What makes milk and milk products such a big deal for India? Global dairy trade takes place not in milk, but in the solids that derive from it — mainly milk powder, butter/butter oil, and cheese. New Zealand, in particular, hardly has a domestic market for dairy products. In 2018, 93.4% of its milk powder, 94.5% of its butter, and 83.6% of its cheese production was exported. But the country is the world’s biggest market for milk and milk products — which will only grow with rising incomes and high elasticity of demand.

Source: Indian Express October 10, 2019 22:52 UTC