India Chocolate Market to Witness a CAGR of 11% through 2028
Published | 13 April 2022
India chocolate market is growing at a high CAGR because of the rising consumer awareness of the health benefits of moderate consumption of chocolate coupled with easy availability of a wide range of chocolate at different prices and brands in any retail stores or supermarkets/hypermarkets…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India chocolate market is estimated to grow at a CAGR of 11% during the forecast period of 2022-2028. The growth of the India chocolate market is attributed to the rising consumer awareness of the health benefits of moderate consumption of chocolate. The easy availability of a wide range of chocolate at different prices and brands in any retail stores or supermarkets/hypermarkets also plays a crucial factor in driving market growth. The companies also significantly invest in advertising and marketing strategies to curate campaigns to gain consumer attention and boost their sales, which is anticipated to drive the India chocolate market growth in the forecast period. However, the high domination of certain chocolate brands in the market may act as a huge restraining factor for market growth.
Health Benefits of Chocolates is Driving the India Chocolate Market Growth
The health benefits attributed to the consumption of chocolates act as a major driving factor for the growth of the global chocolate market. The moderate consumption of chocolate offers various health benefits such as balancing the immune system and reducing oxidative stress, combating diabetes, improving brain function, boosting athletic performance, etc. According to John Hopkins Medicine, the antioxidants in dark chocolate helps in lowering blood pressure, reducing the risk of clotting, and increasing blood circulation to the heart.
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Launch of New Products by Chocolate Brands is Offering Lucrative Growth Opportunities to The Market
With the high growth potential of India chocolate market, the chocolate brands are increasingly launching new products to strengthen their market presence or grab consumers’ attention. For instance, Mondelez India recently launched ‘Cadbury Dairy Milk Silk Mousse’ as their new chocolate variant, which offers a combination of light, micro-aerated mousse filling inside a Cadbury Dairy Milk Silk chocolate bar. Hershey India, popular for its syrups and spreads, also announced the launch of chocolate bars under its flagship Hershey’s brand.
India Chocolate Market - By Distribution Channel
The distribution channel of the India chocolate market is segmented into retail stores, specialty retailers, and online distributors. The retail store segment accounts for the largest market share owing to the high number of these stores or ‘Kirana stores’ in India in every locality, which is being the major source of distribution for consumers. Furthermore, the increasing number of mom-and-pop stores as a source of income for various families also acts as a major driving factor for the growth of the retail store segment.
Impact of COVID-19 on India Chocolate Market
The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the India chocolate market. The demand for chocolates showed significant growth during the lockdown period in the country due to increasing health consciousness among consumers and its health benefits However, the restrictions on the production activities as well as imports and exports resulted in huge demand and supply gap for chocolate, sabotaging the market growth. Fortunately, now in the post lockdown period, the market is anticipated to recover from this fall as the chocolate manufacturers are focusing on expanding their production activities.
The leading market players of the India chocolate market are Mondelez International, GCMMF (Amul), Mars Incorporated, Lotus Chocolate Company, Nestle S.A., Buttercup Confectionery Limited, Ferrero International, The Campo Ltd., The Hershey Company, Chocoladefabriken Lindt and Sprungli AG, and other prominent players.
The India chocolate market is highly fragmented with the presence of global as well as regional industry participants. However, certain global brands including Mondelez and Nestle, etc., dominate the market. The companies constantly launch new products with attractive packaging and at competitive prices to boost their sales. They also significantly invest in advertising and marketing to boost brand awareness.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India chocolate market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India chocolate market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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