Market Forecast By Product Types (Milk Chocolate, White Chocolate, Dark Chocolate), By Distribution Channels (Supermarkets/ Hypermarkets, Grocery/ Mom N Pop Stores, Convenience Stores, Online Channel, Others (Specialized Retailers, Pharmacy, Etc.)), By Chocolate Types (Countlines & Straight Lines, Molded Or Bar Chocolates, Choco-Panned & Sugar Panned, Others (Box Chocolates, Novelties, Etc.)) And Competitive Landscape
|Product Code: ETC001762||Publication Date: Aug 2023||Updated Date: Jun 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 8||No. of Tables: 2|
India Chocolate Market registered a growth of 52.62% in value shipments in 2022 as compared to 2021 and a decrease of -0.64% CAGR in 2022 over a period of 2017. In Chocolate Market India is becoming more competitive as the HHI index in 2022 was 1119 while in 2017 it was 1201. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on domestic production to meet its growing demand in Chocolate Market.
India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Chocolate Market in 2022 was 0.65 while in 2017 it was 0.43. Italy, Türkiye, United Arab Emirates, Switzerland and Bangladesh were among the top players of the market in 2022, where Italy acquired the largest market share of 22.77% with a shipment value of 14.53 million USD in 2022 Italy also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Chocolate Market. In 2017 Italy had the largest market share of 23.69% with the shipment value of 10.29 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Italy offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Chocolate Market in 2017.
India Chocolate Market has seen the latest developments which include the introduction of chocolates with Indian ingredients like cinnamon, jasmine, chili and cardamom, and dark chocolate. Premium, as well as dark chocolate products, have become quite famous as people pay more attention to health and sugar reduction. Chocolate manufacturers have also started working on organic, vegan, sugar-free, and gluten-free chocolates. Ingredients such as dried fruits, blueberries, and cranberries have also been tried as additional ingredients in dark chocolate bars. Consumers have started moving towards smaller packs, and bite-sized portions are gaining popularity in India which hints at increasing health-consciousness among Indian consumers trying to control portion size.
The India chocolate market report comprehensively covers the market by product types, distribution channels, and chocolate types. The India chocolate market outlook report provides an unbiased and detailed analysis of the India chocolate market trends, India chocolate market share, opportunities, high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India chocolate market is expected to witness exponential growth over the coming years due to growing awareness among people regarding health concerns and changing tastes and preferences of consumers due to an increase in adulteration of Indian sweets. Moreover, buying chocolates is a result of the impulsive behavior of consumers to celebrate small moments of joy and happiness, thereby not impacting the chocolate market even during an economic slowdown or recession.
According to 6Wresearch, the India Chocolate Market size is projected to grow at a CAGR of 12.3% during 2019–2025. The introduction of international brands, availability of a variety of flavors, and expanding online chocolate distribution are the key factors catalyzing the India Chocolate Market Growth. Additionally, more than 70% of chocolate consumption is from urban consumers and the country is posing huge opportunities in the untapped rural segments. Additionally, improving the rural distribution network in the country is expected to attract global companies to invest in India chocolate market. With relatively mature European and American markets, the global chocolate market players are eyeing on Indian marketplace for expanding their presence and market share. Increasing disposable income coupled with improvement in lifestyle is driving the India Chocolate Market Share. Changing preferences of consumers coupled with rising penetration toward a healthy lifestyle are driving the demand for chocolates.
Chocolates have been upholding great taste and value and not only children but also adults worldwide are loving the taste of the sweet confectionary as a result, it is expected to leave a positive impact on the overall growth of chocolate demand and increase India chocolate market size in the coming timeframe. India, especially, is witnessing a major spur with regard to the change in tastes and preferences and chocolate is marking a spectacular place in terms of market placement for sweets and confectionaries. Being a socially diverse country, India registers celebrations of festivities all across the year, and as a result, the demand for chocolates is observed at a mass level each year which is anticipated to be a catalyst in the growth of India chocolate market Revenue in the near future. Additionally, being a fragmented market landscape, the involvement of more new private players and small-scale chocolate manufacturers in the chocolate market in India is expected to bring new horizons for the growth of the India chocolate market and benefit the potential industrialists and to be investors to eye on fortunate business growth in the chocolate market in India in the coming years and is expected to leave a positive impact on the business growth of some of the famous chocolate brands in the country.
Celebration of festivities all across the year is expected to be a proliferating factor for the chocolate market in India. With an observation of festivities all across the year, the demand for chocolates is observed at an extensive level. Moreover, the rising adulteration in sweets has led to a shift in the preferences of chocolates over traditional sweets and is acting as a pioneer for the market growth of the India chocolate market and not only in the present but changing consumer preferences for replacing traditional sweets with premium and exquisite chocolate variants in wedding ceremonies also are anticipated to give new horizons to shape the market competitive landscape of the India chocolate market in the coming time zone.
India chocolate market is anticipated to gain traction during the forecast period 2017-23F on the back of the rising consumption rate in the country. The rise in the replacement of sweets with chocolate and a large consumer base ranging from children to adults are leading to leaving a positive impact on market growth. Also, product innovation is estimated to act as another growth proliferating factor that has led to fascinating the consumers by increasing the aspiration to taste the new flavor and this would benefit the growth of the India chocolate market in the coming years.
