Report Overview

India Chocolate Market- Industry Trends & Forecast Report 2028

India chocolate market is projected to grow at a CAGR of 11% during 2022-2028. The growth of the India chocolate market is attributed to the rising per capita income of the consumers and the increasing working-class population, which is boosting the consumption of chocolate for health benefits and daily intake. Furthermore, increasing the availability of a wide range of chocolate brands through retail stores and supermarkets/hypermarkets, etc., also favors the market growth.

Chocolate - Overview

Chocolate is an edible product that is produced from roasted and ground cocoa pods. It is one of the most consumed and popular food products in the food processing sector among consumers across the globe. The main reason behind the growing confectionery industry is an increase in demand for chocolates. Chocolates are excellent pressure suppressants and anti-aging confectionery items. Dark chocolate is known to have health benefits such as reducing the risk of cardiovascular diseases and improving blood flow.

India Chocolate Market Forecast and Trends

Growth Drivers

Increasing Popularity of Online Stores

The sales of chocolate through online stores are gaining significant traction, especially after the pandemic. Several consumer goods websites such as Amazon, Flipkart, BigBasket, JioMart, etc., are emerging with a wide range of products and chocolate brands. Certain platforms such as Amazon.in also sell imported chocolates in different regions that are unavailable in local stores. With the increasing penetration of smartphones, mobile wallets and online payment systems, the online sales of chocolate are projected to surge in the forecast period, propelling the overall market growth.

Rising Establishment of Chocolate Factories in India

With the growing demand for chocolate in India, chocolate companies are increasingly establishing new production plants in this region to meet the surging demand. For instance, Barry Callebaut, a Swiss chocolate and cocoa products company, recently opened its new chocolate and compound manufacturing facility and warehouse in Baramati, India. Cargill, an American food and agriculture products provider also announced its plans of establishing its chocolate manufacturing presence in India, which will have a production capacity of 10,000 tonnes of chocolate compounds.

Restraints

High Domination of Handful of Players

One of the major restraining factors for the India chocolate market is the domination of certain chocolate brands, specifically Mondelez International Inc. According to Business Maps of India, Cadbury India under Mondelez covers over 70% of the Indian market. Nestle India also covers a substantial market share. The dominance of these multinational corporations restricts the market for new entrants and prevents them from diversifying. As a result, consumers do not have much choice or access to choose from beyond certain available brands.

Impact of COVID-19 on India Chocolate Market

The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the India chocolate market. The demand for chocolates registered significant growth during the lockdown period in the country owing to increasing health consciousness among consumers and the health benefits of chocolate consumption. However, the restrictions on the production activities as well as imports and exports resulted in huge demand and supply gap for chocolate, sabotaging the market growth. The market is anticipated to recover from this slump in the post lockdown period which is now as the chocolate manufacturers are focusing on expanding their production activities.

India Chocolate Market - By Type

The India chocolate market type is segmented into milk chocolate, dark chocolate, and white chocolate. The milk chocolate segment accounts for the largest market share. Cadbury chocolates by Mondelez is considered a synonym for milk chocolate in India due to its effective marketing as an alternative for Indian sweets in the market. Furthermore, the availability of bar chocolates at prices as low as Rs. 5/- (USD 0.066) and Rs. 10/- (0.13) also acts as a major factor for driving market growth.

India Chocolate Market - By Category

 India chocolate market category-wise, is segmented into molded, countlines, pouches & bags, boxed & others. The molded segment dominates the market owing to the high popularity of bars among consumers. This is why dominating players such as Mondelez, Nestle, Amul, etc., often launch their products in molded bar categories that are easily available in retail stores. The countlines also cover substantial market share owing to the increasing popularity of the wafer chocolates.

India Chocolate Market - By Distribution Channel

Based on the distribution channel, the India chocolate market is segmented into retail stores, specialty retailers, and online distributors. The retail store segment accounts for the largest market share owing to the high number of these stores or ‘Kirana stores’ in India in every locality, which is being the major source of distribution for consumers. Furthermore, the increasing number of mom-and-pop stores as a source of income for various families also acts as a major driving factor for the growth of the retail store segment.

Competitive Landscape

The leading market players of the India chocolate market are Mondelez International, GCMMF (Amul), Mars Incorporated, Lotus Chocolate Company, Nestle S.A., Buttercup Confectionery Limited, Ferrero International, The Campo Ltd., The Hershey Company, Chocoladefabriken Lindt and Sprungli AG, and other prominent players.

The India chocolate market is highly fragmented with the presence of global as well as regional industry participants. However, certain global brands including Mondelez and Nestle, etc., dominate the market. The companies constantly launch new products with attractive packaging and at competitive prices to boost their sales. They also significantly invest in advertising and marketing to boost brand awareness and sales consequently.

