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Industry and Competitive Context Vadilal’s FY2025–26 Management Discussion and Analysis (MD&A) frames the category as structurally under-penetrated. It reports that per-capita ice cream consumption in India rose from about 200 ml to about 1,600 ml over five years, against roughly 20.8 litres in the United States and 28.4 litres in New Zealand, and it expects category growth of 13–16% a year. These are company-stated estimates; the report does not name the underlying sources.