The future of the chocolate industry sells a number of chocolates with a major focus on famous brands which are kept under the view of a customer while making a purchase. According to past sales records, around 40 percent spur is witnessed for the famous chocolate brands as a result of the ongoing festivities throughout the year. Some of the famous and top ten chocolate brands in India that have been mentioned below are Cadbury, Nestle, Amul, Ferrero Rocher, Hershey, Mars, Lindt & Sprungli Company, and Toblerone, Ghirardelli Chocolate, Godiva.
As per the chocolate industry analysis in India, the milk chocolate segment captured the majority of the market share in 2018; however, the dark chocolate segment is likely to exhibit the highest growth during the forecast period, owing to the health benefits associated with it. Further, with the growing trend of offering chocolates as gifts, premium chocolates are expected to witness huge acceptance over the coming years in India.
The India chocolate market report provides a detailed analysis of the following market segments:
|1. Executive Summary|
|2.1 Report Description|
|2.2 Key Highlights of The Report|
|2.3 Market Scope & Segmentation|
|2.4 Research Methodology|
|3. India Chocolate Market Overview|
|3.1 India Country Indicators|
|3.2 India Chocolate Market Revenues, 2015-2025F|
|3.3 India Chocolate Market Revenue Share, By Product Types, 2018 & 2025F|
|3.4 India Chocolate Market Revenue Share, By Distribution Channels, 2018 & 2025F|
|3.5 India Chocolate Market Revenue Share, By Chocolate Types, 2018 & 2025F|
|3.6 India Chocolate Market-Industrial Life Cycle|
|3.7 India Chocolate Market-Porter’s Five Force Model|
|4. India Chocolate Market Dynamics|
|4.1 Impact Analysis|
|4.2 Market Drivers|
|4.3 Market Restraints|
|5. India Chocolate Market Trends|
|6. India Chocolate Market Overview, By Product Types|
|6.1 India Milk Chocolate Market Revenues, 2015-2025F|
|6.2 India White Chocolate Market Revenues, 2015-2025F|
|6.3 India Dark Chocolate Market Revenues, 2015-2025F|
|7. India Chocolate Market Overview, By Distribution Channels|
|7.1 India Chocolate Market Revenues, By Supermarkets/ Hypermarkets, 2015-2025F|
|7.2 India Chocolate Market Revenues, By Grocery/ Mom n Pop Stores, 2015-2025F|
|7.3 India Chocolate Market Revenues, By Convenience Stores, 2015-2025F|
|7.4 India Chocolate Market Revenues, By Online Channel, 2015-2025F|
|7.5 India Chocolate Market Revenues, By Other Distribution Channels, 2015-2025F|
|8. India Chocolate Market Overview, By Chocolate Types|
|8.1 India Chocolate Market Revenues, By Countlines & Straight-lines, 2015-2025F|
|8.2 India Chocolate Market Revenues, By Moulded or Bar, 2015-2025F|
|8.3 India Chocolate Market Revenues, By Choco-Panned & Sugar Panned, 2015-2025F|
|8.4 India Chocolate Market Revenues, By Other Chocolate Types, 2015-2025F|
|9. India Chocolate Market – Key Performance Indicators|
|10. India Chocolate Market – Opportunity Assessment|
|10.1 India Chocolate Market Opportunity Assessment, By Distribution Channels, 2025F|
|10.2 India Chocolate Market Opportunity Assessment, By Chocolate Types, 2025F|
|10.3 India Chocolate Market Opportunity Assessment, By Product Types, 2025F|
|11. India Chocolate Market Competitive Landscape|
|11.1 India Chocolate Market Competitive landscape, By Technical and Operating Parameters|
|11.2 India Chocolate Market Revenue Share, By Company, 2018|
|12. Company Profiles|
|12.1 Mondelez International, Inc.|
|12.2 Mars, Incorporated|
|12.3 Nestle Corporate|
|12.4 Ferrero Group Corporate|
|12.5 The Hershey Company|
|12.6 Chocoladefabriken Lindt & Sprüngli|
|12.7 Ghirardelli Chocolate Co.|
|12.8 Yildiz Holding|
|12.9 Groupo Arcor|
|12.10 Rittersport Company|
|13. Key Strategic Recommendations|
|LIST OF FIGURES|
|Figure 1. India Chocolate Market Revenues, 2015-2025F ($ Million)|
|Figure 2. India Chocolate Market Revenue Share, By Product Types, 2018 & 2025F|
|Figure 3. India Chocolate Market Revenue Share, By Distribution Channels, 2018 & 2025F|
|Figure 4. India Chocolate Market Revenues, By Distribution Channels, 2015-2025F ($ Million)|
|Figure 5. India Chocolate Market Revenue Share, By Chocolate Types, 2018 & 2025F|
|Figure 6. India Chocolate Market Opportunity Assessment, By Distribution Channels, 2025F|
|Figure 7. India Chocolate Market Opportunity Assessment, By Chocolate Types, 2025F|
|Figure 8. India Chocolate Market Opportunity Assessment, By Product Types, 2025F|
|LIST OF TABLES|
|Table 1. India Chocolate Market Revenues, By Product Types, 2015-2025F ($ Million)|
|Table 2. India Chocolate Market Revenues, By Chocolate Types, 2015-2025F ($ Million)|