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India Chocolate Market Outlook, 2027-28

India Chocolate Market Outlook, 2027-28

Bonafide Research 03-11-2022 60 Pages Figures : 9 Tables : 24
Region : Asia-Pacific Country : Guernsey and Alderney Category : Food & Beverages Food

1. Ferrero India Private Limited

2. Global Consumer Products Private Limited

3. Gujarat Co-operative Milk Marketing Federation Limited

4. Hershey India Private Limited

5. Lotus Chocolate Company Limited

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India Chocolate Market Outlook, 2027-28' gives a comprehensive analysis on the Chocolate industry of India. In India, the hygiene products market has shown an explosive growth in recent years. The key growth drivers of chocolate industry in India are tradition of gifting sweets, shifting in consumer preference from traditional mithai to chocolates, rising income levels and attractive pricing which is suitable for every pocket. The urban India and tier I, II cities have woken up to the fad of chocolate being considered as a gift proposition. While even till few years back sweets were the only option in delicacy gifting, over media exposure and smart marketing techniques have positioned chocolates as an alternative. According to report, 'India Chocolate Market Outlook, 2027-28' published by Bonafide Research, total chocolate market has grown with 9% CAGR from 2021-22 to 2027-28 in value terms. In volume terms, it is predicted to grow with siginificant CAGR during the 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. Another primary driver of the chocolate industry is the country's large young population, a key chocolate consumer segment. Approximately half of India's population is under the age of 25, and two-thirds are under the age of 35. Changing lifestyles, westernization, the growth of the food services sector, value addition, and other factors are also driving the market. Chocolates are displacing traditional sweets in the country due to these factors. Other factors driving the market include rising online chocolate sales, rising demand for premium chocolates, and the growing popularity of organic and sugar-free chocolates. Covid-19 The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the Indian chocolate market. The demand for chocolates registered significant growth during the lockdown period in the country, owing to increased health knowledge among consumers and the health benefits of chocolate consumption. Still, the restrictions on product conditioning as well as imports and exports resulted in a huge demand and supply gap for chocolate, sabotaging the demand growth. The request is anticipated to recover from this depression in the post-lockdown period, which is now as the chocolate manufacturers are focusing on expanding their product conditioning. Covered in the report: • India chocolate Market • India Milk Chocolate • India White Chocolate • India Dark Chocolate • India Mass Chocolate • India Premium Chocolate "India Chocolate Market Outlook, 2027-28" discusses the following aspects of Chocolate in India: - India Chocolate Market Size By Value & Forecast - India Milk Chocolate Market Size By Value, Volume & Forecast - India Dark Chocolate Market Size By Value, Volume & Forecast - India White Chocolate Market Size By Value, Volume & Forecast - India Mass Chocolate Market Size By Value, Volume & Forecast - India Premium Chocolate Market Size By Value, Volume & Forecast - India Chocolate Segmental Analysis: By Type, By Company, By Brand, By Region - Key Vendors in this market space This report can be useful to Industry consultants, manufacturers and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Report Methodology The information contained in this report is based upon both primary and secondary research. Primary research included interviews with various channel partners of Chocolate in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.

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