Ghee Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global ghee market size reached US$ 49.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 73.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7% during 2023-2028.
Ghee refers to a clarified and unsalted form of butter that is caramelized and transformed into pure fat at a high smoking point. It is a good source of proteins, vitamins, potassium, phosphorus, calcium, selenium, antioxidants, butyric acids, and essential fatty acids, including omega 3 and 6. It provides numerous health benefits, such as improving digestion, boosting brain and heart health, lowering harmful cholesterol levels, and transporting vitamins throughout the body. As it is shelf-stable, rich in aroma and texture, and does not require refrigeration, ghee is widely used as a cooking oil in baked goods or for sauteing and deep-frying vegetables.
Ghee Market Trends:
The growing awareness among consumers about the high nutritional value and associated health benefits of ghee, such as enhancing muscular strength, represents one of the key factors fueling the market growth. Apart from this, ghee is a powerful source of antioxidants and vitamin E, which is vital for skin tightening, maintaining collagen, and preventing wrinkles. This, in confluence with the increasing focus on maintaining fresh and a youthful skin, is contributing to the market growth. Moreover, rising disposable incomes and the growing preferences for packaged food products are catalyzing the demand for premium ghee, which is made using high-quality milk in hygienic and safe conditions to ensure its purity and quality. Besides this, manufacturers in the industry are focusing on improving their production process to extend the shelf life and fortify the ghee with necessary nutrients. This, along with the thriving food and beverage (F&B) industry, is anticipated to provide lucrative growth opportunities to the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global ghee market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on source, end user and distribution channel.
Breakup by Source:
Cow
Buffalo
Mixed
Cow’s milk currently represents the most preferred source of making ghee worldwide, which can be attributed to its high nutritional profile.
Breakup by End User:
Retail
Institutional
The retail sector holds the majority of the market share on account of improved customer retention and engagement.
Breakup by Distribution Channel:
Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online
Others
Convenience stores dominate the market as they are easily accessible, have long operational hours and generally stock their products in small batches compared to other distribution channels.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.
Key Questions Answered in This Report
1. What was the size of the global ghee market in 2022?
2. What is the expected growth rate of the global ghee market during 2023-2028?
3. What are the key factors driving the global ghee market?
4. What has been the impact of COVID-19 on the global ghee market?
5. What is the breakup of the global ghee market based on the source?
6. What is the breakup of the global ghee market based on the end user?
7. What is the breakup of the global ghee market based on the distribution channel?
8. Who are the key players/companies in the global ghee market?
Ghee refers to a clarified and unsalted form of butter that is caramelized and transformed into pure fat at a high smoking point. It is a good source of proteins, vitamins, potassium, phosphorus, calcium, selenium, antioxidants, butyric acids, and essential fatty acids, including omega 3 and 6. It provides numerous health benefits, such as improving digestion, boosting brain and heart health, lowering harmful cholesterol levels, and transporting vitamins throughout the body. As it is shelf-stable, rich in aroma and texture, and does not require refrigeration, ghee is widely used as a cooking oil in baked goods or for sauteing and deep-frying vegetables.
Ghee Market Trends:
The growing awareness among consumers about the high nutritional value and associated health benefits of ghee, such as enhancing muscular strength, represents one of the key factors fueling the market growth. Apart from this, ghee is a powerful source of antioxidants and vitamin E, which is vital for skin tightening, maintaining collagen, and preventing wrinkles. This, in confluence with the increasing focus on maintaining fresh and a youthful skin, is contributing to the market growth. Moreover, rising disposable incomes and the growing preferences for packaged food products are catalyzing the demand for premium ghee, which is made using high-quality milk in hygienic and safe conditions to ensure its purity and quality. Besides this, manufacturers in the industry are focusing on improving their production process to extend the shelf life and fortify the ghee with necessary nutrients. This, along with the thriving food and beverage (F&B) industry, is anticipated to provide lucrative growth opportunities to the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global ghee market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on source, end user and distribution channel.
Breakup by Source:
Cow
Buffalo
Mixed
Cow’s milk currently represents the most preferred source of making ghee worldwide, which can be attributed to its high nutritional profile.
Breakup by End User:
Retail
Institutional
The retail sector holds the majority of the market share on account of improved customer retention and engagement.
