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”
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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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