Milking Innovation
Parag Milk Foods’ Akshali Shah discloses that the company aims to triple its retail touchpoints in three years and expand its innovative offerings
As consumer preferences shift and demand for quality food products rises, the Indian dairy industry is at a pivotal point. With a focus on health-conscious choices, companies like Parag Milk Foods are not just meeting market demands but setting new standards.
Acing With Innovation
Akshali Shah, Executive Director of Parag Milk Foods, stresses the importance of continuous innovation as the cornerstone of operational excellence. "In today’s fast-evolving market, staying ahead of industry trends is crucial," she states. Parag Milk Foods has embraced this philosophy by pioneering products that challenge traditional norms. Shah notes, “Innovation is in our DNA,” emphasising the company’s commitment to creating unique offerings.
Strategy For Success
Shah believes that a passionate team is the bedrock of any successful organisation. "Our people are our greatest asset," she asserts, highlighting Parag Milk Foods’ focus on nurturing talent and fostering accountability. By creating a work environment that encourages ownership, the company has seen significant improvements in both operational efficiency and long-term growth.
The company’s performance has been impressive, with a 10 per cent year-on-year volume increase across core categories in the last quarter. Specifically, their ghee segment grew by 15 per cent and cheese by 12 per cent, while new-age businesses experienced remarkable 51 per cent growth. Financially, Parag Milk Foods reported a consolidated revenue increase to Rs 758 crore compared to Rs 750 crore in the same quarter last year.
The Macro Picture
Shah's vision extends beyond immediate growth. She sees the FMCG sector as ripe for innovation, predicting a surge in startups driven by increasing consumer demand. “The Indian FMCG market is set to grow significantly, creating ample opportunities for new entrants,” she observes. From personal care to ready-to-eat meals, the landscape is evolving rapidly and Parag Milk Foods aims to stay at the forefront of this transformation.
The Long-term Vision
The company aims to strengthen its domestic and international footprint, targeting an increase in retail touchpoints from 500,000 to 1.5 million within the next three years. This expansion is designed to enhance convenience and accessibility for consumers across India. Additionally, she discloses that the New Product Development (NPD) team is dedicated to exploring innovative offerings that align with evolving consumer tastes. Its recent entry into the ready-to-eat segment, including popular sweets like Kaju Katli and Kesar Pedha, highlights their commitment to catering to diverse consumer preferences.
Shah showcases a forward-thinking leadership style that prioritises innovation, quality and people. Under her guidance, Parag Milk Foods is not just participating in India’s dairy revolution but actively shaping it.
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