India Chocolate Market Size to Hit US$ 4.1 Billion By 2028 | IMARC Group

According to IMARC Group’s latest report, titled “India Chocolate Market: Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028”, the India chocolate market size reached US$ 2.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Year Considered to Estimate the Market Size:

• Base Year of the Analysis: 2022
  
  
• Historical Period: 2017-2022
  
  
• Forecast Period: 2023-2028

Chocolate is a food item that is generally prepared from the fruit of the Theobroma cacao. Its seeds are fermented for several days, which produces the aroma and flavor of the chocolate. These beans are further roasted in ovens to obtain nibs that are used in chocolate-making. It is widely available in various forms, such as solid, powder or pastes, and utilized as a common ingredient in the preparation of various foods, including desserts, candy, pies, ice cream and cookies. In India, the demand for chocolates is increasing due to the availability of a wide range of chocolate variants, such as unsweetened, dark, milk, semisweet, bittersweet, couverture, white and cocoa powder.

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India Chocolate Market Trends:

The market in India is primarily driven by the increasing product utilization in the preparation of various food items. Coupled with the changing dietary patterns of the masses, especially among young adults, and the rising popularity of social media among individuals, this is providing a boost to the sales of chocolates across the country. Along with this, the easy product availability via online and offline organized distribution channels is creating a positive market outlook. Moreover, several leading manufacturers and sellers are heavily investing in launching healthy variants of chocolates due to the growing health consciousness among the masses, which are gaining widespread prominence across India. In line with this, the growing spending for the development of aggressive marketing strategies, promotional campaigns, celebrity endorsements and innovative packaging solutions are impacting the market growth favorably. Other factors, including rapid urbanization, the inflating disposable income levels of individuals, impulsive buying behavior of consumers and continuous improvements in the food and beverage sector, are also influencing the market across India.

India Chocolate Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the India chocolate market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

• Mondelez India Foods Private Limited
• Ferrero India Private Limited
• Nestle India Limited
• Mars International India Private Limited
• ITC Limited
• Gujarat Cooperative Milk Marketing Federation Ltd.
• Hershey India Private Limited
• Global Consumer Products Private Limited
• Surya Food & Agro Ltd.
• Lotus Chocolate Company Limited

Key Market Segmentation:

The report has segmented the India chocolate market based on type, product form, packaging type, distribution channel and region.

Breakup by Type:

• Milk Chocolate
• Dark Chocolate
• White Chocolate

Breakup by Product Form:

• Moulded
• Countline
• Others

Breakup by Packaging Type:

• Pouches and Bags
• Boxed Chocolate
• Others

Breakup by Distribution Channel:

• Retail Sales
• Institutional Sales

Breakup by Region:

• North India
• East India
• West and Central India
• South India

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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