India Chocolate Market Bwc20030
India Chocolate Market by Type (Dark Chocolate, Milk Chocolate, and White Chocolate), By Distribution Channel (Retail Sales, Institutional Sales), By Category (Chocolate Pouches & Bags, Boxed Chocolates, Countlines, Tablets, and Others), By Region (Northern India, Southern India, Eastern India, Western India); Trend Analysis, Competitive Market Share & Forecast, 2016-2026
- Published Date: April 2020
- Report ID: BWC20030
- Available Format: PDF
- Page: 71
Report Overview
India Chocolate Market Forecast and
Trends
The India Chocolate market estimated size was USD 1.76 Billion in 2019 and projected to reach USD 5.09 Billion by 2026 with a significant CAGR of 16.48% during the forecast period 2020-2026. Rising disposable income of the middle-class population, changes in taste preferences of Indian consumers & promotional strategies by manufacturers are expected to boost sales of chocolates in India during the forecast period.
Some of the
other factors that would propel the market are growing online sales of chocolates,
increasing demand for premium chocolates, and the growing popularity of organic
and sugar-free chocolates. India’s strong economic growth over the past decade
has catalyzed the country’s per capita disposable incomes leading to the strong
growth of the chocolate industry. In addition increasing awareness about the
health benefits of chocolate, and innovative marketing contribute with
significant rate in Indian chocolate market.
India
Chocolate Market: Overview
Chocolate is usually a sweet, brown
foodstuff preparation of roasted and ground cacao seeds that are prepared in
the form of a paste, liquid, or a block, or used as a flavoring ingredient in
foods. Chocolate is one of the most admired food types and flavors in India,
and many foodstuffs involving chocolate exist, particularly desserts, including
cakes, chocolate brownies, pudding, mousse, and chocolate chip cookies. Many
candies are coated or filled with sweetened chocolate. Chocolate bars that are
either made of solid chocolate or other ingredients coated in chocolate are
eaten as snacks.
Growth Drivers
Growing consumption of cocoa powder
Cocoa powders have been used for their
role as coloring and flavoring agents, specifically in the beverages and baking
industries. The intense application of cocoa powders in products, such as
chocolates, ice creams, and frozen desserts, milkshakes, has led to burgeoning
demand. The manufacturers have been providing cocoa powders in different flavor
profiles, ranging from fruity natural to bitter cocoa, and various colors, extending
from vibrant reds to dark brown, as well as black. This leads to increased consumption
of cocoa powder in the country, which in turn contributes to the growth of the
chocolate market in India.
Increasing demand for chocolate flavor
in confectionery and bakery industries
The
consumer demand for convenience has led to substantial growth in bakery
products. The artisanal bakers are trying more and more with flavors and
ingredients in a variety of bakery products ranging from cakes, cookies,
pastries, etc. The trend of traditional hybrid sweets in terms of flavors, and
other ingredients frequently influenced by Western culture has created the
demand for chocolate in conventional sweets as well. For instance, nut and milk
sweets are often topped with fine chocolate and some truffle sweets using dried
fruits and spices are being hand-rolled in nut powders and chocolate.
Widespread demand for chocolate-flavored milk, drinks, bakery products, ice
creams, functional foods, and liquor chocolates will be there in upcoming
years. The demand for chocolates is also increasing from FMCG (fast-moving
consumer goods) companies resulting in generating opportunities for market
players.
Restraint
The increased price of cocoa
Increasing
tariffs and custom duty makes the imported chocolate costly thereby affecting
the sales of premium chocolates in the country. A Basic duty, CVD
(Countervailing Duty) and Special CVD has been levied on chocolates and other
food preparations containing cocoa on imports in India.
India Chocolate Market:
Type
On the basis of type, the market is segmented into Milk
Chocolate, Dark Chocolate, and White Chocolate. Dark chocolate is anticipated
to be the fastest-growing segment owing to its health benefits and evolving
preferences of Indian consumers. The consumers’ affinity is increasing towards
dark chocolates has led to the growth of this segment. Moreover, the
preferences of Indian consumers are gradually evolving and getting comfortable
with the taste of dark chocolate.
India Chocolate Market:
Distribution Channel
Based on its distribution channel, the market is segmented into Online sales, Offline sales. Online sales of chocolate is expected to grow at a significant rate during the forecast period as it provides exciting offers and brands is attracting Indian customers. Digital India has greatly influenced the online sales of finished goods and product. Convenience, ease of searching, billing, varied selection of products and discounts & promotion has fueled the online chocolate sale.
Competitive
Landscape
India Chocolate market is fragmented owing to the presence of several large-sized companies, mid-sized & small-sized companies, and many start-ups that provide chocolate industry. However, the companies that hold the major share of chocolate market are Mondelez India Foods Private Limited, Nestlé India Limited, Ferrero India Private Limited, Gujarat Cooperative Milk Marketing Federation Ltd., Mars International India Private Limited, Hershey India Private Limited, Surya Food & Agro Ltd., Lotus Chocolate Company Limited, ITC Limited, Mars International India Pvt. Ltd., The Campco Ltd., Global Consumer Products Private Limited, Buttercup Confectionery Limited, Lindt & Springli Ag, Maestro Swiss Trading (M) Sdn Bhd, and other prominent players.
Recent Development
Ø In January 2020, Hershey
India Private Ltd. announced the launch of chocolate bars under its Flagship
Hershey’s brand. The bar was available in three variants, the whole almond
variant, cookies’n’ crème and classic creamy milk.
Ø In September 2019, Mondelez India launched Cadbury dark milk chocolate empowering Indian consumers with new eat experience and more choices. It was aimed to provide superior for those with sophisticated and mature sensibilities.
