According to the latest report by IMARC Group titled, “India Chocolate Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 1,495 Million 2018. Looking forward, the market is expected to reach a value of US$ 3,281 Million by 2024.
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Chocolate is one of the most widely produced and traded food products in the world. It is derived from cocoa seeds that are grown in tropical areas. Chocolate is currently available in different varieties which include white, milk and dark chocolates. Apart from being used as a leisure food, chocolates are also known for their health benefits such as improving cognitive functions, reducing cholesterol levels, and lowering the risk of heart diseases and stroke.
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Currently, India is one of the fastest growing markets for chocolate across the globe. The improving economic scenario of the country has enhanced purchasing power of the consumers, owing to which there has been an increase in the consumption of premium-quality chocolates. Apart from this, the overall chocolate consumption in the country is also being driven by a significant growth in the young population which currently represents the major consumer segment. In addition, flourishing food service sector in the country has led to the large-scale utilization of chocolates in the preparation of syrups, cakes and pastries. Moreover, growing urbanization and westernization are considered as complementary factors for the growth of the chocolate market in India.
Key Insights from the Report:
Breakup by Region
• North India
• East India
• West and Central India
• South India
Breakup by Type
• Milk Chocolate
• Dark Chocolate
• White Chocolate
Breakup by Category
• Chocolates Pouches and Bags
• Boxed Chocolates
Breakup by Distributional Channel
• Retail Sales
• Institutional Sales
The report has also examined the competitive landscape of Indian Chocolate market.
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Competitive Structure
• Profiles of Key Players
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