India Chocolate Market - Growth, Trends, and Forecasts (2023 - 2028)

The India Chocolate Market is Segmented by Type (Dark Chocolate and Milk and White Chocolate), by Product Type (Softlines/Selflines, Countlines, Molded Chocolates, and Other Product Types), and by Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, Convenience Stores, Online Retail Stores, and Other Distribution Channels). The report offers the market sizes and values in (USD million) during the forecast years for the above segments.

India Chocolate Industry Overview

India Chocolate Market Summary
Study Period: 2018 - 2028
CAGR: 8.15 %

Major Players

India Chocolate Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Chocolate Market Analysis

The Indian chocolate market is projected to register a CAGR of 8.15% over the upcoming five years.

The Indian chocolate market is witnessing a high demand for dark chocolates. The low sugar content of dark chocolates is a major factor driving demand for them as consumers become more aware of the link between high sugar intake and chronic diseases such as diabetes. Additionally, the demand for sustainable and environmentally friendly packaging is also on the rise. Increasingly, chocolates are packaged in eco-friendly packaging, which is expected to boost market growth over the next few years.

Another major factor driving the Indian chocolate market is the increase in the population of young people, who are the key consumers of chocolate. According to NFHS-5 (2019–21), over half of India's total population (52%) is aged below 30 years. Moreover, chocolate is replacing traditional sweets in the country. Other factors contributing to the growth of the premium chocolate market include the increased popularity of chocolates in the gifting industry. Several Indian buyers believe that chocolate selection boxes are more hygienic, more expensive, and more durable, and that this is contributing to an increase in the sales of chocolates as gifts in the country.

India Chocolate Industry Segments

Chocolate, which is extracted from roasted cacao seeds, is primarily used in confectionery and bakery products. The Indian chocolate market is segmented by type, product type, and distribution channel. By type, the market is segmented into dark chocolate and milk and white chocolate. By product type, the market is segmented into softlines/selflines, countlines, molded chocolates, and other product types. By distribution channel, the market is segmented into supermarkets/ hypermarkets, specialty stores, convenience stores, online retail stores, and other distribution channels. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).

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

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India Chocolate Market Trends

This section covers the major market trends shaping the India Chocolate Market according to our research experts:

Consumer Shift Toward Healthy Chocolates

Premium chocolates are popular in India, where people prefer to limit their confectionary consumption by treating themselves to bite-sized chocolates. Premium chocolate fits with the "clean eating" trend in the country, and its consumption is now dominated by health-conscious consumers. A variety of chocolates are available, including sugar-free, organic, vegan, and gluten-free ones that lure customers. Moreover, several innovative marketing and promotional strategies are being used by manufacturers operating in the industry to increase their sales. The rise in middle-class disposable income and growing awareness of the health benefits of chocolates, such as dark chocolates, are likely to boost chocolate sales in India.

According to the International Diabetes Federation, in 2021, around 74,194.7 thousand people in India had diabetes, an increase from 61,258.4 thousand in 2011. Hence, the country's demand for sugar-free chocolates or chocolate infused with sweeteners such as stevia, monk fruit, and aspartame, among others, is rising. These ingredients in premium chocolate are well-balanced, good for health, and play a significant role in raising HDL and protecting LDL from oxidation. They also reduce the risk of low blood pressure and high cholesterol, which attracts diabetic consumers. Moreover, key players are actively engaged in the manufacture of low-calorie chocolates to fulfill the demands of health-conscious consumers and increase their sales at the same time. For instance, in April 2022, The Whole Truth, India's 100% clean label brand, launched its first dark chocolate range, sweetened only with dates and without added sugar or artificial sweeteners.