Breakup by Distribution Channel:
Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online
Others
Convenience stores dominate the market as they are easily accessible, have long operational hours and generally stock their products in small batches compared to other distribution channels.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry.
Key Questions Answered in This Report
1. What was the size of the global ghee market in 2022?
2. What is the expected growth rate of the global ghee market during 2023-2028?
3. What are the key factors driving the global ghee market?
4. What has been the impact of COVID-19 on the global ghee market?
5. What is the breakup of the global ghee market based on the source?
6. What is the breakup of the global ghee market based on the end user?
7. What is the breakup of the global ghee market based on the distribution channel?
8. Who are the key players/companies in the global ghee market?
1 PREFACE
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 GLOBAL GHEE INDUSTRY
5.1 Market Overview
5.2 Market Performance
5.2.1 Volume Trends
5.2.2 Value Trends
5.3 Impact of COVID-19
5.4 Price Analysis
5.4.1 Key Price Indicators
5.4.2 Price Structure
5.4.3 Price Trends
5.5 Market Breakup by Source
5.6 Market Breakup by End User
5.7 Market Breakup by Distribution Channel
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.10.1 Overview
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value Chain Analysis
5.11.1 Raw Material Procurement
5.11.2 Manufacturing
5.11.3 Marketing
5.11.4 Distribution
5.11.5 Exports
5.11.6 End-Use
5.12 Porter’s Five Forces Analysis
5.12.1 Overview
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes
5.13 Key Success Factors and Risk Factors
6 MARKET BREAKUP BY SOURCE
6.1 Cow
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Buffalo
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Mixed
6.3.1 Market Trends
6.3.2 Market Forecast
7 MARKET BREAKUP BY END USER
7.1 Retail
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Institutional
7.2.1 Market Trends
7.2.2 Market Forecast
8 MARKET BREAKUP BY DISTRIBUTION CHANNEL
8.1 Supermarkets/Hypermarkets
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Convenience Stores
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Speciality Stores
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Online
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Others
8.5.1 Market Trends
8.5.2 Market Forecast
9 COMPETITIVE LANDSCAPE
9.1 Market Structure
9.2 Key Players
10 GHEE MANUFACTURING PROCESS
10.1 Product Overview
10.2 Detailed Process Flow
10.3 Various Types of Unit Operations Involved
10.4 Mass Balance and Raw Material Requirements
11 PROJECT DETAILS, REQUIREMENTS AND COSTS INVOLVED
11.1 Land Requirements and Expenditures
11.2 Construction Requirements and Expenditures
11.3 Plant Machinery
11.4 Machinery Pictures
11.5 Raw Material Requirements and Expenditures
11.6 Raw Material and Final Product Pictures
11.7 Packaging Requirements and Expenditures
11.8 Transportation Requirements and Expenditures
11.9 Utility Requirements and Expenditures
11.10 Manpower Requirements and Expenditures
11.11 Other Capital Investments
12 LOANS AND FINANCIAL ASSISTANCE
13 PROJECT ECONOMICS
13.1 Capital Cost of the Project
13.2 Techno-Economic Parameters
13.3 Product Pricing and Margins Across Various Levels of the Supply Chain
13.4 Taxation and Depreciation
13.5 Income Projections
13.6 Expenditure Projections
13.7 Financial Analysis
13.8 Profit Analysis
14 KEY PLAYER PROFILES
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 GLOBAL GHEE INDUSTRY
5.1 Market Overview
5.2 Market Performance
5.2.1 Volume Trends
5.2.2 Value Trends
5.3 Impact of COVID-19
5.4 Price Analysis
5.4.1 Key Price Indicators
5.4.2 Price Structure
5.4.3 Price Trends
5.5 Market Breakup by Source
5.6 Market Breakup by End User
5.7 Market Breakup by Distribution Channel
