India Chocolate Market (2024-2030) | Share, Revenue, Forecast, Analysis, Growth, Value, Size, Trends, Industry, Segmentation & Outlook

Latest (2023) Development of the India Chocolate Market

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.

Mergers and Acquisitions:

• On Friday, September 4, 2020, Diversified business entity ITC said it is considering merging its three wholly-owned subsidiaries - Sunrise Foods, Hobbits International Foods, and Sunrise Sheetgrah - with itself.
• On December 17, 2020, The Ferrero Group announced a definitive agreement pursuant to which it will acquire Eat Natural

Topics Covered in the India Chocolate Market

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 Synopsis

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.

Market Analysis by Product Type

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.

Key Highlights of The Reports

• India Chocolate Market Overview
• India Chocolate Market Outlook
• India Chocolate Market Forecast
• Historical Data of India Chocolate Market Revenues for the Period 2015-2018
• India Chocolate Market Size & Chocolate Market Forecast of Revenues, Until 2025
• Historical Data of India Chocolate Market Revenues, By Product Types, for the Period 2015-2018
• Market Size & Forecast of India Chocolate Market Revenues, By Product Types, Until 2025
• Historical Data of India Chocolate Market Revenues, By Distribution Channels, for the Period 2015-2018
• Market Size & Forecast of India Chocolate Market Revenues, By Distribution Channels, Until 2025
• Historical Data of India Chocolate Market Revenues, By Chocolate Types, for the Period 2015-2018
• Market Size & Forecast of India Chocolate Market Revenues, By Chocolate Types, Until 2025
• Market Drivers and Restraints
• India Chocolate Market Trends and Industry Life Cycle
• Porter’s Five Force Analysis and Market Opportunity Assessment
• India Chocolate Market Share, By Players
• India Chocolate Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The India chocolate market report provides a detailed analysis of the following market segments:

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

• Count lines & Straight lines
• Molded or Bar Chocolates
• Choco-panned & Sugar panned
• Others (Box chocolates, novelties, etc.)