India Industrial Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India Industrial Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Indian industrial chocolate market is estimated to register a CAGR of 12.89% during the forecast period.

Key Highlights

• Chocolate consumption volume is continuously rising in the country, with molded chocolate registering the largest sales volume.
• The rising per capita income and westernization trend are the key drivers for the market.
• Expanding retail channels and increasing impulse purchases are further driving the market.
• Surging demand for premium varieties offers a potential opportunity for the foreign brands to tap the market.

Key Market TrendsPremium Chocolates Gaining Popularity

There has been a rise in the demand for premium and dark chocolates, as a result of the increasing purchasing power of consumers and surging marketing and promotional activities. Molded chocolate dominates the Indian chocolate retail sales, followed by countlines. The sales of boxed assortments is rising at a faster pace, driven by the trend of occasional gifting. The price discounts offered by the supermarkets/hypermarkets and healthy eating habits are other factors contributing to the boost in sales. The competition is likely to build up the country’s cold chain structure, as more investments are expected to be drawn in favor of reshaping and introducing the refrigeration and distribution channels. The preference among consumers are slowly shifting toward dark chocolates, on account of various health benefits, which act as positive factors in surging the demand for premium chocolates in India.

High Demand for Compound Chocolate

In the food industry, compound chocolate is used as a low-cost alternative to couverture chocolate. Moreover, as compared to real chocolates, compound chocolate does not require tempering, which is one of the major reasons for the consumers’ preference toward compound chocolate, over real chocolate. However, the absence of shiny appearance and lack of rich and creamy taste are among the main factors responsible for low preference for compound chocolates in the premium segment.

Competitive Landscape

The Indian industrial chocolate market is highly competitive, due to the presence of many local players. Major companies, like The Barry Callebaut Group, India Cocoa Pvt Ltd, and Amrut International, are focusing on R&D to expand their businesses in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

The Barry Callebaut Group
India Cocoa Pvt Ltd
DP Cocoa Products Pvt Ltd
Lotus Chocolate Co. Ltd
Amrut International
Jindal Cocoa
Aalst Wilmar Pte Ltd
The Campco Ltd

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.