Please Wait.....
Report
India Chocolate - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 90 Pages I Mordor Intelligence
The India Chocolate Market size is estimated at USD 2.21 billion in 2024, and is expected to reach USD 3.05 billion by 2029, growing at a CAGR of 6.64% during the forecast period (2024-2029).
The Indian chocolate market is witnessing a high demand for dark chocolates. The low sugar content of dark chocolates is a major factor driving demand for them as consumers become more aware of the link between high sugar intake and chronic diseases such as diabetes. Additionally, the demand for sustainable and environmentally friendly packaging is also on the rise. Increasingly, chocolates are packaged in eco-friendly packaging, which is expected to boost market growth over the next few years.
Another major factor driving the Indian chocolate market is the increase in the population of young people, who are the key consumers of chocolate. According to NFHS-5 (2019-21), over half of India's total population (52%) is aged below 30 years. Moreover, chocolate is replacing traditional sweets in the country. Other factors contributing to the growth of the premium chocolate market include the increased popularity of chocolates in the gifting industry. Several Indian buyers believe that chocolate selection boxes are more hygienic, more expensive, and more durable, and that this is contributing to an increase in the sales of chocolates as gifts in the country.
India Chocolate Market Trends
Consumer Shift Toward Healthy Chocolates
Premium chocolates are popular in India, where people prefer to limit their confectionary consumption by treating themselves to bite-sized chocolates. Premium chocolate fits with the "clean eating" trend in the country, and its consumption is now dominated by health-conscious consumers. A variety of chocolates are available, including sugar-free, organic, vegan, and gluten-free ones that lure customers. Moreover, several innovative marketing and promotional strategies are being used by manufacturers operating in the industry to increase their sales. The rise in middle-class disposable income and growing awareness of the health benefits of chocolates, such as dark chocolates, are likely to boost chocolate sales in India.
According to the International Diabetes Federation, in 2021, around 74,194.7 thousand people in India had diabetes, an increase from 61,258.4 thousand in 2011. Hence, the country's demand for sugar-free chocolates or chocolate infused with sweeteners such as stevia, monk fruit, and aspartame, among others, is rising. These ingredients in premium chocolate are well-balanced, good for health, and play a significant role in raising HDL and protecting LDL from oxidation. They also reduce the risk of low blood pressure and high cholesterol, which attracts diabetic consumers. Moreover, key players are actively engaged in the manufacture of low-calorie chocolates to fulfill the demands of health-conscious consumers and increase their sales at the same time. For instance, in April 2022, The Whole Truth, India's 100% clean label brand, launched its first dark chocolate range, sweetened only with dates and without added sugar or artificial sweeteners.
Hypermarkets/Supermarkets are Dominating Distribution Channels
The hypermarket/supermarket channel accounts for a considerable share of chocolate sales in India, with dark chocolate and molded chocolate becoming popular among consumers. Since they have huge retail spaces and cater to a wide variety of preferences, supermarkets and hypermarkets are the dominant channels for the sale of chocolate in the country. Moreover, the number of hypermarkets and supermarkets in India is rising. For instance, in 2021, there were more than 435,000 supermarkets/hypermarkets in the country. This huge number adds value to the sales of these retail formats and contributes significantly to the high penetration of premium chocolate. Shopping at supermarkets and hypermarkets is also perceived as useful due to the wide selection of brands on offer, the considerable shelf space, and the frequent price promotions. In addition, supermarkets/hypermarkets allocate separate premium sections, which helps consumers easily identify the needed products, making it a popular grocery purchasing channel.
India Chocolate Industry Overview
The market studied is competitive and comprises regional and international competitors. It is dominated by players like Gujarat Cooperative Milk Marketing Federation, the Hershey Company, Nestle SA, Ferrero International, and Mondelez International. Product innovation is the most common approach used by the players in this market. Another common strategy employed is expansion into untapped markets. The major market players focus on providing consumers with quality cocoa ingredients by developing products using the latest equipment. They are also building flexible production centers to meet the customized demands of the customers. Further, the companies are expanding their market presence by increasing their production capabilities.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Dark Chocolate
5.1.2 Milk and White Chocolate
5.2 Product Type
5.2.1 Softlines/Selflines
5.2.2 Countlines
5.2.3 Molded Chocolates
5.2.4 Other Product Types
5.3 Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Stores
5.3.3 Convenience Stores
5.3.4 Online Retail Stores
5.3.5 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mondelez International Inc.
6.3.2 Mars Incorporated
6.3.3 Nestle SA
6.3.4 Ferrero International SA
6.3.5 The Hershey Company
6.3.6 Chocoladefabriken Lindt & Sprungli AG
6.3.7 The Campco Limited
6.3.8 Gujarat Cooperative Milk Marketing Federation (Amul)
6.3.9 Lotus Chocolate Company Limited
6.3.10 Kokomae Chocolates
6.3.11 ITC Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security