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The India Chocolate market is expected to reach USD 5.01 billion by 2023, witnessing a healthy CAGR over the forecast period. Chocolate consumption volume in the region surpassed 193 million Kg in 2017, with Moulded Chocolate registered the largest volume sale. Rising per capita income and westernization tend is the key driver for the market. Expanding retail channel and growing impulse purchase behaviour among consumer are further driving the market. Growing demand for premium varieties gives potential opportunity for foreign brands to tap the market.
Premium Chocolates Gaining Popularity
Rising demand for premium and dark chocolate as a result of growing affluent middle-class purchasing power coupled with marketing and promotional activities triggered the chocolate demand. Consumer demand for high cocoa content in chocolate and consumer awareness related to cocoa benefits are driving the dark chocolate market. Moulded chocolate dominates the Indian chocolate retail sale followed by countlines. The sale of boxed assortment is growing at a faster pace driven by increased occasional gifting trend. Heavy discount offered at supermarkets/hypermarkets and healthy eating habits are another factor boosted sales.
Booming Online Retail
Online shopping that provides exciting offers and brands is attracting Indians. There is a strong appeal for imported goods in India that are widely available in online channels eliminating the need for physical stores. Growing new internet user population in tier-II & tier-III cities offers a promising growth in the rural areas. Convenience, ease of searching, billing, wide selection of products and discounts and promotion fueled the online chocolate sale. Online retail recorded an impressive CAGR of 57.9% during 2012-2017. Convenience Stores and supermarkets led the sale with a share of more than 70% in the distribution channel. Expanding retail chain in the country offer a potential growth opportunity to the market.
Key Developments
• August 2107 - Mars International launched global chocolate leading brand M&Ms in India with aim to capture the nascent bite-size chocolate category in the market
The India Chocolate market is competitive with top five multinational players accounting for major share. New product innovation based on convenient pack and premium category are the main strategy adopted by the key player.
Major players include - MONDELEZ INTERNATIONAL, INC , MARS INC., FERRERO, NESTLE SA, HERSHEY CO., LINDT & SPRÜNGLI AG., amongst others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Market value (USD Million) and volume (Kg Million) data for each segment and sub segment
• Distribution Channel sales Analysis by Value
• Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
Premium Chocolates Gaining Popularity
Rising demand for premium and dark chocolate as a result of growing affluent middle-class purchasing power coupled with marketing and promotional activities triggered the chocolate demand. Consumer demand for high cocoa content in chocolate and consumer awareness related to cocoa benefits are driving the dark chocolate market. Moulded chocolate dominates the Indian chocolate retail sale followed by countlines. The sale of boxed assortment is growing at a faster pace driven by increased occasional gifting trend. Heavy discount offered at supermarkets/hypermarkets and healthy eating habits are another factor boosted sales.
Booming Online Retail
Online shopping that provides exciting offers and brands is attracting Indians. There is a strong appeal for imported goods in India that are widely available in online channels eliminating the need for physical stores. Growing new internet user population in tier-II & tier-III cities offers a promising growth in the rural areas. Convenience, ease of searching, billing, wide selection of products and discounts and promotion fueled the online chocolate sale. Online retail recorded an impressive CAGR of 57.9% during 2012-2017. Convenience Stores and supermarkets led the sale with a share of more than 70% in the distribution channel. Expanding retail chain in the country offer a potential growth opportunity to the market.
Key Developments
• August 2107 - Mars International launched global chocolate leading brand M&Ms in India with aim to capture the nascent bite-size chocolate category in the market
The India Chocolate market is competitive with top five multinational players accounting for major share. New product innovation based on convenient pack and premium category are the main strategy adopted by the key player.
Major players include - MONDELEZ INTERNATIONAL, INC , MARS INC., FERRERO, NESTLE SA, HERSHEY CO., LINDT & SPRÜNGLI AG., amongst others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Market value (USD Million) and volume (Kg Million) data for each segment and sub segment
• Distribution Channel sales Analysis by Value
• Competitive landscape involving the market share of major players, along with the new product launch and strategies adopted by players in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
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