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

India Chocolate Market is segmented by Type (Dark Chocolate, Milk and White Chocolate); by Product (Softlines/Selflines, Countlines, Molded Chocolates, and Other Product Types); and by Distribution Channel such as (Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Online Channel, and Other Distribution Channels). The report offers market size and forecasts in value (USD million) for the above segments.

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Market Snapshot

Snapshot
Study Period: 2016 - 2026
Base Year: 2021
CAGR: 15.2 %

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Market Overview

The Indian chocolate market is projected to grow at a CAGR of 15.2% during the forecast period (2021-2026).

The chocolate market was impacted by COVID-19 during its onset in 2020. However, the market became more stable post the ease of restrictions across both importing and exporting countries. Consumers’ in-home consumption of chocolates witnessed a steep rise during the lockdown. Chocolates were bought in bulk, which led to higher volume sales through supermarkets and hypermarkets.

The India chocolate market is growing appetite for premium chocolate and the availability of dark chocolate brands such as Lindt, Hershey, Toblerone among others has led to the increased market penetration for dark chocolates. Also, the low sugar content in the dark chocolates is another reason for propelling the demand for dark chocolates, as consumers have become aware of high sugar intake and its link with chronic diseases like diabetes.

Another major factor driving the Indian chocolate market is young population which are key consumers for chocolates. Currently around half of the total population in India is below the age of 25 years and two thirds are below the age of 35 years. Driven by these factors chocolates are replacing traditional sweets in the country.

Scope of the Report

Chocolate, extracted from the roasted cacao seeds, is primarily used in confectioneries and bakery products. India chocolate market is segmented by type into Dark Chocolate, Milk and White Chocolate. The market is segmented by product into Softlines/Selflines, Countlines, Molded Chocolates, and Other Product Types. The market is segmented by distribution channels such as Supermarkets/ Hypermarkets, Specialist Retailers, Convenience Stores, Online Channel, and Other Distribution Channels. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).

By Type
Dark Chocolate
Milk and White Chocolate
By Product
Softlines/Selflines
Countlines
Molded Chocolates
Other Product Types
By Distribution Channel
Supermarkets/Hypermarkets
Specialist Retailers
Convenience Stores
Online Retail Stores
Other Distribution Channels

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Key Market Trends

Increasing Demand of Premium and Healthy Chocolates

The premium chocolate market is quite popular in India, as people in the country prefer treating themselves with bite-sized chocolates to limit their confectionary consumption. Premium chocolate is fitting pleasantly with the ‘clean eating’ trend in the country. Since chocolate was found to have numerous health benefits, consumers are opting for premium chocolates to have a guilt-free experience. The supermarkets and hypermarkets, like D-Mart and Reliance Mart, are trying to gain higher market traction by stocking up premium chocolate brands like Ferrero. The ingredients in premium chocolate are very balanced which is good for health and also reduces the risk for low blood pressure and cholesterol.

Trend1

Hypermarkets/Supermarkets are Leading Distribution Channel

The hypermarkets/supermarkets segment accounts for a considerable share in the chocolate sales, with dark chocolates and molded chocolate becoming a popular choice among consumers. Owing to a huge retail space catering to a wide variety of preferences, the supermarkets/hypermarkets are dominant channels for the sales of chocolate in the country. Factors, such as business expansion and the rising number of hypermarkets and supermarkets, add to the sales of these retail formats and significantly contribute to the higher penetration of premium chocolate. Shopping at hypermarkets/supermarkets is also perceived as useful, due to the wide selection of brands on offer, considerable shelf space, and frequent price promotions.

Trend2

Competitive Landscape

The market studied is competitive, and consists of regional and international competitors. It is dominated by players, like Mars, Incorporated, The Hershey Company, Nestlé SA, Ferrero International, Mondelez International, etc. The development of new products to enhance their portfolio and to capture untapped markets has driven the growth of the chocolate market. Owing to the changing tastes and preferences of consumers, there have been considerable developments of products by various market players.

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Recent Developments

  • In March 2021, Mondelez International launched the all-new Cadbury 5Star Oreo which is the combination of the creaminess and crunchiness of OREO and the chocolatey caramel zest of Cadbury 5Star.
  • In June 2019, Mondelez International launched Cadbury dairy milk in a new bar with 30% less sugar, offering consumers greater choice and a delicious milk taste.
  • In March 2018, Nestlé MUNCH, one of India's most popular brands in the chocolate and confectionery category set another innovation benchmark in the coated wafer category with the launch of MUNCH CRUNCH-O-NUTS.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Dark Chocolate

      2. 5.1.2 Milk and White Chocolate

    2. 5.2 By Product

      1. 5.2.1 Softlines/Selflines

      2. 5.2.2 Countlines

      3. 5.2.3 Molded Chocolates

      4. 5.2.4 Other Product Types

    3. 5.3 By Distribution Channel

      1. 5.3.1 Supermarkets/Hypermarkets

      2. 5.3.2 Specialist Retailers

      3. 5.3.3 Convenience Stores

      4. 5.3.4 Online Retail Stores

      5. 5.3.5 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Mondelez International

      2. 6.4.2 Mars Incorporated

      3. 6.4.3 Nestle S.A.

      4. 6.4.4 Ferrero International

      5. 6.4.5 The Hershey Company

      6. 6.4.6 Chocoladefabriken Lindt and Sprungli AG

      7. 6.4.7 The Campo Ltd.

      8. 6.4.8 Buttercup Confectionery Limited

      9. 6.4.9 Lotus Chocolate Company

      10. 6.4.10 GCMMF (Amul)

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The India Chocolate Market market is studied from 2016 - 2026.

The India Chocolate Market is growing at a CAGR of 15.2% over the next 5 years.

Mondelez International, Mars Inc., Ferrero International, Nestle SA, The Hershey Company are the major companies operating in India Chocolate Market.

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