India Chocolate Market : Share of Respondents with Diabetes (in %), India, 2017-2021

Hypermarkets/Supermarkets are Dominating Distribution Channels

The hypermarket/supermarket channel accounts for a considerable share of chocolate sales in India, with dark chocolate and molded chocolate becoming popular among consumers. Since they have huge retail spaces and cater to a wide variety of preferences, supermarkets and hypermarkets are the dominant channels for the sale of chocolate in the country. Moreover, the number of hypermarkets and supermarkets in India is rising. For instance, in 2021, there were more than 435,000 supermarkets/hypermarkets in the country. This huge number adds value to the sales of these retail formats and contributes significantly to the high penetration of premium chocolate. Shopping at supermarkets and hypermarkets is also perceived as useful due to the wide selection of brands on offer, the considerable shelf space, and the frequent price promotions. In addition, supermarkets/hypermarkets allocate separate premium sections, which helps consumers easily identify the needed products, making it a popular grocery purchasing channel.

India Chocolate Market : Number of Stores of Reliance Retail Limited, in thousand, India, 2017-2022

India Chocolate Market Competitor Analysis

The market studied is competitive and comprises regional and international competitors. It is dominated by players like Gujarat Cooperative Milk Marketing Federation, the Hershey Company, Nestlé SA, Ferrero International, and Mondelez International. Product innovation is the most common approach used by the players in this market. Another common strategy employed is expansion into untapped markets. The major market players focus on providing consumers with quality cocoa ingredients by developing products using the latest equipment. They are also building flexible production centers to meet the customized demands of the customers. Further, the companies are expanding their market presence by increasing their production capabilities.

India Chocolate Market Top Players

  1. The Hershey Company

  2. Ferrero International S.A.

  3. Nestlé S.A.

  4. Gujarat Cooperative Milk Marketing Federation (Amul)

  5. Mondelēz International, Inc.

*Disclaimer: Major Players sorted in no particular order

India Chocolate Market Concentration

India Chocolate Market Recent Developments

  • April 2022: Mondelez India introduced a unique product under its premium chocolate segment: Cadbury Dairy Milk Silk Bubbly Bubblegum. In its patented and distinctive "Bubbly" shape, this new Cadbury Dairy Milk Silk entrant combines the light and crumbly bubblegum-flavored pink chocolate with the outer layer of creamy Silk.
  • October 2021: The recently launched Cadbury Center by Mondelēz India was titled "The Purple Room." It is the first 3D chocolate printer created and is located in Mumbai's Jio World Drive mall. Consumers can customize their package of exquisite 3D chocolates at "The Purple Room." They can watch in real-time as the 3D printer molds the chocolate into its desired shape.
  • January 2021: Cadbury Dairy Milk Silk Mousse is a unique product innovation launched by Mondelez India within its premium chocolate segment. This new entrant combines a micro-aerated mousse filling inside a Cadbury Dairy Milk Silk chocolate bar.

India Chocolate Market Report - 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 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Dark Chocolate

      2. 5.1.2 Milk and White Chocolate

    2. 5.2 Product Type

      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 Distribution Channel

      1. 5.3.1 Supermarkets/Hypermarkets

      2. 5.3.2 Specialty Stores

      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 Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Mondelēz International Inc.

      2. 6.3.2 Mars Incorporated

      3. 6.3.3 Nestlé SA

      4. 6.3.4 Ferrero International SA

      5. 6.3.5 The Hershey Company

      6. 6.3.6 Chocoladefabriken Lindt & Sprüngli AG

      7. 6.3.7 The Campco Limited

      8. 6.3.8 Gujarat Cooperative Milk Marketing Federation (Amul)

      9. 6.3.9 Lotus Chocolate Company Limited

      10. 6.3.10 Kokomaē Chocolates

      11. 6.3.11 ITC Limited

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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India Chocolate Market Research FAQs

The India Chocolate Market is studied from 2018 - 2028.

The India Chocolate Market is growing at a CAGR of 8.15% over the next 5 years.

The Hershey Company, Ferrero International S.A., Nestlé S.A., Gujarat Cooperative Milk Marketing Federation (Amul), Mondelēz International, Inc. are the major companies operating in India Chocolate Market.

India Chocolate Industry Reports

In-depth industry statistics and market share insights of the India Chocolate sector for 2020, 2021, and 2022. The India Chocolate research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the India Chocolate report PDF.

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