The India chocolate market was worth
USD1687.23 million in 2022 and is expected to grow at a CAGR of over 6.69% to
reach USD2457.48 million by 2028, on account of growing population and shifting
consumer tastes. More substantial
businesses try using cutting-edge strategies to gain market share as the market
grows, increase in variety of chocolate such as sugar-free, organic, vegan, and
gluten-free chocolates. Furthermore, rising middle-class disposable income,
growing awareness of the health benefits of chocolates like dark chocolate, and
innovative marketing and promotional strategies by manufacturers are expected
to boost chocolate sales in India during the forecast period.
India, in particular, is experiencing a significant
shift in tastes and preferences, with chocolate taking a prominent position in
the market for sweets and confectionaries. As a socially diverse country, India
celebrates various holidays throughout the year. As a result, the demand for
chocolates increases year after year, which is expected to be a driving force in
the growth of the Indian chocolate market.
Another primary driver of the chocolate industry is
the country's large young population, a key chocolate consumer segment.
Approximately half of India's population is under the age of 25, and two-thirds
are under the age of 35. Changing lifestyles, westernization, the growth of the
food services sector, value addition, and other factors are also driving the
market. Chocolates are displacing traditional sweets in the country due to
these factors. Other factors driving the market include rising online chocolate
sales, rising demand for premium chocolates, and the growing popularity of
organic and sugar-free chocolates.
Increased
Demand for Premium and Healthy Chocolates Driving the Market Growth
People in India prefer to treat themselves with
bite-sized chocolates to limit their confectionery consumption, so the premium chocolate market is quite popular in the country.
Premium chocolate is a welcome addition to the country's clean eating trend.
Consumers are opting for premium chocolates to have a guilt-free experience
since chocolate has been found to have numerous health benefits. Stevia, honey,
and lactose-free chocolate ingredients are the main ingredients used to make
these chocolates. These ingredients in premium chocolate are well-balanced and
beneficial to one's health, as they help raise HDL and protect LDL from
oxidation. They also lower the risk of low blood pressure and cholesterol,
which appeals to diabetics and is one of the primary drivers of the market.
Increased Demand for Dark and Sugar-Free Chocolates
Driving the Market Growth
The increase in demand for dark and sugar-free
chocolates in the market due to changes in taste and preference of the consumers
and health benefits of the dark chocolates such as flavonoids, which are plant
chemicals that act as antioxidants and may play a role in cancer prevention and
heart health, is found in dark chocolate. In response to the marketing,
international chocolate companies such as Mondelez Cadbury introduced Cadbury
Dairy Milk with 30% less sugar and Dark Milk variant, “The Grown-Up
Chocolate," to emphasize its appeal to a "mature, advanced
audience." Similarly, with its chocolate brand Amul, Gujarat Cooperative
Milk Marketing Federation Ltd (GCMMF) has also set its sights on the healthy
chocolate category, producing 75 percent, 90 percent, 99 percent, and 100
percent dark chocolates.
Innovative Packing
Technologies Fueling the Market
Growth
Nanofabrication technologies are emerging as
innovative solutions across India to develop active materials for use in the
design of packages, coatings, and packaging technologies, assisting in the
preservation and improvement of sensory and nutritional characteristics, as
well as increasing the shelf life of foodstuffs such as chocolates.
Additionally, as public awareness grows, the demand
for environmentally friendly and sustainable packaging continues to rise. The
country is concentrating on long-term solutions, quickly becoming a business
necessity. Food outlets, restaurants, hotels, hospitals, industries, caterers,
and all other customers in India receive eco-friendly food packaging goods from companies
like Evirocor. Therefore, the increased use of environmentally friendly
packaging of chocolates is expected to drive market growth.
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Market Segmentation
The India chocolate market is segmented based on product
type, category, distribution channel, region, and competitional landscape.
Based on product type, the market is further segmented into milk, dark and
white chocolates. The category segment, which is further segmented into tablets,
countline, chocolate pouches & bags, boxed chocolate & others. The
distribution channel is segmented into independent grocery stores, departmental
store, convenience stores/forecourt retailers, online, supermarkets/hypermarket,
others (airports, pharmacies, etc.) etc.
On the basis of regional analysis the market is divided into west, north,
south, and east.
Company Profiles
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 are some of the leading market players in the India chocolate market.
New market players are also actively entering the market in the recent years
and further strengthening the future market growth.
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Attribute
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Details
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Market Size
Value in 2022
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USD1,687.23 Million
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Revenue
Forecast in 2028
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USD2,457.48 Million
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Growth Rate
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6.69%
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Base Year
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2022
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Historical Years
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2018–2021
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Estimated
Year
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2023E
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Forecast
Period
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2024F –2028F
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Quantitative
Units
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Revenue in USD Million, Volume
in Million Kg and CAGR for 2018-2022 and 2023E- 2028F
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Report Coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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Segments Covered
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·
Product Type
·
Category
·
Distribution Channel
·
Region
·
Top 10 Leading States (In each region)
·
Company
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Regional Scope
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North, West,
South and East
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Key Companies
Profiled
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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, etc.
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Customization Scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
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Pricing and Purchase Options
|
Avail customized purchase options to
meet your exact research needs. Explore purchase options
|
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Delivery Format
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PDF and Excel through Email (We can
also provide the editable version of the report in PPT/pdf format on special
request)
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Report Scope:
In this report, India Chocolate Market
has been segmented into following categories, in addition to the industry
trends which have also been detailed below:
- India Chocolate Market, By Product Type:
- India Chocolate Market, By Category:
- Tablets
- Countline
- Chocolate
Pouches and Bags
- Boxed
Chocolates
- Others
- India Chocolate Market, By Distribution
Channel:
- Independent Grocery Stores
- Departmental Stores
- Convenience Stores/Forecourt Retailers
- Supermarkets/Hypermarkets
- Online
o Others
- India Chocolate Market, By Region:
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India Chocolate market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
Detailed analysis and
profiling of additional market players (up to five).