Scope of the Report
By Type
Ø Milk Chocolate
Ø Dark Chocolate
Ø White Chocolate
By Distribution
Channel
Ø Online
Sales
Ø Offline
Sales
By
Category
Ø Chocolate
Pouches & Bags
Ø Boxed
Chocolates
Ø Countlines
Ø Tablets
Ø Others
By Region:
Ø Northern India
Ø Southern India
Ø Eastern India
Ø Western India
The objective of the Study:
Ø To analyze and forecast the India Chocolate Market
size of the market in terms of value.
Ø To examine the careful market segmentation and
forecast the market size, in terms of value, based on the region by segmenting.
Ø The India Chocolate Market segmented into five
regions, namely, Northern India, Southern India, Eastern India, Western India.
Ø To outline, categorized, and forecast the India
Chocolate Market based on the Type, Distribution Channel, Category.
Ø To examine competitive developments like
technological advancement, services, and regulative framework within the India
Chocolate Market.
Ø To highlight the impact analysis of the factors
affecting the market dynamics such as drivers, restraints, opportunities, and
challenges.
Ø To strategically profile the key players and
comprehensively analyze their market shares along with detailing the
competitive landscape for market leaders.
Attribute |
Details |
Years
Considered |
Historical
data – 2016-2019 Base Year –
2019 Forecast –
2020 – 2026 |
Facts Covered |
Revenue in USD Billion |
Market Coverage |
Northern India, Southern
India, Eastern India, Western India. |
Product/Service Segmentation |
By Type, By Distribution Channel, By Category, By Region |
Key Players |
Mondelez India Foods Private Limited, Nestlé
India Limited, Ferrero India Private Limited, Gujarat Cooperative Milk
Marketing Federation Ltd., Mars International India Private Limited, Hershey
India Private Limited, Surya Food & Agro Ltd., Lotus Chocolate Company Limited,
ITC Limited, Mars International India
Pvt. Ltd., The Campco Ltd., Global Consumer Products Private Limited,
Buttercup Confectionery Limited, Lindt & Springli Ag, Maestro Swiss
Trading (M) Sdn Bhd, and other prominent players. |
SCOPE
1.
Research Framework
1.1.
Research Objective
1.2.
Technology Overview
1.3.
Market Segmentation
2.
Research
Methodology
2.1.
Qualitative
Research
2.1.1. Primary & Secondary Sources
2.2.
Quantitative
Research
2.2.1. Primary & Secondary Sources
2.3.
Breakdown of
Primary Research Respondents, By Region
2.3.1. Secondary Research
2.3.2. Primary Research
2.4.
Breakdown of
Primary Research Respondents
2.5.
Market Size
Estimation
2.6.
Assumption
for the Study
2.7.
Market
Breakdown & Data Triangulation
3.
Executive Summary
4.
India Chocolate Industry
Insights
4.1.
Industry Value Chain Analysis
4.2.
DROC Analysis
4.2.1. Growth Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.2.4. Challenges
4.3.
Technological Landscape/Recent
Landscape
4.4.
Regulatory Framework
4.5.
Company Market Share
Analysis,2019
4.6.
Porter’s Five Forces Analysis
4.6.1. Bargaining Power of Suppliers
4.6.2. Bargaining Power of Buyers
4.6.3. Threat of New Entrants
4.6.4. Threat of Substitutes
4.6.5. Intensity of Rivalry
5.
India Chocolate Market
Overview
5.1.Market Size & Forecast 2015-2025
5.1.1. By Value (USD Billion)
5.2.Market Share & Forecast
5.2.1. By Type
5.2.1.1. Milk Chocolate
5.2.1.2. Dark Chocolate
5.2.1.3. White Chocolate
5.2.1.4. Others
5.2.2. By Distribution Channel
5.2.2.1. Online Sales
5.2.2.2. Offline Sales
5.2.3. By Category
5.2.3.1. Chocolate Pouches & Bags
5.2.3.2. Boxed Chocolates
5.2.3.3. Countlines
5.2.3.4. Tablets
5.2.3.5. Others
5.2.4. By Region
5.2.4.1. Northern India
5.2.4.2. Southern India
5.2.4.3. Eastern India
5.2.4.4. Western India
6.
Company Profile (Company
Overview, Financial Matrix, Key Technology landscape, Key Personnel, Key
Competitors, Contact Address)
6.1.
Mondelez India Foods Private Limited
6.2.
Nestlé India Limited
6.3.
Ferrero India Private Limited
6.4.
Gujarat Cooperative Milk Marketing Federation
Ltd.
6.5.
Mars International India Private Limited
6.6.
Hershey India Private Limited
6.7.
Surya Food & Agro Ltd.
6.8.
Lotus Chocolate Company Limited
6.9.
ITC Limited
6.10.
Mars International India Pvt. Ltd.
6.11.
The Campco Ltd.
6.12.
Global Consumer Products Private Limited
6.13.
Buttercup Confectionery Limited
6.14.
Lindt & Springli Ag
6.15.
Maestro Swiss Trading (M) Sdn Bhd
6.16. Other Prominent Players
*Financial Details will be
captured as per data availability in case of unlisted companies
**The segmentation and the
companies are subjected to modifications based on the in-depth secondary for
the final deliverable.
Market Segmentation
By Type
Ø Milk Chocolate
Ø Dark Chocolate
Ø White Chocolate
By Distribution Channel
Ø Online Sales
Ø Offline Sales
By Category
Ø Chocolate Pouches & Bags
Ø Boxed Chocolates
Ø Countlines
Ø Tablets
Ø Others
By Region:
Ø Northern India
Ø Southern India
Ø Eastern India
Ø Western India
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