According to TechSci Research report, “India Chocolate MarketBy Type, By Category, By Distribution Channel,Competition Forecast & Opportunities, 2013 – 2023”, India chocolatemarket is projected to grow at a CAGR of more than 16%during 2018-2023. Anticipated growth in the market can be attributed to rising youth population,changing taste preferences of Indian consumers who have started substituting traditional Indian sweets with chocolates and growing demand for premium chocolate products. Rapid urbanization and rising household disposable income of middle-class population are some of the other major factorsexpected to propelgrowth of chocolatemarket in India during the forecast period.
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"India Chocolate Market"
Advent of e-commerce industry has created new routes for manufacturers as well as importers to reach their customers. Online sales channel is enabling companies to widen their distribution reach and serve their customers even in the farthest of regions across the country.Growing number of tech-savvy peoplecoupled withbusy lifestyles, especially of urban population,is driving the purchase of chocolates online. Nevertheless,independent grocery stores are expected to continue their market dominance in the coming years.Mondelez India Foods Private Limited, Nestlé India Limited, Ferrero India Private Limited, Mars International India Private Limited and Gujarat Cooperative Milk Marketing Federation Ltd. are some of the major companies operating in India chocolate market.
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“Rising trend of using chocolates as a substitute to traditional sweets due to growing incidences of adulteration in sweetscoupled with rising availability of a wide range of chocolate variants such as diet chocolate, sugar-free chocolate, cholesterol-free chocolate, herbal chocolate and chocolate with low-fat content,is driving India chocolate market. A considerable demand for chocolate gift boxes and premium dark chocolatesis being witnessed in India, particularly from high income groups. Growing presence of these type of chocolates across supermarkets, hypermarkets and online portalswould continue to boost market growth in the ensuing years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Chocolate MarketBy Type, By Category, By Distribution Channel,Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of chocolatemarket in Indiaand provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Indiachocolate market.
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