GCMMF defies international downturn, accelerates volume-led growth despite global price pressures

In a year where global dairy majors grappled with falling milk prices and stagnating revenues, India’s dairy cooperative giant Amul, marketed by the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), has emerged as a standout performer. With a consolidated group turnover of ₹90,000 crore (~$10.58 billion) in FY 2024–25, Amul is now poised to climb into the Top 10 of Rabobank’s Global Dairy Top 20 list — potentially surpassing giants like Mengniu, Saputo, and FrieslandCampina.

According to the 2024 Rabobank report, fewer than half of the world’s top 20 dairy companies retained their rankings from the previous year. Overall revenue growth slowed to just 0.3% in USD terms, a sharp contrast to the 8.1% growth in 2022, primarily due to declining global milk prices. In euro terms, revenues even contracted 2.3%, as a stronger euro and weak local performances among some European co-ops dragged figures down.

Amid these headwinds, Amul’s consistent double-digit growth — 11.23% YoY for GCMMF, with total group revenues rising by over ₹10,000 crore (~$1.25 billion) — stands out as a volume-driven success story, particularly in a market disrupted by inflation and declining FMCG consumption.

“Despite challenges like a five-year low in milk powder prices and weakened FMCG demand, we recorded growth across all categories,” said Jayen Mehta, Managing Director of GCMMF. “Our strategy focused on supply chain reconfiguration, network expansion, and aggressive new product launches.”

🌐 Global Context: A Year of Realignment

While Amul may surge ahead, other global players experience sharp shifts:

• Danone dropped positions following forced divestments in Russia and a strategic exit from Horizon Organic and Wallaby, cutting around 8% of its portfolio.
• Unilever is exiting the ice cream business, including several dairy brands, to refocus on core segments — a move expected to reshape rankings by 2026.
• Fonterra advanced to #6 with a revenue spike but is planning to divest consumer-facing segments like Fonterra Oceania and Sri Lanka, potentially reducing future turnover.
• Grupo Lala debuted on the list, aided by a strong peso and 6% organic growth, edging out Ireland’s Glanbia.
• FrieslandCampina, a long-time top-tier co-op, sold German assets and faced revenue pressure, falling behind Arla Foods by a growing margin.

In contrast, Amul’s scale and integration — from farmgate to distribution — enabled it to weather price volatility, recording growth without significant acquisitions or foreign exchange advantages.

🥛 Scale & Impact: The Amul Edge

• Daily Milk Procurement: Over 320 lakh litres
• Distribution Reach: Across 18,600 villages via 36 lakh member farmers
• Annual Product Packs Sold: Over 22 billion
• FY 2024–25 GCMMF Turnover: ₹65,911 crore (~$7.75 billion)
• Group Turnover (Amul brand): ₹90,000 crore (~$10.58 billion)

This positions Amul within striking distance of companies like Mengniu ($12.9B), Saputo ($11.9B) and even FrieslandCampina ($14.1B) — especially if FX trends and global divestments reduce their revenues.

“Amul is growing when many global peers are shrinking or restructuring. If trends continue, Amul will not only break into the Top 10 by revenue but may also become a model for sustainable cooperative-led growth in dairy,” said a Dairy Dimension analyst.

🔮 What Lies Ahead

GCMMF has set a bullish target of ₹80,000 crore turnover for FY 2025–26, riding on confidence in product innovation, urban expansion, and continued focus on value-added dairy. Meanwhile, international competitors may continue divestments to align with sustainability goals, profit protection, and core business realignments — trends which could accelerate Amul’s relative ascent.