BURNABY, British Columbia, May 5, 2014 /PRNewswire/ --
Continuous rise in per capita income, changing consumer preferences and growing gifting tradition are boosting chocolate consumption in India
Consumer preferences in India have gradually transitioned from traditional sweets to chocolates over the last couple of decades. Moreover, targeted promotional campaigns by chocolate companies over the last decade have encouraged the consumers to gift chocolates on festive occasions. Per capita consumption of chocolates has also grown tremendously from 40 grams in 2008 to 120 grams in 2013. Currently, Cadbury is the market leader in terms of total chocolate sales, followed by Nestlé. The major raw materials involved in manufacturing chocolates include cocoa, milk and sugar. The growing preference for dark chocolates has consequently led to higher demand for cocoa beans in chocolate manufacturing. As a result, cocoa farming, being limited to certain countries across the globe, is going to impact the price of chocolates in coming years.
According to a recently published report by TechSci Research, "India Chocolate Market Forecast & Opportunities, 2019", India's chocolate market is forecast to grow at a CAGR of 18%, in value terms, during 2014-19. Growing health consciousness is making urban consumers incline towards dark chocolates as they contain various health friendly ingredients and antioxidants. Further, the demand for white chocolates is expected to decline in comparison to dark and milk chocolates over the next five years.
"Attracted by the country's growing appetite for chocolates and increasing sales in the premium segment, various international chocolate manufacturers like Mars, Patchi, Hershey, Lindt and Fererro Rocher have forayed into India. Companies like Mars, Patchi and Hershey are even focusing on opening up brand specific stores." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. Some of these players like Patchi and Lindt depend entirely on importing their products as they neither have a manufacturing facility nor have entered into any partnerships with domestic players.
"India Chocolate Market Forecast & Opportunities, 2019" has evaluated the future growth potential of India's chocolate industry and provides statistics and information on market structure, exports and future growth of the country's chocolate industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the Indian chocolate industry.
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SOURCE TechSci Research