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.10.1 Overview
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value Chain Analysis
5.11.1 Raw Material Procurement
5.11.2 Manufacturing
5.11.3 Marketing
5.11.4 Distribution
5.11.5 Exports
5.11.6 End-Use
5.12 Porter’s Five Forces Analysis
5.12.1 Overview
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes
5.13 Key Success Factors and Risk Factors
6 MARKET BREAKUP BY SOURCE
6.1 Cow
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Buffalo
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Mixed
6.3.1 Market Trends
6.3.2 Market Forecast
7 MARKET BREAKUP BY END USER
7.1 Retail
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Institutional
7.2.1 Market Trends
7.2.2 Market Forecast
8 MARKET BREAKUP BY DISTRIBUTION CHANNEL
8.1 Supermarkets/Hypermarkets
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Convenience Stores
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Speciality Stores
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Online
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Others
8.5.1 Market Trends
8.5.2 Market Forecast
9 COMPETITIVE LANDSCAPE
9.1 Market Structure
9.2 Key Players
10 GHEE MANUFACTURING PROCESS
10.1 Product Overview
10.2 Detailed Process Flow
10.3 Various Types of Unit Operations Involved
10.4 Mass Balance and Raw Material Requirements
11 PROJECT DETAILS, REQUIREMENTS AND COSTS INVOLVED
11.1 Land Requirements and Expenditures
11.2 Construction Requirements and Expenditures
11.3 Plant Machinery
11.4 Machinery Pictures
11.5 Raw Material Requirements and Expenditures
11.6 Raw Material and Final Product Pictures
11.7 Packaging Requirements and Expenditures
11.8 Transportation Requirements and Expenditures
11.9 Utility Requirements and Expenditures
11.10 Manpower Requirements and Expenditures
11.11 Other Capital Investments
12 LOANS AND FINANCIAL ASSISTANCE
13 PROJECT ECONOMICS
13.1 Capital Cost of the Project
13.2 Techno-Economic Parameters
13.3 Product Pricing and Margins Across Various Levels of the Supply Chain
13.4 Taxation and Depreciation
13.5 Income Projections
13.6 Expenditure Projections
13.7 Financial Analysis
13.8 Profit Analysis
14 KEY PLAYER PROFILES
LIST OF TABLES
Table 1: Global: Ghee Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Ghee Market Forecast: Breakup by Source (in ‘000 Tons), 2023-2028
Table 3: Global: Ghee Market Forecast: Breakup by End User (in ‘000 Tons), 2023-2028
Table 4: Global: Ghee Market Forecast: Breakup by Distribution Channel (in ‘000 Tons), 2023-2028
Table 5: Global: Overview of Top Ghee Manufacturers
Table 6: Typical Composition of Ghee
Table 7: Ghee Manufacturing Costs Related to Land and Site Development (in US$)
Table 8: Ghee Manufacturing Costs Related to Civil Works (in US$)
Table 9: Ghee Manufacturing Costs Related to Milk Reception Section (in US$)
Table 10: Ghee Manufacturing Costs Related to Milk Processing Section (in US$)
Table 11: Ghee Manufacturing Costs Related to Separation Section (in US$)
Table 12: Ghee Manufacturing Costs Related to Butter Section (in US$)
Table 13: Ghee Manufacturing Costs Related to Ghee Section (in US$)
Table 14: Summary of Machinery Costs (in US$)
Table 15: Raw Material Requirements
Table 16: Costs Related to Salaries and Wages (in US$)
Table 17: Costs Related to Other Capital Investments (in US$)
Table 18: Details of Financial Assistance Offered by Financial Institutions
Table 19: Capital Costs (in US$)
Table 20: Techno-Economic Parameters
Table 21: Taxation and Depreciation
Table 22: Income Projections (in US$)
Table 23: Expenditure Projections (in US$)
Table 24: Cash Flow Analysis Without Considering the Income Tax Liability
Table 25: Cash Flow Analysis on Considering the Income Tax Liability
Table 26: Profit and Loss Account
Table 1: Global: Ghee Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Ghee Market Forecast: Breakup by Source (in ‘000 Tons), 2023-2028
