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India’s real chocolate mkt projected to grow at CAGR of 19% until 2023
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Wednesday, 23 January, 2019, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Purity and purpose of usage have been identified as the most influencing factors while purchasing a real chocolate. This was stated by a recent Voice of Customer published by research-based global management consulting firm TechSci Research.
The increasing usage of dark chocolate as an ingredient, the rising demand from the bakery and confectionery industry and the HoReCa sector, along with the rising trend of premiumisation of chocolates and value-added chocolate products is expected to drive India’s real chocolate market during the forecast period.
The local production of cocoa and the domestic production of cocoa products has seen a healthy growth in India.
According to Directorate of Cashewnut and Cocoa Development (DCCD), since 2012-13, the production of cocoa in India has grew with a CAGR (compound annual growth rate) of approximately nine per cent, with a production of 18,920 tonne during 2016-17.
Moreover, the prices of cocoa in India have witnessed a decline, prompting domestic as well as international manufacturers to locally source cocoa.
According to a TechSci Research report, titled India Real Chocolate Market By Type, By End User, Competition, Forecast and Opportunities, 2013–2023, the Indian real chocolate market is projected to register a CAGR of over 19 per cent between 2018 and 2023. Real chocolate are chocolates which use cocoa butter as an ingredient rather than vegetable fat. The growth of the market is led by the rising demand for real chocolate from bakeries and HoReCa sector, which use real chocolate in their value-added chocolate products. Moreover, the demand for real chocolates is also increasing from FMCG (fast-moving consumer goods) companies, such as Parle, Britannia, Unibic, etc., which are incorporating real chocolate in their premium baked products such as cookies, cakes, biscuit sandwiches, etc.
Additionally, the increasing presence of artisanal chocolatiers due to the growing trend of premiumisation of chocolates is further contributing to the growth of the real chocolate market in India.
Morde Foods Private Limited, DP Cocoa Products LLP, Barry Callebaut India Private Limited, Aalst Chocolate Pte Ltd, Jindal Cocoa LLP, and Puratos Food Ingredients India Pvt Ltd are some of the leading players in the Indian real chocolate market.
Among regions, the South region dominated the market with more than one-third of the volume share in 2017. The region is anticipated to maintain its dominance during forecast period as well.
However, North India is likely to witness the fastest growth during the forecast period owing to the increasing per capita in the region.
On the basis of type, the Indian real chocolate market can be broadly categorised into milk, white and dark chocolate. Of all, dark chocolate accounts for the largest share in the market due to changing consumer preferences.
“The major demand for real chocolate in India is majorly generated by end users who are offering premium chocolate products. Real chocolate is two times more expensive than compound chocolate, which is a most commonly used type of chocolate,” said Karan Chechi, research director, TechSci Research.
“However, rising awareness about the difference between compound chocolate and real chocolate is expected to drive demand for real chocolate among the end use sectors,” he added.
“Moreover, the growing trend of premiumisation in the food services sector is further likely to promote demand for real chocolate in India over the course of next five years,” Chechi said.
“Additionally, increasing focus of chocolate manufacturers on local production and sourcing of cocoa would further steer growth in India real chocolate market during forecast period,” he added.
India Real Chocolate Market By Type, By End User, Competition, Forecast and Opportunities, 2013–2023 evaluated the future growth potential of the Indian real chocolate market and provided statistics and information on market structure, size, share and future growth.
The report was intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, it also identified and analysed the emerging trends along with essential drivers, challenges and opportunities present in the India real chocolate market.
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