Premium Chocolate Segment to Post higher growth over the next six years and tier-I cities held majority of the demand in India chocolate market – 6Wresearch
India chocolate market is witnessing the trend of premiumization as a result of increasing disposable income. The country’s chocolate market recorded significant demand for premium, dark, and sugar-free chocolates. With the stimulus western culture Indian consumers are changing their taste preferences towards chocolates rather than sweets. Moreover, adulteration issues in traditional sweets, improving distribution network, attractive packaging as well as online availability of chocolates are further complementing the growth of chocolates in India.
According to 6Wresearch, India Chocolate Market is projected to grow at a CAGR of 19% during 2017-23. Although, milk chocolate segment captured majority of the chocolate market share in 2016, dark chocolates segment is expected to post high growth rate during the forecast period. Moreover, non-premium chocolates dominated the overall market owing to its availability in both urban and rural areas. However, huge demand for premium chocolates are being exhibited in Tier-I cities resulting in tremendous growth for premium chocolate segment in the country.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, “Over the past few years, India chocolate market registered potential demand for chocolates driven by children of 4-15 year age group. However, with growing awareness towards health benefits of dark chocolates, the market is driven by adult craving for chocolates. The nutritional features such as organic ingredients and anti-oxidant content are attracting consumers to opt for dark chocolates. Additionally, with large portion of diabetic population in the country, sugar-free chocolates are gaining huge acceptance and these are easily available via online distribution channels.”
Moreover, “among various distribution channels, supermarkets and hypermarkets are likely to contribute majorly towards the growth of chocolate market revenues. Impulsive buying is highly witnessed in organized retail outlets such as supermarkets, which implies attractive packaging is a critical factor for chocolate market growth. Manufacturers are coming up with different packaging types such as flexible and rigid packs to lure consumers, and ensure safety of products and provide longer shelf life,” Samuel concluded.
According to Suman Gautam, Research Associate, Research and Consulting , 6Wresearch, “Chocolates are gradually replacing the traditional sweets in India, especially in Tier-I cities and higher income class segment prefer to gift chocolates rather than sweets. Further, among various chocolate types such as molded, Choco-Panned, count-line chocolates and molded bar chocolates dominated the market in 2016. Chocolates were previously considered for treats only but consumers are now preferring less filling, light wafer chocolates such as Kit Kat, Perk, and Munch for individual consumption.”
“Although, majority of the chocolate consumption is accounted for urban consumers only, however, improving warehouse & storage facilities in rural areas is posing immense opportunities for chocolate market players,” Suman concluded.
Some of the major companies in India chocolate market include- Mondelez India Foods Pvt. Ltd., Nestle India Ltd., The Campco Ltd., Ferrero India Pvt. Ltd., Mars International India Pvt. Ltd., Hershey India Pvt. Ltd. and Gujarat Cooperative Milk Marketing Federation Ltd.
“India Chocolate Market (2017-2023F)” provides in-depth analysis with 42 figures and 9 tables covered in 127 pages. The report estimates and forecast the overall India Chocolate market by Materials, Types, Products, Category, Distribution Channels, Packaging and Regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
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