Table 3: Global: Ghee Market Forecast: Breakup by End User (in ‘000 Tons), 2023-2028
Table 4: Global: Ghee Market Forecast: Breakup by Distribution Channel (in ‘000 Tons), 2023-2028
Table 5: Global: Overview of Top Ghee Manufacturers
Table 6: Typical Composition of Ghee
Table 7: Ghee Manufacturing Costs Related to Land and Site Development (in US$)
Table 8: Ghee Manufacturing Costs Related to Civil Works (in US$)
Table 9: Ghee Manufacturing Costs Related to Milk Reception Section (in US$)
Table 10: Ghee Manufacturing Costs Related to Milk Processing Section (in US$)
Table 11: Ghee Manufacturing Costs Related to Separation Section (in US$)
Table 12: Ghee Manufacturing Costs Related to Butter Section (in US$)
Table 13: Ghee Manufacturing Costs Related to Ghee Section (in US$)
Table 14: Summary of Machinery Costs (in US$)
Table 15: Raw Material Requirements
Table 16: Costs Related to Salaries and Wages (in US$)
Table 17: Costs Related to Other Capital Investments (in US$)
Table 18: Details of Financial Assistance Offered by Financial Institutions
Table 19: Capital Costs (in US$)
Table 20: Techno-Economic Parameters
Table 21: Taxation and Depreciation
Table 22: Income Projections (in US$)
Table 23: Expenditure Projections (in US$)
Table 24: Cash Flow Analysis Without Considering the Income Tax Liability
Table 25: Cash Flow Analysis on Considering the Income Tax Liability
Table 26: Profit and Loss Account
LIST OF FIGURES
Figure 1: Global: Ghee Market: Major Drivers and Challenges
Figure 2: Global: Ghee Market: Volume Trends (in Million Metric Tons), 2017-2022
Figure 3: Global: Ghee Market: Value Trends (in Billion US$), 2017-2022
Figure 4: Global: Ghee Market: Average Price Trends (in US$/Ton), 2017-2022
Figure 5: Ghee Market: Price Structure
Figure 6: Global: Ghee Market: Breakup by Region (in %), 2022
Figure 7: Global: Ghee Market: Breakup by Source (in %), 2022
Figure 8: Global: Ghee Market: Breakup by End User (in %), 2022
Figure 9: Global: Ghee Market: Breakup by Distribution Channel (in %), 2022
Figure 10: Global: Ghee Market Forecast: Volume Trends (in Million Metric Tons), 2023-2028
Figure 11: Global: Ghee Market Forecast: Value Trends (in Billion US$), 2023-2028
Figure 12: Global: Ghee Market Forecast: Average Price Trends (in US$/Ton), 2023-2028
Figure 13: Global: Ghee Market (Cow): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 14: Global: Ghee Market Forecast (Cow): Volume Trends (in ‘000 Tons), 2023-2028
Figure 15: Global: Ghee Market (Buffalo): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 16: Global: Ghee Market Forecast (Buffalo): Volume Trends (in ‘000 Tons), 2023-2028
Figure 17: Global: Ghee Market (Mixed): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 18: Global: Ghee Market Forecast (Mixed): Volume Trends (in ‘000 Tons), 2023-2028
Figure 19: Global: Ghee Market (Retail): Volume Trends (in ’000 Tons), 2017 & 2022
Figure 20: Global: Ghee Market Forecast (Retail): Volume Trends (in ‘000 Tons), 2023-2028
Figure 21: Global: Ghee Market (Institutional): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 22: Global: Ghee Market Forecast (Institutional): Volume Trends (in ‘000 Tons), 2023-2028
Figure 23: Global: Ghee Market: Sales through Supermarkets/Hypermarkets (in ‘000 Tons), 2017 & 2022
Figure 24: Global: Ghee Market Forecast: Sales through Supermarkets/Hypermarkets (in ‘000 Tons), 2023-2028
Figure 25: Global: Ghee Market: Sales through Convenience Stores (in ‘000 Tons), 2017 & 2022
Figure 26: Global: Ghee Market Forecast: Sales through Convenience Stores (in ‘000 Tons), 2023-2028
Figure 27: Global: Ghee Market: Sales through Speciality Stores (in ‘000 Tons), 2017 & 2022
Figure 28: Global: Ghee Market Forecast: Sales through Speciality Stores (in ‘000 Tons), 2023-2028
Figure 29: Global: Ghee Market: Online Sales (in ‘000 Tons), 2017 & 2022
Figure 30: Global: Ghee Market Forecast: Online Sales (in ‘000 Tons), 2023-2028
