Parag Milk Foods launches high-protein revolution with new Greek yogurts, paneer and protein bars

Parag Milk Foods launches high-protein revolution with new Greek yogurts, paneer and protein bars

Parag Milk Foods Limited, one of India’s leading dairy FMCG companies, has unveiled a bold expansion of its product portfolio, anchoring its strategy on the accelerating demand for high-protein, nutrient-dense foods. With a focus on innovation across its marquee brands—Gowardhan, Go, Pride of Cows, and Avvatar—the company has introduced a new range of dairy offerings that reflect evolving consumer preferences toward health, taste, and convenience. From traditional chikki and flavoured yogurt to Greek yogurt and whey protein bars, this product refresh is positioned to reshape the landscape of functional dairy in India.

The launch signals a deeper strategic shift by Parag Milk Foods, as the dairy major leverages its vertically integrated model, robust sourcing network, and premium brand equity to tap into fast-growing segments of the Indian nutrition market. According to Executive Director Akshali Shah, the initiative aligns with a broader movement where protein has become a daily essential, prompting consumers to seek higher quality, traceable nutrition options. With this renewed portfolio, Parag Milk Foods is aiming to not only meet demand but also lead the premiumisation and healthification of dairy in India.

What’s driving the consumer shift toward protein-rich dairy products in India?

India’s nutrition landscape has undergone a dramatic shift in recent years. Consumers are increasingly aware of the importance of protein in daily diets, driven by lifestyle changes, rising fitness consciousness, and improved nutritional education. From urban millennials seeking convenient snacks to older demographics managing lifestyle diseases, the demand for functional foods has broadened.

This macrotrend is particularly strong in dairy, long considered a staple in Indian households. Parag Milk Foods is capitalising on this by enriching its traditional product base with new-age, protein-dense offerings. Its introduction of 45g high-protein paneer, Greek yogurt with 8g of protein per 100g, and protein bars aimed at active consumers responds directly to this market evolution. These moves are timely, considering the Indian paneer market is projected to grow from INR 648.1 billion in 2024 to INR 2,030.7 billion by 2033, with a marked preference for low-fat, high-protein varieties.

What has Parag Milk Foods launched across its flagship brands?

The company’s refreshed product line spans multiple consumer segments, from traditional snackers to premium wellness seekers and active professionals.

Under the Gowardhan brand, Parag Milk Foods launched crunchy chikki made with pure ghee in sesame and peanut variants. Priced at INR 10 for 25g, the snack taps into the ₹450–500 crore Indian chikki market that benefits from high domestic consumption and export potential.

Go Yogurt now offers flavoured yogurt in mango, blueberry, and strawberry variants at INR 25 for 80g. These yogurts cater to health-conscious consumers seeking probiotic-rich dairy snacks in convenient formats. With the Indian yogurt market projected to reach INR 14.7 billion by 2033, this segment presents long-term opportunity.

Pride of Cows, the company’s premium, single-origin dairy brand, has launched low-fat, high-protein paneer (INR 235 for 200g), Mint & Masala Buttermilk (INR 60 for 250ml), and Greek Yogurt in flavours such as fig & honey, blueberry, pineapple, and mixed berry—all priced at INR 95 per 100g. In addition, fresh mozzarella Bocconcini Balls (INR 400 for 200g) cater to home chefs and lovers of gourmet cheese.

Avvatar, India’s first 100% vegetarian whey protein brand, has introduced high-protein bars in chocolate and coffee wafer flavours. Priced at INR 60 for 40g, these bars are aimed at fitness-conscious snackers looking for on-the-go nutrition. Given the Indian protein bar market’s projected growth to ₹9,500 crore by 2030, this product has strong potential.

How is Parag Milk Foods deploying its distribution strategy?

The company’s go-to-market strategy is tailored to its brand segments. Products under the Pride of Cows range will be sold through its dedicated portal, mobile app, and quick-commerce platforms to ensure direct delivery from farm to table, particularly in urban metros.

Meanwhile, Gowardhan, Go, and Avvatar products will be distributed through general trade, modern retail chains, and online e-commerce platforms. With over 5 lakh retail touchpoints, 29 depots, and more than 500 super stockists across India, Parag Milk Foods is well-positioned to execute a rapid and wide-scale rollout.

How does this align with the company’s long-term business strategy?

Founded in 1992, Parag Milk Foods has evolved into a vertically integrated dairy FMCG leader with production facilities in Maharashtra, Andhra Pradesh, and Haryana. It works with over 5 lakh farmers to procure 100% cow milk for its product line.

The company’s flagship brands—Gowardhan with 22% market share in cow ghee and Go cheese with 35% market share—have already demonstrated brand strength and consumer loyalty. The premiumisation of its portfolio with Greek yogurt, high-protein paneer, and whey protein bars is a natural next step. This positions Parag Milk Foods at the intersection of functional food demand and premium dairy innovation.

Its ability to combine scale with specialty production, such as single-origin milk and vegetarian whey, reflects its dual strategy of operational efficiency and niche market capture. As the Indian wellness and functional food industry continues to grow, the company’s expanding product portfolio supports its long-term vision of becoming a global dairy nutrition powerhouse.

How is Parag Milk Foods performing in the stock market and what is investor sentiment?

Parag Milk Foods Limited is publicly traded on Indian stock exchanges under the symbol PARAGMILK. As of April 2, 2025, the company’s stock was priced at ₹167.45, down 1.21% from the previous close of ₹169.50. While this represents a minor dip, the stock has gained nearly 18% over the past month, reflecting growing investor confidence amid its product expansion and rising consumer demand for dairy-based nutrition.

The company’s current market capitalization stands at ₹1,998.94 crore. It trades at a price-to-earnings (P/E) ratio of 19.67 and a price-to-book (P/B) ratio of 2.09, indicating moderate valuations and scope for future upside.

Over the past 52 weeks, the stock has seen a low of ₹135.10 and a high of ₹236.75—underscoring significant trading range volatility that aligns with broader market fluctuations and company-specific developments.

Institutional holdings reveal cautious optimism. Promoters continue to hold 42.61% of the equity, while foreign institutional investors (FIIs) have slightly reduced their stake from 10.08% in September 2024 to 8.2% by December. Domestic institutional investors (DIIs) held 6.84%, a marginal dip from 6.87% in the previous quarter, suggesting relatively stable domestic confidence.

Analyst sentiment leans bullish. Market research from financial portals indicates a “Strong Buy” consensus, with a 12-month target price projected at ₹260. This implies an upside potential of more than 55% from current levels, driven by optimism over product innovation, operational efficiency, and long-term growth in the premium dairy and nutrition segment.