The India Chocolate Market has reached USD 1.76 Billion in 2019 and projected to reach USD 5.09 Billion by 2026 with a significant CAGR of 16.48% during the forecast period 2020-2026. The Indian consumers have been shifting their choices towards chocolate products over traditional sweets. The increasing disposable income of the middle-class population in the country has impacted the market space for the overall chocolate consumption.
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Evolving food consumption patterns in India, rising per capita income, affluent middle-class purchasing power along with marketing and promotional activities have improved the chocolate market. The sale of the boxed assortment is growing at a faster pace, driven by increased in occasional gifting trend. Affordable prices and discounts offered at supermarkets/hypermarkets and healthy eating habits are other factors boosting sales.
Moreover, the introduction of international brands, availability of a variety of flavors, and expanding online chocolate distribution are the key factors catalyzing the growth of the chocolate market in India. Additionally, most of the chocolate consumption is from urban consumers, and the country is posing massive opportunities in the untapped rural segment.
Seasonal chocolates are launched and sold by business and are being bought by customers to celebrate holidays or special occasions. For instance, many seasonal chocolates are launched and sold during Christmas and Diwali. Companies like Lindt & Sprüngli are already famous for their limited edition seasonal chocolates. Some seasonal chocolates are sold during winter seasons only. Also, in Urban India and tier I and II cities, both seasonal and non-seasonal chocolates are now being considered as potential gifts, while previously sweets were the only option in delicacy gifting.
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Media exposure and smart marketing techniques have placed chocolates as an alternative to sweets. The overall chocolate consumption in the country is also being driven by significant growth in the young population, which presently represents the major consumer segment. An important factor for the growth of chocolates in India is millennials young population showing great potential for varying kinds of chocolates in the country.
India Chocolate market is fragmented owing to the presence of several large-sized companies, mid-sized & small-sized companies, and many start-ups that provide chocolate industry. However, the companies that hold the major share of chocolate market are Mondelez India Foods Private Limited, Nestlé India Limited, Ferrero India Private Limited, Gujarat Cooperative Milk Marketing Federation Ltd., Mars International India Private Limited, Hershey India Private Limited, Surya Food & Agro Ltd., Lotus Chocolate Company Limited, ITC Limited, Mars International India Pvt. Ltd., The Campco Ltd., Global Consumer Products Private Limited, Buttercup Confectionery Limited, Lindt & Springli Ag, Maestro Swiss Trading (M) Sdn Bhd, and other prominent players.
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