Now Indian consumers can develop taste for a single origin chocolate and bean-to-bar craft chocolate in various flavours and healthier options.
Just like craft beer, craft chocolates refer to an artisanal variety of chocolates prepared with the finest ingredients and are available in trendy flavours. These delights are made in small batches and are prepared fresh when ordered. Although India has its own traditional sweet treats that remain popular throughout the country, its chocolate consumption is rapidly increasing. India is in fact, one of the fastest growing chocolate markets in the world along with China. Developing economic conditions, change in lifestyle, rising disposable incomes and a rich population of youngsters are the prominent elements for chocolate business growth in India. Earlier, chocolate marketers viewed Indian consumers as one with lower income levels and extreme price conscious attitudes. No player dared to create a category like premium chocolate market in India due to affordability issues. However, brands like Ferrero with no historic baggage discovered the top down approach of premium zing through innovation.
According to report, 'India Chocolate Market Overview, 2018- 2023' published by Bonafide Research, total chocolate market has grown with 18% CAGR from 2011-12 to 2016-17 in value terms. In volume terms, it is predicted to have growth rate around XX% during forecast period. Total chocolate market is segmented into two broad categories i.e. Mass and Premium. It has three product viz. Dark chocolate, White chocolate and Milk chocolate. Milk chocolates have been always popular in India and contribute more than 70% of the total chocolate market. Grocery And Mom & Pop Stores are most preferred distribution channel for chocolate industry. North and South contribute around 45% in 2016-17.
Cocoatrait India's first subscription chocolate model was launched in 2016 by L Nitin Chordia in Chennai. He runs a chocolate testing club named Cocoatrait and chocolate school in Chennai called 'Cocoashala' in Chennai. Cocoatrait currently sells 75 boxes a month which is low as very few understand chocolate craft and bean-to-bar chocolate. Cocoatrait represents Indian chocolates across the globe and is involved in promotion of fine chocolates across India and the globe. It has craft chocolates of Enchante, Earth loaf, Pacari Chocolates India and Marou Chocolates in India
Though, craft chocolates were offered from 2011 in India by Chockriti. Chockriti offers all-natural European artisanal chocolates and cocoa products using only fine chocolate. The artfully packaged chocolates are found in electic flavours like earl grey, kaffir lime, jasmine, green tea, masala chai and a lot more. There are other names also like Smitten Bakery and Patisserie, All Things, Mason & Co., Earth Loaf, Bar code etc. which sells craft chocolates in India. Smitten Bakery and Patisserie (Based in Delhi) offers beautifully packaged Artisanal Belgian Chocolate bars to the wide range of gourmet cakes and desserts. All Things was founded by Kuhu Kochar and Tejasvi Chandela. The indulgent fare is devoid of any additives and artificial flavouring.
Mason and Co run by French husband-wife duo Fabien and Jane Mason, the chocolate label is slowly emerging to be one of the biggest bean-to-bar chocolatiers of the country. Its gourmet fare includes an interesting range of flavours from chilli and cinnamon to rosemary and sea salt, roasted sesame seeds and espresso chocolate. Earth loaf Founded by David Belo and Angelika Anangnostou, started out as a small outlet in Mysore selling chocolates made out of organically certified ingredients from Indian farmers. Bar Code Helmed by ace chocolatier Chef Varun Inamdar. It is available in unique flavours like Kokum, Jackfruit and Fenugreek.
Major companies that operate into the chocolate market in India are Mondelez India Foods Pvt. Ltd., Nestle India Limited, Ferrero India Pvt. Ltd., Mars International India Pvt. Ltd., Hershey India Pvt. Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., Lotus Chocolate Company Ltd., The CAMPCO Ltd.
Report: India Chocolate Market Overview, 2018-2023
Base Year: 2016-17, Estimated Year: 2017-18, Forecast Year: 2022-23
Pages: 78, Figures: 28, Tables: 8