India Chocolate Market to Grow with a CAGR of 6.69% During the Forecast Period
Increased demand for organic chocolates with exquisite
flavors and textures fuels the India chocolate market through 2028F.
According to TechSci Research report,
“India Chocolate Market – Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2018-2028F” the India
chocolate
market is driven by various factors, such as the introduction of chocolates
with Indian ingredients such as cinnamon, jasmine, and cardamom, as well as
dark chocolate, which are among the most recent innovative chocolate products
offered by various market players. As people pay more attention to health and
sugar reduction, premium and dark chocolate products have become quite popular.
Chocolate manufacturers are also developing organic, vegan,
sugar-free, and gluten-free chocolates. Dried fruits, blueberries, and
cranberries have all been tried as dark chocolate bar additions. Consumers have
begun to move toward more miniature packs, and bite-sized portions are gaining
popularity in India, indicating that Indian consumers are becoming more
health-conscious and attempting to control portion size.
The introduction of international brands, the availability
of a wide range of flavors, and the expansion of online chocolate distribution
are all driving the chocolate market in India forward. Furthermore, the country
offers enormous opportunities in the untapped rural segments. Moreover,
improving the country's rural distribution network is expected to attract
international companies to invest in the Indian chocolate market. With the
European and American markets relatively mature, global chocolate market
players are looking to expand their presence and market share in India.
The India chocolate market report examines the market in detail,
breaking it down into product type, category, and distribution channel. The
India chocolate market outlook report provides an unbiased and detailed
analysis of India chocolate market trends, market share, opportunities, high
growth areas, and market drivers, which will assist stakeholders in developing
and aligning market strategies based on current and future market dynamics.
Browse over 17 market data Figures spread through 70
Pages and an in-depth TOC on " India Chocolate Market"
Due to a shift in consumer preference towards healthy
chocolate bars and the benefits of dark chocolate, such as raising HDL and
protecting LDL from oxidation, improving blood flow and lowering blood
pressure, and being a powerful source of antioxidants, the dark segment
chocolate is expected to grow rapidly during the forecast period with a CAGR of
7.44% in 2028F.
Further, on the bases of category, the market is segregated
into tablets, countline, chocolate pouches and bags, boxed chocolates, and
others (assorted chocolates, chocolate straight lines, etc.). Among these, the
tablets category dominated in India chocolate market. It held around 39% of the
market share in 2022, owing to factors such as a wide variety of tablet
chocolate that are present in all product types (milk, dark and white).
The distribution channel segment comprises of departmental
stores, independent retailers, convenience stores/forecourt retailers, online,
supermarkets/hypermarkets, and others. Independent retailers have dominated the
India chocolate market, but online channels have gained popularity,
particularly after the COVID-19 pandemic. For instance, Cadbury, which has
spent decades working with WPP's WPP.L Ogilvy India on Bollywood star-studded
television ads, is increasing its marketing budget. Also, to meet online
demand, Mondelez India personalized their Cadbury Celebrations and other
Cadbury Gift boxes exclusively sold online with personal messages for their
siblings through the company's innovative personalized gifting format.
Key market players in the India Chocolate market include:
- Mondelez India Foods Private Limited
- Ferrero India Private Limited
- Mars International India Private Limited
- Nestle India Limited
- Hershey India Private Limited
- Gujarat Cooperative Milk Marketing Federation
Ltd,
- Central Arecanut and Cocoa Marketing and
Processing Cooperative Ltd.
- ITC Limited
- Chocoladefabriken Lindt & Sprüngli AG
- Ghirardelli Chocolate Company
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“With the launch of new as well as innovative flavors of
chocolate in the market, the chocolate industry is also shifting towards
organic or vegan chocolate to cater to the demand from the entire vegan
population in India. Also, particularly after the COVID-19 pandemic situation,
the population has become health conscious. Therefore, many new and existent
players in the market are focusing on launching vegan products. For instance,
Piperleaf, a vegan food company, has released vegan milk chocolate bars in three
flavors to meet the dynamic consumer demand.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Chocolate Market By Product Type (Milk Chocolate, Dark Chocolate
and White Chocolate), By Category (Tablets, Countline,
Chocolate
Pouches and Bags, Boxed Chocolates and Others (Assorted Chocolates, Chocolate
Straight Lines, etc.)), By Distribution Channel (Independent
Grocery Stores, Departmental Stores, Convenience Stores/Forecourt Retailers, Online,
Supermarkets/Hypermarkets), By Region, By Top 3 Leading States (in each Region),
Competition Forecast & Opportunities, 2018-2028” has evaluated the future growth potential
of chocolates market in India and
provides statistics and information on market structure, size, share and future
growth. The report is intended to provide cutting-edge market intelligence and
help decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities present in India chocolate market.
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