Market Forecast By Product Types (Milk Chocolate, White Chocolate, Dark Chocolate), By Distribution Channels (Supermarkets/ Hypermarkets, Grocery/ Mom N Pop Stores, Convenience Stores, Online Channel, Others (Specialized Retailers, Pharmacy, Etc.)), By Chocolate Types (Countlines & Straight Lines, Molded Or Bar Chocolates, Choco-Panned & Sugar Panned, Others (Box Chocolates, Novelties, Etc.)) And Competitive Landscape
Product Code: ETC001762 | Publication Date: Aug 2024 | Updated Date: Dec 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 8 | No. of Tables: 2 | |
India Chocolate market currently, in 2023, has witnessed an HHI of 1119, Which has decreased substantially as compared to the HHI of 1201 in 2017. The market is moving towards highly competitive. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
India Chocolate Market report thoroughly covers the by product type, by distribution channels, and by chocolate types. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The India chocolate market growth has been growing over the years with the high existence of Western culture, alongside growing exposure through media and advertising, has led resulted in an increased acceptance of chocolate consumption across various demographics. Market participants are leveraging this trend by introducing attractive packaging and unique marketing strategies that resonate with the younger consumers. Furthermore, the rise of e-commerce has provided brands with platforms to reach wider audiences, facilitating greater accessibility to a variety of chocolate products.
According to 6Wresearch, the India Chocolate Market size is expected to reach at a significant CAGR of 14% during the forecast period 2025-2031. The India chocolate market has experienced a massive growth in recent years, driven by the rising spending of young and dynamic population on chocolate as an enjoyable snack. Key drivers include the growing trend of gifting chocolates during festivals and special occasions and growing income levels, reinforcing its status as a cultural staple. However, the market also consists some challenges that need to be addressed to boost the India Chocolate Market growth. These challenges are fluctuating cocoa prices, which impact cost stability and lead to uncertainty for manufacturers. Additionally, the competition from healthier snack options forces chocolate brands to innovate and diversify their offerings.
Despite the challenges, some emerging trends are estimated to proliferate the market growth. One of the prominent trends is the rising shift towards sustainable and ethically sourced ingredients, as consumers become more aware of production practices. This demand for sustainability is combined with an increasing curiosity for unique flavors and product formats, paving the way for continued expansion and evolution within the chocolate sector in India.
Notable companies are operating seamlessly include Cadbury, Ferrero, and Nestlé, which have established themselves with a strong presence and a loyal consumer base. These companies leverage innovative marketing strategies and extensive distribution networks to maintain their competitive edge.
Government regulations are leaving a positive impact on the market landscape. In adherence with food safety standards as set by the Food Safety and Standards Authority of India (FSSAI) ensures that chocolate products meet health and safety requirements. Furthermore, regulations surrounding labeling, advertising, and ingredient sourcing are pivotal in building consumer trust and promoting transparency. The Indian government is also encouraging sustainable practices through initiatives that support the use of ethically sourced cocoa and environmentally friendly packaging.
The market future appears optimistic, driven by the growing health and wellness consciousness among consumers, therefore the demand for dark chocolate and products with reduced sugar content is increasing. Manufacturers are introducing different flavors and textures by incorporation of superfoods and natural ingredients, are anticipated to create new opportunities for brands. Additionally, the ecommerce channel is increasing chocolate sales due to brand visibility and consumer engagement. As manufacturers embrace sustainable practices and adapt to shifting consumer preferences, the Indian chocolate market is expected to thrive, making it an exciting sector for investment and development.
According to Dhaval, Research Manager, 6Wresearch, milk chocolate has a high sales and consumer preference, owing to its creamy texture and sweetness that appeal to a broad audience.
Based on chocolate type, countlines and straight lines dominate the India Chocolate Market share, underpinned by their favourable aspects such as convenience and portability. For the consumers who look for quick snack options, these products are specifically popular.
