Market Overview:
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.
Key Market Segmentation:
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
- North India
- East India
- West and Central India
- South India
Market Breakup by Type
- Milk Chocolate
- Dark Chocolate
- White Chocolate
Market Breakup by Product Form
Market Breakup by Packaging Type
- Pouches and Bags
- Boxed Chocolate
- Others
Market Breakup by Distribution Channel
- Retail Sales
- Institutional Sales
This report includes:
- Historical, Current and Future Market Trends
- Value Chain Analysis
- Key Drivers and Challenges
- Porters Five Forces Analysis
- PESTEL Analysis
- Government Regulations
Competitive Landscape:
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:
- Mondelez India Foods Private Limited
- Ferrero India Private Limited
- Nestle India Limited
- Mars International India Private Limited
- ITC Limited
- Gujarat Cooperative Milk Marketing Federation Ltd.
- Hershey India Private Limited
- Global Consumer Products Private Limited
- Surya Food & Agro Ltd.
- Lotus Chocolate Company Limited
Report Coverage:
- Base Year Considered: 2020
- Historical Data Coverage: 2015-2020
- Market Forecast: 2021-2026
- Currency: US$
- Geography Covered: India
- Segments Covered: type, product form, packaging type, distribution channel and region
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.
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 India Chocolate Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Type
5.5 Market Breakup by Product Form
5.6 Market Breakup by Packaging Type
5.7 Market Breakup by Distribution Channel
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.10.1 Overview
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value Chain Analysis
5.11.1 Overview
5.11.2 Cocoa Growers
5.11.3 Cocoa Grinders
5.11.4 Coverture/Industrial Chocolate Manufacturers
5.11.5 End Use Industries
5.11.6 Chocolate Manufacturers
5.11.7 Distributors
5.11.8 Exporters
5.11.9 Retailers
5.12 Porters Five Forces Analysis
5.12.1 Overview
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes
5.13 PESTEL Analysis
5.13.1 Political
5.13.2 Economic
5.13.3 Social
5.13.4 Legal
5.13.5 Environmental
5.13.6 Technological
5.14 Price Analysis
5.14.1 Key Price Indicators
5.14.2 Price Structure
5.14.3 Margin Analysis
6 Market Breakup by Type
6.1 Milk Chocolate
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Dark Chocolate
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 White Chocolate
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Product Form
7.1 Moulded
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Countlines
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Others
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Packaging Type
8.1 Pouches and Bags
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Boxed Chocolate
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Distribution Channel
9.1 Retail Sales
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Institutional Sales
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Region
10.1 North India
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 West and Central India
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 South India
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 East India
10.4.1 Market Trends
10.4.2 Market Forecast
11 Government Regulations
12 Strategic Recommendations
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 Mondelez India Foods Private Limited
13.3.2 Ferrero India Private Limited
13.3.3 Nestlé India Limited
13.3.4 Mars International India Private Limited
13.3.5 Gujarat Cooperative Milk Marketing Federation Ltd.
13.3.6 Hershey India Private Limited
13.3.7 Global Consumer Products Private Limited
13.3.8 Surya Food & Agro Ltd.
13.3.9 Lotus Chocolate Company Limited
13.3.10 ITC Limited
List of Figures
Figure 1: India: Chocolate Market: Major Drivers and Challenges
Figure 2: India: Chocolate Market: Sales Value (in Billion US$), 2015-2020
Figure 3: India: Chocolate Market: Breakup by Type (in %), 2020
Figure 4: India: Chocolate Market: Breakup by Product Form (in %), 2020
Figure 5: India: Chocolate Market: Breakup by Packaging Type (in %), 2020
Figure 6: India: Chocolate Market: Breakup by Distribution Channel (in %), 2020
Figure 7: India: Chocolate Market: Breakup by Region (in %), 2020
Figure 8: India: Chocolate Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 9: India: Chocolate Industry: SWOT Analysis
Figure 10: India: Chocolate Industry: Value Chain Analysis
Figure 11: India: Chocolate Industry: Porter’s Five Forces Analysis
Figure 12: India: Chocolate Industry: PESTEL Analysis
Figure 13: India: Chocolate (Milk Chocolate) Market: Sales Value (in Million US$), 2015 & 2020
Figure 14: India: Chocolate (Milk Chocolate) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 15: India: Chocolate (Dark Chocolate) Market: Sales Value (in Million US$), 2015 & 2020
Figure 16: India: Chocolate (Dark Chocolate) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 17: India: Chocolate (White Chocolate) Market: Sales Value (in Million US$), 2015 & 2020
Figure 18: India: Chocolate (White Chocolate) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 19: India: Chocolate (Pouches and Bag) Market: Sales Value (in Million US$), 2015 & 2020
Figure 20: India: Chocolate (Pouches and Bags) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 21: India: Chocolate (Boxed Chocolate) Market: Sales Value (in Million US$), 2015 & 2020
Figure 22: India: Chocolate (Boxed Chocolate) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 23: India: Chocolate (Other Packaging Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 24: India: Chocolate (Other Packaging Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 25: India: Chocolate (Moulded) Market: Sales Value (in Million US$), 2015 & 2020
Figure 26: India: Chocolate (Moulded) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 27: India: Chocolate (Countlines) Market: Sales Value (in Million US$), 2015 & 2020
Figure 28: India: Chocolate (Countlines) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 29: India: Chocolate (Other Forms) Market: Sales Value (in Million US$), 2015 & 2020
Figure 30: India: Chocolate (Other Forms) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 31: India: Chocolate Market: Retail Sales (in Million US$), 2015 & 2020
Figure 32: India: Chocolate Market Forecast: Retail Sales (in Million US$), 2021-2026
Figure 33: India: Chocolate Market: Institutional Sales (in Million US$), 2015 & 2020
Figure 34: India: Chocolate Market Forecast: Institutional Sales (in Million US$), 2021-2026
Figure 35: North India: Chocolate Market: Sales Value (in Million US$), 2015 & 2020
Figure 36: North India: Chocolate Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 37: West and Central India: Chocolate Market: Sales Value (in Million US$), 2015 & 2020
Figure 38: West and Central India: Chocolate Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 39: South India: Chocolate Market: Sales Value (in Million US$), 2015 & 2020
Figure 40: South India: Chocolate Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 41: East India: Chocolate Market: Sales Value (in Million US$), 2015 & 2020
Figure 42: East India: Chocolate Market Forecast: Sales Value (in Million US$), 2021-2026
List of Tables
Table 1: India: Chocolate Market: Key Industry Highlights, 2020 and 2026
Table 2: India: Chocolate Market Forecast: Breakup by Type (in Million US$), 2021-2026
Table 3: India: Chocolate Market Forecast: Breakup by Product Form (in Million US$), 2021-2026
Table 4: India: Chocolate Market Forecast: Breakup by Packaging Type (in Million US$), 2021-2026
Table 5: India: Chocolate Market Forecast: Breakup by Distribution Channel (in Million US$), 2021-2026
Table 6: India: Chocolate Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 7: India: Chocolate Market: Competitive Structure
Table 8: India: Chocolate Market: Key Players