India Chocolate market Forecast

1
India Chocolate market is predicted to grow at a
CAGR of 16.48 during the forecast period 2020-
2026
2
The India Chocolate Market has reached 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. The Indian
consumers have been shifting their choices
towards chocolate products over traditional
sweets. The increasing disposable income of the
middle-class population in the country has
impacted the market space for the overall
chocolate consumption.   Evolving food
consumption patterns in India, rising per capita
income, affluent middle-class purchasing power
along with marketing and promotional activities
have improved the chocolate market. The sale of
the boxed assortment is growing at a faster pace,
driven by increased in occasional gifting trend.
Affordable prices and discounts offered at
supermarkets/hypermarkets and healthy eating
habits are other factors boosting sales.
Moreover, the introduction of international
brands, availability of a variety of flavors, and
expanding online chocolate distribution are the
key factors catalyzing the growth of the
chocolate market in India. Additionally, most of
the chocolate consumption is from urban
consumers, and the country is posing massive
opportunities in the untapped rural segment.
3
Growing millennials preference for chocolates and
the utilization of chocolates as gift, stimulate
the market with significant growth during the
forecast period Seasonal chocolates are launched
and sold by business and are being bought by
customers to celebrate holidays or special
occasions. For instance, many seasonal chocolates
are launched and sold during Christmas and
Diwali. Companies like Lindt Sprüngli are
already famous for their limited edition seasonal
chocolates. Some seasonal chocolates are sold
during winter seasons only. Also, in Urban India
and tier I and II cities, both seasonal and
non-seasonal chocolates are now being considered
as potential gifts, while previously sweets were
the only option in delicacy gifting. Media
exposure and smart marketing techniques have
placed chocolates as an alternative to sweets. An
important factor for the growth of chocolates in
India is millennials young population showing
great potential for varying kinds of chocolates
in the country. Read Morehttps//www.blueweavec
onsulting.com/india-chocolate-market-bwc20030