According to the latest IMARC Group report, entitled “India Chocolate Market: Industry Trends, Size, Share, Growth, Opportunity, and Forecast 2021-2026“, the Chocolate market in India reached a value of US $ 1.9 billion in 2020. In the future, IMARC group expects the market to continue its strong growth during 2021-2026.
Like the new coronavirus (COVID-19[FEMALE)[FEMININE) as the crisis takes hold of the world, we are constantly monitoring changes in the markets, as well as the buying behaviors of consumers around the world – our estimates on the latest market trends and forecast values after considering the impact of this pandemic. These observations will be incorporated into the report.
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Chocolate refers to a consumable food product that is commercially available in various forms, such as blocks, cubes, and melt. It is obtained by roasting the cocoa beans found in the pods of Theobroma cocoa trees. Widely available in milk, white and dark variants, it is generally characterized by a brown color and a sweet taste. It is a rich source of many alkaloids, such as phenethylamine, caffeine, theobromine, and flavonoids. As a result, it is used as a flavoring ingredient in the preparation of various food products, including cakes, cookies, brownies, milkshakes, pudding and ice cream.
Market trends and drivers:
The Indian chocolate market is primarily driven by the growing awareness of the many health benefits of dark chocolate. Dark chocolates rich in cocoa are a good source of antioxidants which include soluble fiber and bioactive compounds. Consuming them regularly in moderation is often associated with improved brain function, lower blood pressure, and reduced risk of developing heart disease. This, along with the inflating of disposable income of the masses and the changing spending habits of individuals, is giving the market a boost.
The increase in sales of chocolates is further supported by the large number of young people in the country. The market is also driven by the significant growth of the food and beverage industry in India, where chocolate is widely used as an essential ingredient. Coupled with the growing popularity of Western dishes and desserts in the country and the rapid expansion of organized online and offline retail sectors, this is acting as a major growth driver. The growing popularity of chocolates as party favors and the easy availability of sugar-free and gluten-free variants are some of the other factors driving the market growth in the country.
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Competitive Analysis and Segmentation of India Chocolate Market 2021-2026:
Competitive landscape with key players:
The competitive landscape of the Indian chocolate market has been studied in the report along with the detailed profiles of the major players operating in the market.
Some of these key players include:
- Nestlé India Limited
- Surya Food & Agro Ltd.
- Mondelez India Foods Private Limited
- ITC Limited
- Hershey India Private Limited
- Gujarat Milk Marketing Cooperative Federation Ltd.
- Ferrero India Private Limited
- Global Consumer Products Private Limited
- Mars International India Private Limited
- Lotus Chocolate Company Limited
Key market segmentation:
The report has segmented the Indian chocolate market on the basis of region, type, product shape, type of packaging, and distribution channel.
- Market breakdown by region
- North India
- Eastern india
- West and Central India
- South India
- Market breakdown by type
- Milk chocolate
- Dark chocolate
- White chocolate
- Market breakdown by product form
- Market breakdown by type of packaging
- Clutches and Bags
- Boxed chocolate
- Market breakdown by distribution channel
- Retail sales
- Institutional sales
Highlights of the report:
- Market performance (2015-2020)
- Market Outlook (2021-2026)
- Market trends
- Market drivers and success factors
- The impact of COVID-19 on the market
- Market structure
- Value chain analysis
- Complete mapping of the competitive landscape
- Porters Five Forces Analysis
- PESTEL analysis
- Government regulations
If you need specific information that is not currently within the scope of the report, we will provide it to you as part of the customization.
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