- Protein consumption in India is rising beyond supplements into daily food choices
- India's protein market is projected to reach $2.1 billion by 2030, growing at a 6.5% CAGR from 2025
- Parag Milk Foods focuses on converting bulk whey into consumer brands like Avvatar and Pride of Cows
Protein consumption in India is moving beyond supplements and fitness products into daily food choices. Awareness around nutrition has increased, but intake remains uneven. Parag Milk Foods Ltd. estimates that nearly 80% of India's population is protein deficient, pointing to a gap between dietary needs and consumption.
This gap is expected to narrow as food habits change. Growth estimates reflect this shift. Mordor Intelligence projects India's protein market to grow at a 6.5% compound annual growth rate to $2.1 billion, or around Rs 18,000 crore, by 2030, from $1.5 billion in 2025. Rising health awareness, greater focus on fitness and preference for clean food products are driving this growth.
The Rs 1 Lakh Crore Opportunity
The longer-term opportunity is larger. The School of Intrinsic Compounding estimates protein could become a Rs 1 lakh crore market over the next 10 to 12 years. Protein formats offer better pricing, repeat consumption and brand recall compared with staples. Both companies are expanding portfolios to address this shift.
Turning Bulk Whey into Gold
Parag Milk Foods operates traditionally as a business-to-business player in protein. Over recent years, it has shifted towards a business-to-consumer model. The company aims to convert bulk whey, earlier sold as an ingredient, into a consumer brand under Avvatar.
Parag created a New Age Vertical comprising Avvatar, focused on sports nutrition, and Pride of Cows, a farm-to-home dairy brand. The brands operate in eight cities, with Chandigarh added most recently. Other cities include Mumbai, Pune, Delhi, Ahmedabad, Surat, Bengaluru and Vadodara.
D2C: A Digital-First Pivot
The products sell directly through e-commerce, quick commerce and retail channels. More than 65% of New Age revenue comes from e-commerce, reflecting a digital-first, direct-to-consumer approach.
Parag reiterates that around 80% of India remains protein deficient. Rising awareness around high-protein diets is expected to support category growth.
The Competitive Advantage
Parag benefits from an integrated supply chain in the Indian protein market. Many competitors import whey protein isolate, with limited sourcing transparency. Parag produces whey as a by-product of cheese manufacturing.
As the second-largest cheese player in India, with a 35% market share, the company has internal access to raw whey. Higher cheese production increases whey volumes, which the company processes into protein at its own facilities.
The model gives Parag control over purity and consistency. The company operates a dedicated whey processing unit at its Manchar plant. Protein now forms a key part of its transition from a dairy business to a nutrition-focused company.
The Nutrition Growth Engine
Avvatar anchors this shift. It is positioned as India's first domestically produced, vegetarian whey protein brand. The portfolio includes Whey Blend Protein, IsoRich Protein and 100% Performance Whey. It also offers low-fat Greek yogurt, ghee and curd.
The brand has expanded into protein snacking with Avvatar Protein Wafer Bars. Pride of Cows complements the portfolio with premium high-protein dairy products. Combined New Age brand sales stood at Rs 206 crore in FY25.
Avvatar grew nearly sixfold between H1FY23 and H1FY26. In H1FY26, the New Age business grew 68% year-on-year to Rs 166 crore. These brands contributed 9% of total revenue in H1FY26, up from 6% in H1FY25.
Management targets health and nutrition to account for around 20% of total revenue within three to four years. The company plans to grow the whey business at a 30–35% compound annual growth rate and reach a 20–25% market share by FY28. It also plans to expand the product portfolio to meet demand.
Acquisitions Fueling Protein Snacking
Zydus Wellness is another listed participant in the protein segment. The company has expanded its focus on protein as part of its long-term growth plan. Protein forms a core pillar of its Vision 2030 revenue target of Rs 5,000 crore.
The strategy centres on the acquisition of Naturell India, which owns the RiteBite Max Protein brand, and the extension of Complan into adult nutrition. Zydus acquired Naturell in December 2024 for Rs 390 crore to strengthen its presence in healthy snacking.
Following the acquisition, Zydus added Naturell to its portfolio, positioning it as a leading protein snack brand. The company estimates that it holds the top market position in nutrition and protein bars, protein cookies and protein chips.
Naturell contributed Rs 61.7 crore in revenue between December 2024 and March 2025, adding Rs 5.6 crore to the topline. The estimated full-year revenue stood at Rs 162 crore. Post-acquisition performance has exceeded past trends across revenue and profit. Gross margins remain in line with the broader Zydus portfolio at 52–54%.
The 2.8 Million Outlet Edge
Zydus is integrating Naturell into its distribution network of 2.8 million outlets. The company is expanding general trade reach by entering more towns and adding sales staff. Quick commerce has also emerged as a key growth channel.
The company plans further product launches. Recent additions include a millet-based wafer protein bar made from jowar with zero added sugar and fruit-filled bar variants. Management also plans to enter broader fitness segments, including protein powders.
Zydus has started exporting the Naturell portfolio to overseas markets. Early responses have been positive. International expansion remains part of its strategy to tap global demand for high-protein products. Alongside snacks, the company is repositioning Complan to target adult nutrition.
Complan's Shift to Adult Health
Zydus launched Complan Viemax, a high-protein, milk-based drink with prebiotics and probiotics. The product targets adult muscle and gut health. The move expands Complan beyond its traditional focus on children and aligns with changing consumption patterns.
Disclaimer: The views expressed in this article are solely those of the author and do not necessarily reflect the opinion of NDTV Profit or its affiliates. Readers are advised to conduct their own research or consult a qualified professional before making any investment or business decisions. NDTV Profit does not guarantee the accuracy, completeness, or reliability of the information presented in this article.
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