Recent Development

• In November 2021, Mars Wrigley, a UK-based chocolate brand, announced the launch of its ‘made in India, for India’, with its first local production unit for the Galaxy brand in Pune, Maharashtra.

Scope of the Report

By Type

• Milk Chocolate
• Dark Chocolate
• White Chocolate

By Category

• Molded
• Countlines
• Pouches & Bags
• Boxed & Others

By Distribution Channel

• Retail Stores
• Specialty Retailers
• Other Online Distributors

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1.  Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Chocolate Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2.  Bargaining Power of Buyers
      3.  Threat of New Entrants
      4.  Threat[Ma1] of Substitutes
      5.  Intensity of Rivalry
5. India Chocolate Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Milk Chocolate
         2. Dark Chocolate
         3. White Chocolate
      2. By Category
         1. Molded
         2. Countlines
         3. Pouches & Bags
         4. Boxed
         5. Others
      3. By Distribution Channel
         1. Retail Stores
         2. Specialty Retailers
         3. Online Distributors
      4. By Region
         1. Northern India
         2. Southern India
         3. Eastern India
         4. Western India
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
7. Impact of COVID-19 on India Chocolate Market Industry
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. Nestle India Ltd.
   2. Barry Callebaut
   3. Gujarat Cooperative Milk Marketing Federation Ltd.
   4. Hershey India Private Limited
   5. Surya Food & Agro Ltd.
   6. Lotus Chocolate Company Limited.
   7. Ferrero India Private ltd.
   8. Mars International India Private Limited
   9. Mondelez India Food Private ltd.
   10. ITC Limited
   11.   The Campco Ltd.
   12. Global Consumer Products Private Limited
   13. Buttercup Confectionery Limited
   14. Lindt & Springli Ag
   15. Maestro Swiss Trading (M) Sdn Bhd
   16. Other Prominent Players
9. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1     Global Chocolate Segmentation

Figure 2     India Chocolate Market Value Chain Analysis

Figure 3     Porter’s Five Forces Analysis

Figure 4     Company Market Share Analysis, 2021

Figure 5     India Chocolate Market Size, By Value (USD Million), 2018-2028

Figure 6     India Chocolate Market Share, By Type, By Value, 2018-2028

Figure 7     India Chocolate Market Share, By Category, By Value, 2018-2028

Figure 8     India Chocolate Market Share, By Distribution Channel, By Value, 2018-2028

Figure 9     India Chocolate Market Share, By Region, By Value, 2018-2028

List of Tables

Table 1      India Chocolate Market Size, By Type, By Value, 2018-2028

Table 2      India Chocolate Market Size, By Category, By Value, 2018-2028

Table 3      India Chocolate Market Size, By Distribution Channel, By Value, 2018-2028

Table 4      India Chocolate Market Size, By Region, By Value, 2018-2028

Table 25 Mondelez India Foods Private Limited Company Overview

Table 26     Mondelez India Foods Private Limited Financial Overview

Table 27     Nestlé India Limited Company Overview

Table 28     Nestlé India Limited Financial Overview

Table 29     Ferrero India Private Limited Company Overview

Table 30     Ferrero India Private Limited Financial Overview

Table 31     Gujarat Cooperative Milk Marketing Federation Ltd. Company Overview

Table 32     Gujarat Cooperative Milk Marketing Federation Ltd. Financial Overview

Table 33     Mars International India Private Limited Company Overview

Table 34     Mars International India Private Limited Financial Overview

Table 35     Hershey India Private Limited Company Overview

Table 36     Hershey India Private Limited Financial Overview

Table 37     Surya Food & Agro Ltd. Company Overview

Table 38     Surya Food & Agro Ltd. Financial Overview

Table 39     Lotus Chocolate Company Limited Company Overview

Table 40     Lotus Chocolate Company Limited Financial Overview

Table 41     ITC Limited Company Overview

Table 42     ITC Limited Financial Overview

Table 43     Mars International India Pvt. Ltd. Company Overview

Table 44     Mars International India Pvt. Ltd. Financial Overview

Table 45     The Campco Ltd. Company Overview

Table 46     The Campco Ltd. Financial Overview

Table 47     Global Consumer Products Private Limited Company Overview

Table 48     Global Consumer Products Private Limited Financial Overview

Table 49     Buttercup Confectionery Limited Company Overview

Table 50     Buttercup Confectionery Limited Financial Overview

Table 51     Lindt & Springli Ag Company Overview

Table 52     Lindt & Springli Ag Financial Overview

Table 53     Maestro Swiss Trading (M) Sdn. Bhd. Company Overview

Table 54     Maestro Swiss Trading (M) Sdn. Bhd. Financial Overview