Rising demand for dark chocolate from bakery and confectionery industry and HoReCa sector along with rising trend of premiumization of chocolate to drive India real chocolate market through 2023
As per a recent ‘Voice of Customer’ published by TechSci Research, purity and purpose of usage have been identified as the most influencing factors while purchasing a real chocolate. Increasing usage of dark chocolate as an ingredient, rising demand from bakery and confectionery industry and HoReCa sector along with rising trend of premiumization of chocolates and value-added chocolate products is expected to drive India real chocolate market during forecast period. The local production of cocoa and the domestic production of cocoa products has seen a healthy growth in India. According to Directorate of Cashewnut and Cocoa Development (DCCD), since 2012-13, the production of cocoa in India has grew with a CAGR of 9% approximately, with a production of 18,920 tonnes during 2016-17. Moreover, the prices of Cocoa in India have witnessed a decline, prompting domestic as well as international manufacturers to locally source cocoa.
According to a TechSci Research report, “India Real Chocolate Market By Type, By End User, Competition, Forecast and Opportunities, 2013 – 2023”, India real chocolate market is projected to register a CAGR of over 19%, during 2018 – 2023. Real chocolate are chocolates which use cocoa butter as an ingredient rather than vegetable fat. The growth of the market is led by rising demand for real chocolate from bakeries and HoReCa sector, which are using real chocolate in their value added chocolate products. Moreover, demand for real chocolates is also increasing from FMCG companies such as Parle, Britannia, Unibic, etc., which are incorporating real chocolate in their premium baked products such as cookies, cakes, biscuit sandwiches, etc. Additionally, increasing presence of artisanal chocolatiers due to growing trend of premiumization of chocolates is further contributing to the growth of real chocolate market in India.
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Morde Foods Private Limited, DP Cocoa Products LLP, Barry Callebaut India Private Limited, Aalst Chocolate Pte Ltd, Jindal Cocoa LLP, and Puratos Food Ingredients India Pvt Ltd are some of the leading players in India real chocolate market. Among regions, South region dominated the market with more than one-third of the volume share in 2017. The region is anticipated to maintain its dominance during forecast period as well. However, North India is likely to witness the fastest growth during forecast period owing to increasing per capita in the region. On the basis of type, India real chocolate market can be broadly categorized into milk, white and dark chocolate. Of all, dark chocolate accounts for the largest share in the market due to changing consumer preferences.
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“Major demand for real chocolate in India is majorly generated by end users who are offering premium chocolate products. Real chocolate is two times more expensive than compound chocolate, which is a most commonly used type of chocolate. However, rising awareness about the difference between compound chocolate and real chocolate is expected to drive demand for real chocolate among the end use sectors. Moreover, growing trend of premiumization in the food services sector is further likely to promote demand for real chocolate in India over the course of next five years. Additionally, increasing focus of chocolate manufacturers on local production and sourcing of cocoa would further steer growth in India real chocolate market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Real Chocolate Market By Type, By End User, Competition, Forecast and Opportunities, 2013 – 2023” has evaluated the future growth potential of India real chocolate market 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 to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the India real chocolate market.
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