India Chocolate Market by Type (Dark Chocolate, Milk Chocolate, and White Chocolate), By Distribution Channel (Retail Sales, Institutional Sales), By Category (Chocolate Pouches & Bags, Boxed Chocolates, Countlines, Tablets, and Others), By Region (Northern India, Southern India, Eastern India, Western India); Trend Analysis, Competitive Market Share & Forecast, 2016-2026
- Published Date: April 2020
- Report ID: BWC20030
- Available Format: PDF
- Page: 71
India Chocolate Market Forecast and Trends
The 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.
India 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
The 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 players.
The increased price of cocoa
Increasing 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: Type
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: Distribution Channel
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.
India 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 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 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
Ø Milk Chocolate
Ø Dark Chocolate
Ø White Chocolate
By Distribution Channel
Ø Online Sales
Ø Offline Sales
Ø Chocolate Pouches & Bags
Ø Boxed Chocolates
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 Chocolate Market.
Ø To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
Ø To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Historical data – 2016-2019
Base Year – 2019
Forecast – 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.
- Global Unified Communication (UC) & Business Headsets Market Size, Share, Forecast | Industry Report, 2019-2025
- Sports Equipment Market Size, Share, Growth & Forecast 2027 | BlueWeave
- Global Robotics and Automation Actuators Market Size, Share, Forecast to 2019-2025
- Global Forklift Truck Market Growth Analysis and Industry Forecast to 2018-2025
- Global Data Center Interconnect (DCI) Market Analysis and Forecast to 2019-2025
WHY CHOOSE US
24/7 Research support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Coustom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
We never share your personal and confidential information. Your personal information is safe and secure with us.