India chocolate market reached a value of US$ 1.9 Billion in 2020 with the country currently representing one of the world’s fastest growing markets for chocolates. Looking forward, IMARC Group expects the India chocolate market to exhibit strong growth during the forecast period (2021-2026). Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
India’s strong economic growth over the past decade has catalyzed the country’s per capita disposable incomes resulting in the strong growth of the chocolate industry. As a result, consumers are now buying chocolates for everyday consumption rather than just special occasions.
Another major factor driving the chocolate industry is the country’s large young population which represents a key consumer segment 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. Other factors driving the market include changing lifestyles, westernization, growth of the food services sector, value addition, etc. Driven by these factors chocolates are replacing traditional sweets in the country.
IMARC Group provides an analysis of the key trends in each sub-segment of the India chocolate market, along with forecasts for growth at the country and state level from 2021-2026. Our report has categorized the market based on region, chocolate type, product form, packaging type and distribution channel.
Market Breakup by Region
Market Breakup by Type
Market Breakup by Product Form
Market Breakup by Packaging Type
Market Breakup by Distribution Channel
This report includes:
Indian chocolate industry is highly fragmented with the presence of several small and large players competing in terms of price and quality. Some of the major players in the India chocolate market are:
This report provides a deep insight into the Indian chocolate market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for chocolate manufacturers, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Indian chocolate market in any manner.
Report Customization: Although IMARC has tried to cover everything in the India chocolate market landscape, we believe that every stakeholder may have their own specific needs. In view of this, we provide up to 20 man-hours of free customization for each report.
Key Questions Answered in This Report:
The India chocolate market size was valued at US$ 1.9 Billion in 2020.
According to the estimates by IMARC Group, the India chocolate market is expected to witness a CAGR of 12.1% from 2021 to 2026.
The increasing consumer preferences towards chocolate-based baked goods, confectioneries, western desserts, etc., in the country represent one of the key drivers for the India chocolate market.
The emergence of healthier product variants, such as sugar-free, gluten-free, organic, and low-calorie chocolates represents one of the key trends in the India chocolate market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in a shift from brick-and-mortar distributional channels towards e-commerce platforms for the sales of chocolates.
On the basis of the type, the market has been bifurcated into milk chocolate, dark chocolate, and white chocolate. Currently, milk chocolate holds the majority of the total market share.
On the basis of the packaging type, the market has been divided into pouches and bags, boxed chocolate, and others. Among these, pouches and bags dominate the largest segment.
On the basis of the distribution channel, the market has been classified into retail sales and institutional sales. Among these, retail sales hold the largest market share.
Region-wise, the market has been classified into North India, East India, West and Central India, South India, where North India dominates the global market.
The key companies in the India chocolate market are Mondelez India Foods Private Limited, Ferrero India Private Limited, Nestle India Limited, Mars International India Private Limited, Gujarat Cooperative Milk Marketing Federation Ltd., Hershey India Private Limited, Global Consumer Products Private Limited, Surya Food & Agro Ltd., Lotus Chocolate Company Limited, and ITC Limited.
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