According to the latest report by IMARC Group, titled "India Chocolate Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the India chocolate market size reached US$ 1,682 Million in 2019. Chocolate refers to a consumable food product that is available in the market in various forms, such as blocks, cubes and molten. It is obtained by roasting cacao seeds that are found in the pods of the Theobroma cacao trees. Widely available in milk, white and dark variants, it is commonly characterized by a brown color and a sweet taste. It is a rich source of numerous alkaloids, such as phenethylamine, caffeine, theobromine and flavonoids. As a result, it is used as a flavoring ingredient in the preparation of various food products, including cake, cookies, brownies, milkshakes, pudding and ice creams.
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India Chocolate Market Growth Drivers:
The market in India is primarily driven by the growing awareness regarding the numerous health benefits of dark chocolate. Cocoa-rich dark chocolates are a good source of antioxidants that comprise soluble fibers and bioactive compounds. Their regular consumption in moderation is often associated with improving brain function, lowering blood pressure levels and reducing the chances of developing cardiac diseases. This, along with the inflating disposable incomes of the masses and the shifting spending patterns of individuals, is providing a thrust to the market.
The escalating sales of chocolates are further being supported by the large demographic of young people in the country. The market is also driven by the significant growth in the food and beverages sector in India, where chocolate is widely employed as a crucial ingredient. Coupled with the increasing popularity of western dishes and desserts in the country and the rapid expansion of organized online and offline retail sectors, this is acting as a major growth-inducing factor. The rising popularity of chocolates as festive gifts and the easy availability of sugar- and gluten-free variants are some of the other factors driving the market growth further in the country. On account of the aforementioned factors, the market is anticipated to witness strong growth during 2020-2025.
- On the basis of the type, the market has been classified into milk, dark and white.
- Based on the product forms, the market has been divided into molded, countline and others.
- On the basis of the packaging type, the market has been categorized into pouches and bags, boxed chocolate, and others.
- Based on the distribution channel, the market has been bifurcated into retail and institutional sales.
- On the geographical front, the market has been segregated into North India, East India, West and Central India, and South India.
- The competitive landscape of the market has been studied in the market with the detailed profiles of the key players. Some of these players include Mondelez India Foods Private Limited, FERRERO INDIA PVT LTD, Nestlé 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 Co. Ltd., and ITC Limited.
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