According to IMARC Group’s latest report, titled “India Chocolate Market: Industry Trends, Size, Share, Growth, Opportunity and Forecast 2021-2026”, the India chocolate market reached a value of US$ 1.9 Billion in 2020. Looking forward, IMARC Group expects the market to continue its strong growth during 2021-2026.
Chocolate, extracted from the roasted cacao seeds, is primarily used in confectioneries and bakery products. The surging demand for chocolates in the food and beverage industry is one of the major factors augmenting the India chocolate market growth. Furthermore, the wide availability of chocolates in different forms, such as dark chocolate, chocolate syrup, milk chocolate, sprinkles, etc., also propels the product demand across the country. Additionally, the rising popularity of molded chocolates in innovative solid shapes and sizes, further drives the India chocolate market growth.
The changing consumer inclination towards newer chocolate variants infused with additional flavors is currently driving the product demand in India. Moreover, the rising consumer awareness towards several health benefits associated with dark chocolate, further bolsters the Indian chocolate market growth. Besides this, the emergence of the e-commerce sector in India has allowed chocolate manufacturers to efficiently conduct business-to-consumer operations, thereby expanding their consumer base. Additionally, changing tastes and preferences of the health-conscious consumers have led to the introduction of gluten-free chocolates in the market. Furthermore, the premiumization of chocolate-based products, along with the increasing penetration of innovative packaging, is further expected to boost the India chocolate market growth.
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India Chocolate Market 2021-2026 Competitive Analysis and Segmentation:
The competitive landscape of the India chocolate market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the India chocolate market on the basis of region, type, product form, packaging type and distribution channel.
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Key highlights of the report:
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