy-products-dairy-space.
15
A. Banerjee, “Dairying Systems in India” (working paper, Food and Agriculture Organization of the United Nations, n.d.),
accessed December 20, 2015, www.fao.org/docrep/t3080t/t3080t07.htm.
16
Manek Narang and Akanksha Gupta, “Beyond Milk: Value Added Dairy Products to Boost Up Profits” (working paper, Credit
Analysis & Research Limited [CARE Ratings], India, July 2014), accessed December 20, 2015, www.moneycontrol.com/
news_html_files/news_attachment/2014/DairyIndustry_CARE_150714.pdf.
17
Ibid.
18
Ibid.
19
₹ = INR = Indian Rupee; All figures are in INR unless otherwise stated; US$1.00 = INR 63.25 on August 2, 2015.
20
“Brands,” Amul, accessed August 8, 2015, www.amul.com/m/brands.
21
Prashant Rupera, “Amul to Expand Its Butterly Spread,” The Times of India, December 31, 2013, accessed January 17,
2016, http://timesofindia.indiatimes.com/city/vadodara/Amul-to-expand-its-butterly-spread/articleshow/28159774.cms.
22
Suneera Tandon, “Amul to Pump in Rs550 Crore to Meet Rising Cheese Demand,” Live Mint, August 25, 2014, accessed
January 17, 2016, www.livemint.com/Companies/3srrkfklX5WR2K8pzOrYbK/Amul-to-pump-in-Rs550-crore-to-meet-rising-
cheese-demand.html.
23
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24
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29
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customerservice@harvardbusiness.org or 800-988-0886 for additional copies.

10. Page 10 9B16M020
30
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31
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37
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This document is authorized for use only by Gregory Nelson (ASTRIL2013@OUTLOOK.COM). Copying or posting is an infringement of copyright. Please contact
customerservice@harvardbusiness.org or 800-988-0886 for additional copies.