According to the latest report by IMARC Group, titled "India Chocolate Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the India chocolate market reached a value of US$
2.4 Billion in 2022. Chocolate is a food item that is generally prepared from the fruit of the Theobroma cacao. Its seeds are fermented for several days, which produces the aroma and flavor of the chocolate. These beans are further roasted in ovens to obtain nibs that are used in chocolate-making. It is widely available in various forms, such as solid, powder or pastes, and utilized as a common ingredient in the preparation of various foods, including desserts, candy, pies, ice cream and cookies. In India, the demand for chocolates is increasing due to the availability of a wide range of chocolate variants, such as unsweetened, dark, milk, semisweet, bittersweet, couverture, white and cocoa powder.
India Chocolate Market Trends:
The market in India is primarily driven by the increasing product utilization in the preparation of various food items. Coupled with the changing dietary patterns of the masses, especially among young adults, and the rising popularity of social media among individuals, this is providing a boost to the sales of chocolates across the country. Along with this, the easy product availability via online and offline organized distribution channels is creating a positive market outlook. Moreover, several leading manufacturers and sellers are heavily investing in launching healthy variants of chocolates due to the growing health consciousness among the masses, which are gaining widespread prominence across India. In line with this, the growing spending for the development of aggressive marketing strategies, promotional campaigns, celebrity endorsements and innovative packaging solutions are impacting the market growth favorably. Other factors, including rapid urbanization, the inflating disposable income levels of individuals, impulsive buying behavior of consumers and continuous improvements in the food and beverage sector, are also influencing the market across India. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 4.1 Billion by 2028, exhibiting a CAGR of
8.8% during 2023-2028.
- On the basis of the type, the market has been segmented into milk, dark and white chocolates.
- Based on the product form, the market has been classified into moulded, countline and others.
- On the basis of the packaging type, the market has been segregated 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 basis of the region, the market has been divided into North India, East India, West and Central India and South India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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. and Lotus Chocolate Company Limited.
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