Figure 31: Global: Ghee Market: Sales through Other Distribution Channels (in ‘000 Tons), 2017 & 2022
Figure 32: Global: Ghee Market Forecast: Sales through Other Distribution Channels (in ‘000 Tons), 2023-2028
Figure 33: Global: Ghee Industry: SWOT Analysis
Figure 34: Global: Ghee Industry: Value Chain Analysis
Figure 35: Global: Ghee Industry: Porter’s Five Forces Analysis
Figure 36: Ghee Manufacturing Plant: Detailed Process Flow
Figure 37: Ghee Manufacturing Process: Conversion Rate of Products
Figure 38: Ghee Manufacturing: Breakup of Capital Costs (in %)
Figure 39: Ghee Industry: Profit Margins at Various Levels of the Supply Chain
Figure 40: Ghee Production: Manufacturing Cost Breakup (in %)
Figure 1: Global: Ghee Market: Major Drivers and Challenges
Figure 2: Global: Ghee Market: Volume Trends (in Million Metric Tons), 2017-2022
Figure 3: Global: Ghee Market: Value Trends (in Billion US$), 2017-2022
Figure 4: Global: Ghee Market: Average Price Trends (in US$/Ton), 2017-2022
Figure 5: Ghee Market: Price Structure
Figure 6: Global: Ghee Market: Breakup by Region (in %), 2022
Figure 7: Global: Ghee Market: Breakup by Source (in %), 2022
Figure 8: Global: Ghee Market: Breakup by End User (in %), 2022
Figure 9: Global: Ghee Market: Breakup by Distribution Channel (in %), 2022
Figure 10: Global: Ghee Market Forecast: Volume Trends (in Million Metric Tons), 2023-2028
Figure 11: Global: Ghee Market Forecast: Value Trends (in Billion US$), 2023-2028
Figure 12: Global: Ghee Market Forecast: Average Price Trends (in US$/Ton), 2023-2028
Figure 13: Global: Ghee Market (Cow): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 14: Global: Ghee Market Forecast (Cow): Volume Trends (in ‘000 Tons), 2023-2028
Figure 15: Global: Ghee Market (Buffalo): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 16: Global: Ghee Market Forecast (Buffalo): Volume Trends (in ‘000 Tons), 2023-2028
Figure 17: Global: Ghee Market (Mixed): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 18: Global: Ghee Market Forecast (Mixed): Volume Trends (in ‘000 Tons), 2023-2028
Figure 19: Global: Ghee Market (Retail): Volume Trends (in ’000 Tons), 2017 & 2022
Figure 20: Global: Ghee Market Forecast (Retail): Volume Trends (in ‘000 Tons), 2023-2028
Figure 21: Global: Ghee Market (Institutional): Volume Trends (in ‘000 Tons), 2017 & 2022
Figure 22: Global: Ghee Market Forecast (Institutional): Volume Trends (in ‘000 Tons), 2023-2028
Figure 23: Global: Ghee Market: Sales through Supermarkets/Hypermarkets (in ‘000 Tons), 2017 & 2022
Figure 24: Global: Ghee Market Forecast: Sales through Supermarkets/Hypermarkets (in ‘000 Tons), 2023-2028
Figure 25: Global: Ghee Market: Sales through Convenience Stores (in ‘000 Tons), 2017 & 2022
Figure 26: Global: Ghee Market Forecast: Sales through Convenience Stores (in ‘000 Tons), 2023-2028
Figure 27: Global: Ghee Market: Sales through Speciality Stores (in ‘000 Tons), 2017 & 2022
Figure 28: Global: Ghee Market Forecast: Sales through Speciality Stores (in ‘000 Tons), 2023-2028
Figure 29: Global: Ghee Market: Online Sales (in ‘000 Tons), 2017 & 2022
Figure 30: Global: Ghee Market Forecast: Online Sales (in ‘000 Tons), 2023-2028
Figure 31: Global: Ghee Market: Sales through Other Distribution Channels (in ‘000 Tons), 2017 & 2022
Figure 32: Global: Ghee Market Forecast: Sales through Other Distribution Channels (in ‘000 Tons), 2023-2028
Figure 33: Global: Ghee Industry: SWOT Analysis
Figure 34: Global: Ghee Industry: Value Chain Analysis
Figure 35: Global: Ghee Industry: Porter’s Five Forces Analysis
Figure 36: Ghee Manufacturing Plant: Detailed Process Flow
Figure 37: Ghee Manufacturing Process: Conversion Rate of Products
Figure 38: Ghee Manufacturing: Breakup of Capital Costs (in %)
Figure 39: Ghee Industry: Profit Margins at Various Levels of the Supply Chain
Figure 40: Ghee Production: Manufacturing Cost Breakup (in %)
