Whalesbook
### A Record Turnover
The Gujarat Cooperative Milk Marketing Federation (GCMMF), the organization behind the Amul brand, has reported its brand turnover surpassed Rs 1 lakh crore for the 2025-26 fiscal year. This marks an 11% increase from the previous year's Rs 90,000 crore turnover. GCMMF itself saw its turnover grow 11.4% to Rs 73,450 crore in the same period, up from Rs 65,911 crore. The federation credits its extensive product range of over 1,200 items, a broad distribution network, and quick adaptation to consumer tastes for this sustained growth. These figures do not account for revenue from the 18 district cooperatives operating under the Amul name.
### Farmer-Led Growth
GCMMF Chairman Ashokbhai Chaudhary stated that the Rs 1 lakh crore brand turnover reflects strong consumer trust and the hard work of its 3.6 million dairy farmers. Vice Chairman Gordhanbhai Dhameliya called the milestone a triumph for the cooperative model, which he described as a blueprint for economic democracy. Managing Director Jayen Mehta added that the federation is focused on global expansion to bring technological advances and trade benefits back to the producers. As the world's largest farmer-owned dairy cooperative, GCMMF collects about 31 million liters of milk daily from its farmers. It distributes over 24 billion product packs yearly in more than 50 countries. Amul is also growing its international presence by introducing fresh milk in markets like the U.S., working with local cooperatives for processing and focusing on marketing.
### Dairy Market Competition
Amul operates in a competitive Indian dairy market. The top players, including Nestlé India, Britannia, Hatsun Agro, and Mother Dairy, together hold about 35% of the organized market revenue. Private companies often achieve higher profit margins, especially with value-added products like cheese and yogurt, compared to the lower margins on fluid milk that cooperatives typically focus on. Amul was named India's most valuable food brand in a 2025 report, valued at $4.1 billion. Mother Dairy, for comparison, reported a turnover of Rs 17,500 crore in the last fiscal year. The entire Indian dairy market is estimated to be worth around Rs 21.3 lakh crore.
### Industry Challenges
The Indian dairy sector is supported by strong demand from population growth, rising incomes, and urbanization, contributing significantly to GDP and supporting 80 million farmers. Demand for value-added products like curd, paneer, and cheese is growing faster than for liquid milk. However, the sector faces hurdles. The unorganized market still handles about 64% of dairy products. Milk adulteration remains a problem, with many samples failing safety tests. Input costs can be unpredictable, climate change affects fodder and milk yields, and diseases like Lumpy Skin Disease pose risks. To cope with these challenges and improve margins, the sector increasingly relies on technology and better productivity.
### Future Pressures
Even with the Rs 1 lakh crore milestone, Amul and similar cooperatives might face margin pressures. Amul prioritizes high volume and competitive pricing, sometimes lowering prices for larger packs. However, private companies are often better positioned to profit from the growing value-added product market. The large unorganized sector continues to complicate quality control and pricing consistency. A key challenge is ensuring dairy farmers' incomes keep pace with rising production costs. Global dairy markets can also influence domestic prices, affecting operational strategies.