India Chocolate Market Forecast and
India Chocolate market estimated size was USD 1.76 Billion in 2019 and
projected to reach USD 5.09 Billion by 2026 with a significant CAGR of 16.48%
during the forecast period 2020-2026. Rising
disposable income of the middle-class population, changes in taste preferences
of Indian consumers & promotional strategies by manufacturers are expected
to boost sales of chocolates in India during the forecast period.
Some of the
other factors that would propel the market are growing online sales of chocolates,
increasing demand for premium chocolates, and the growing popularity of organic
and sugar-free chocolates. India’s strong economic growth over the past decade
has catalyzed the country’s per capita disposable incomes leading to the strong
growth of the chocolate industry. In addition increasing awareness about the
health benefits of chocolate, and innovative marketing contribute with
significant rate in Indian chocolate market.
Chocolate Market: Overview
Chocolate is usually a sweet, brown
foodstuff preparation of roasted and ground cacao seeds that are prepared in
the form of a paste, liquid, or a block, or used as a flavoring ingredient in
foods. Chocolate is one of the most admired food types and flavors in India,
and many foodstuffs involving chocolate exist, particularly desserts, including
cakes, chocolate brownies, pudding, mousse, and chocolate chip cookies. Many
candies are coated or filled with sweetened chocolate. Chocolate bars that are
either made of solid chocolate or other ingredients coated in chocolate are
eaten as snacks.
Growing consumption of cocoa powder
Cocoa powders have been used for their
role as coloring and flavoring agents, specifically in the beverages and baking
industries. The intense application of cocoa powders in products, such as
chocolates, ice creams, and frozen desserts, milkshakes, has led to burgeoning
demand. The manufacturers have been providing cocoa powders in different flavor
profiles, ranging from fruity natural to bitter cocoa, and various colors, extending
from vibrant reds to dark brown, as well as black. This leads to increased consumption
of cocoa powder in the country, which in turn contributes to the growth of the
chocolate market in India.
Increasing demand for chocolate flavor
in confectionery and bakery industries
consumer demand for convenience has led to substantial growth in bakery
products. The artisanal bakers are trying more and more with flavors and
ingredients in a variety of bakery products ranging from cakes, cookies,
pastries, etc. The trend of traditional hybrid sweets in terms of flavors, and
other ingredients frequently influenced by Western culture has created the
demand for chocolate in conventional sweets as well. For instance, nut and milk
sweets are often topped with fine chocolate and some truffle sweets using dried
fruits and spices are being hand-rolled in nut powders and chocolate.
Widespread demand for chocolate-flavored milk, drinks, bakery products, ice
creams, functional foods, and liquor chocolates will be there in upcoming
years. The demand for chocolates is also increasing from FMCG (fast-moving
consumer goods) companies resulting in generating opportunities for market
The increased price of cocoa
tariffs and custom duty makes the imported chocolate costly thereby affecting
the sales of premium chocolates in the country. A Basic duty, CVD
(Countervailing Duty) and Special CVD has been levied on chocolates and other
food preparations containing cocoa on imports in India.
India Chocolate Market:
On the basis of type, the market is segmented into Milk
Chocolate, Dark Chocolate, and White Chocolate. Dark chocolate is anticipated
to be the fastest-growing segment owing to its health benefits and evolving
preferences of Indian consumers. The consumers’ affinity is increasing towards
dark chocolates has led to the growth of this segment. Moreover, the
preferences of Indian consumers are gradually evolving and getting comfortable
with the taste of dark chocolate.
India Chocolate Market:
Based on its distribution channel, the market is segmented
into Online sales, Offline sales. Online sales of chocolate is expected to grow
at a significant rate during the forecast period as it provides exciting offers
and brands is attracting Indian customers. Digital India has greatly influenced
the online sales of finished goods and product. Convenience, ease of searching,
billing, varied selection of products and discounts & promotion has fueled
the online chocolate sale.
Chocolate market is fragmented owing to the presence of several large-sized
companies, mid-sized & small-sized companies, and many start-ups that
provide chocolate industry. However, the companies that hold the major share of
chocolate market are Mondelez India Foods Private Limited, Nestlé India
Ferrero India Private Limited, Gujarat Cooperative Milk Marketing Federation
International India Private Limited, Hershey India Private Limited, Surya Food
& Agro Ltd., Lotus Chocolate Company Limited, ITC Limited, Mars International India Pvt. Ltd., The
Campco Ltd., Global Consumer Products Private Limited, Buttercup Confectionery
Limited, Lindt & Springli Ag, Maestro Swiss Trading (M) Sdn Bhd, and other
Ø In January 2020, Hershey
India Private Ltd. announced the launch of chocolate bars under its Flagship
Hershey’s brand. The bar was available in three variants, the whole almond
variant, cookies’n’ crème and classic creamy milk.
Ø In September
2019, Mondelez India launched Cadbury dark milk chocolate empowering Indian
consumers with new eat experience and more choices. It was aimed to provide
superior for those with sophisticated and mature sensibilities.
Scope of the Report
data – 2016-2019
Base Year –
2020 – 2026
Revenue in USD Billion
Northern India, Southern
India, Eastern India, Western India.
By Type, By Distribution Channel, By Category, By Region
Mondelez India Foods Private Limited, Nestlé
India Limited, Ferrero India Private Limited, Gujarat Cooperative Milk
Marketing Federation Ltd., Mars International India Private Limited, Hershey
India Private Limited, Surya Food & Agro Ltd., Lotus Chocolate Company Limited,
ITC Limited, Mars International India
Pvt. Ltd., The Campco Ltd., Global Consumer Products Private Limited,
Buttercup Confectionery Limited, Lindt & Springli Ag, Maestro Swiss
Trading (M) Sdn Bhd, and other prominent players.
Ø Milk Chocolate
Ø Dark Chocolate
Ø White Chocolate
Pouches & Bags
Ø Northern India
Ø Southern India
Ø Eastern India
Ø Western India
The objective of the Study:
Ø To analyze and forecast the India Chocolate Market
size of the market in terms of value.
Ø To examine the careful market segmentation and
forecast the market size, in terms of value, based on the region by segmenting.
Ø The India Chocolate Market segmented into five
regions, namely, Northern India, Southern India, Eastern India, Western India.
Ø To outline, categorized, and forecast the India
Chocolate Market based on the Type, Distribution Channel, Category.
Ø To examine competitive developments like
technological advancement, services, and regulative framework within the India
Ø To highlight the impact analysis of the factors
affecting the market dynamics such as drivers, restraints, opportunities, and
Ø To strategically profile the key players and
comprehensively analyze their market shares along with detailing the
competitive landscape for market leaders.