The report offers a comprehensive study of the subsequent market segments:
1. Executive Summary |
2. Introduction |
2.1 Report Description |
2.2 Key Highlights of The Report |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3. India Chocolate Market Overview |
3.1 India Country Indicators |
3.2 India Chocolate Market Revenues, 2021-2031F |
3.3 India Chocolate Market Revenue Share, By Product Types, 2021 & 2031F |
3.4 India Chocolate Market Revenue Share, By Distribution Channels, 2021 & 2031F |
3.5 India Chocolate Market Revenue Share, By Chocolate Types, 2021 & 2031F |
3.6 India Chocolate Market-Industrial Life Cycle |
3.7 India Chocolate Market-Porter’s Five Force Model |
4. India Chocolate Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5. India Chocolate Market Trends |
6. India Chocolate Market Overview, By Product Types |
6.1 India Milk Chocolate Market Revenues, 2021-2031F |
6.2 India White Chocolate Market Revenues, 2021-2031F |
6.3 India Dark Chocolate Market Revenues, 2021-2031F |
7. India Chocolate Market Overview, By Distribution Channels |
7.1 India Chocolate Market Revenues, By Supermarkets/ Hypermarkets, 2021-2031F |
7.2 India Chocolate Market Revenues, By Grocery/ Mom n Pop Stores, 2021-2031F |
7.3 India Chocolate Market Revenues, By Convenience Stores, 2021-2031F |
7.4 India Chocolate Market Revenues, By Online Channel, 2021-2031F |
7.5 India Chocolate Market Revenues, By Other Distribution Channels, 2021-2031F |
8. India Chocolate Market Overview, By Chocolate Types |
8.1 India Chocolate Market Revenues, By Countlines & Straight-lines, 2021-2031F |
8.2 India Chocolate Market Revenues, By Moulded or Bar, 2021-2031F |
8.3 India Chocolate Market Revenues, By Choco-Panned & Sugar Panned, 2021-2031F |
8.4 India Chocolate Market Revenues, By Other Chocolate Types, 2021-2031F |
9. India Chocolate Market – Key Performance Indicators |
10. India Chocolate Market – Opportunity Assessment |
10.1 India Chocolate Market Opportunity Assessment, By Distribution Channels, 2031F |
10.2 India Chocolate Market Opportunity Assessment, By Chocolate Types, 2031F |
10.3 India Chocolate Market Opportunity Assessment, By Product Types, 2031F |
11. India Chocolate Market Competitive Landscape |
11.1 India Chocolate Market Competitive landscape, By Technical and Operating Parameters |
11.2 India Chocolate Market Revenue Share, By Company, 2024 |
12. Company Profiles |
12.1 Mondelez International, Inc. |
12.2 Mars, Incorporated |
12.3 Nestle Corporate |
12.4 Ferrero Group Corporate |
12.5 The Hershey Company |
12.6 Chocoladefabriken Lindt & Sprüngli |
12.7 Ghirardelli Chocolate Co. |
12.8 Yildiz Holding |
12.9 Groupo Arcor |
12.10 Rittersport Company |
13. Key Strategic Recommendations |
14. Disclaimer |
LIST OF FIGURES |
Figure 1. India Chocolate Market Revenues, 2021-2031F ($ Million) |
Figure 2. India Chocolate Market Revenue Share, By Product Types, 2021 & 2031F |
Figure 3. India Chocolate Market Revenue Share, By Distribution Channels, 2021 & 2031F |
Figure 4. India Chocolate Market Revenues, By Distribution Channels, 2021-2031F ($ Million) |
Figure 5. India Chocolate Market Revenue Share, By Chocolate Types, 2021 & 2031F |
Figure 6. India Chocolate Market Opportunity Assessment, By Distribution Channels, 2031F |
Figure 7. India Chocolate Market Opportunity Assessment, By Chocolate Types, 2031F |
Figure 8. India Chocolate Market Opportunity Assessment, By Product Types, 2031F |
LIST OF TABLES |
Table 1. India Chocolate Market Revenues, By Product Types, 2021-2031F ($ Million) |
Table 2. India Chocolate Market Revenues, By Chocolate Types, 2021-2031F ($ Million) |
Market Forecast By Product Types (Milk Chocolate, White Chocolate, Dark Chocolate), By Distribution Channels (Supermarkets/ Hypermarkets, Grocery/ Mom N Pop Stores, Convenience Stores, Online Channel, Others (Specialized Retailers, Pharmacy, Etc.)), By Chocolate Types (Countlines & Straight Lines, Molded Or Bar Chocolates, Choco-Panned & Sugar Panned, Others (Box Chocolates, Novelties, Etc.)) And Competitive Landscape
Product Code: ETC001762 | Publication Date: Aug 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 8 | No. of Tables: 2 |
India Chocolate Market has seen the latest developments which include the introduction of chocolates with Indian ingredients like cinnamon, jasmine, chili and cardamom, and dark chocolate. Premium, as well as dark chocolate products, have become quite famous as people pay more attention to health and sugar reduction. Chocolate manufacturers have also started working on organic, vegan, sugar-free, and gluten-free chocolates. Ingredients such as dried fruits, blueberries, and cranberries have also been tried as additional ingredients in dark chocolate bars. Consumers have started moving towards smaller packs, and bite-sized portions are gaining popularity in India which hints at increasing health-consciousness among Indian consumers trying to control portion size.
The India chocolate market report comprehensively covers the market by product types, distribution channels, and chocolate types. The India chocolate market outlook report provides an unbiased and detailed analysis of the India chocolate market trends, India chocolate market share, opportunities, high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India chocolate market is expected to witness exponential growth over the coming years due to growing awareness among people regarding health concerns and changing tastes and preferences of consumers due to an increase in adulteration of Indian sweets. Moreover, buying chocolates is a result of the impulsive behavior of consumers to celebrate small moments of joy and happiness, thereby not impacting the chocolate market even during an economic slowdown or recession.
According to 6Wresearch, the India Chocolate Market size is projected to grow at a CAGR of 12.3% during 2019–2025. The introduction of international brands, availability of a variety of flavors, and expanding online chocolate distribution are the key factors catalyzing the India Chocolate Market Growth. Additionally, more than 70% of chocolate consumption is from urban consumers and the country is posing huge opportunities in the untapped rural segments. Additionally, improving the rural distribution network in the country is expected to attract global companies to invest in India chocolate market. With relatively mature European and American markets, the global chocolate market players are eyeing on Indian marketplace for expanding their presence and market share. Increasing disposable income coupled with improvement in lifestyle is driving the India Chocolate Market Share. Changing preferences of consumers coupled with rising penetration toward a healthy lifestyle are driving the demand for chocolates.
Chocolates have been upholding great taste and value and not only children but also adults worldwide are loving the taste of the sweet confectionary as a result, it is expected to leave a positive impact on the overall growth of chocolate demand and increase India chocolate market size in the coming timeframe. India, especially, is witnessing a major spur with regard to the change in tastes and preferences and chocolate is marking a spectacular place in terms of market placement for sweets and confectionaries. Being a socially diverse country, India registers celebrations of festivities all across the year, and as a result, the demand for chocolates is observed at a mass level each year which is anticipated to be a catalyst in the growth of India chocolate market Revenue in the near future. Additionally, being a fragmented market landscape, the involvement of more new private players and small-scale chocolate manufacturers in the chocolate market in India is expected to bring new horizons for the growth of the India chocolate market and benefit the potential industrialists and to be investors to eye on fortunate business growth in the chocolate market in India in the coming years and is expected to leave a positive impact on the business growth of some of the famous chocolate brands in the country.
Celebration of festivities all across the year is expected to be a proliferating factor for the chocolate market in India. With an observation of festivities all across the year, the demand for chocolates is observed at an extensive level. Moreover, the rising adulteration in sweets has led to a shift in the preferences of chocolates over traditional sweets and is acting as a pioneer for the market growth of the India chocolate market and not only in the present but changing consumer preferences for replacing traditional sweets with premium and exquisite chocolate variants in wedding ceremonies also are anticipated to give new horizons to shape the market competitive landscape of the India chocolate market in the coming time zone.
India chocolate market is anticipated to gain traction during the forecast period 2017-23F on the back of the rising consumption rate in the country. The rise in the replacement of sweets with chocolate and a large consumer base ranging from children to adults are leading to leaving a positive impact on market growth. Also, product innovation is estimated to act as another growth proliferating factor that has led to fascinating the consumers by increasing the aspiration to taste the new flavor and this would benefit the growth of the India chocolate market in the coming years.
The future of the chocolate industry sells a number of chocolates with a major focus on famous brands which are kept under the view of a customer while making a purchase. According to past sales records, around 40 percent spur is witnessed for the famous chocolate brands as a result of the ongoing festivities throughout the year. Some of the famous and top ten chocolate brands in India that have been mentioned below are Cadbury, Nestle, Amul, Ferrero Rocher, Hershey, Mars, Lindt & Sprungli Company, and Toblerone, Ghirardelli Chocolate, Godiva.
As per the chocolate industry analysis in India, the milk chocolate segment captured the majority of the market share in 2018; however, the dark chocolate segment is likely to exhibit the highest growth during the forecast period, owing to the health benefits associated with it. Further, with the growing trend of offering chocolates as gifts, premium chocolates are expected to witness huge acceptance over the coming years in India.
The India chocolate market report provides a detailed analysis of the following market segments: