As the ultimate indulgence, chocolate appeals to a wide range of consumers creating a thriving market, particularly among the urban populations in India.
India is the world’s fastest growing market for chocolates. Registering 15% annual growth between 2008 and 2012, the Indian chocolate industry is projected to grow at an even higher rate in the coming years.
Indian consumers are fixated on chocolate not just because these bite-sized confections present the perfect sweet ending to meals, but also because of the region’s gifting culture.
A new report, “India Chocolate Market Forecast & Opportunities” from TechSci Research, expects the India chocolate industry will rise at a compound annual growth rate of 23% by volume through 2018 to reach approximately 3.4 million tons.
Introduction of medicinal and organic ingredients in chocolate manufacturing is expected to become a leading emerging trend for major producers in India.
This report provides chocolate market size, shares and forecasts through 2018 for both the global and Indian market, trade dynamics, raw material analysis, industry risk analysis and price point analysis.
Ranked 25th in the world in 2009, India’s confectionary industry has emerged as one of the largest and well-developed food processing sectors in the world.
“Indian Confectionery Market Analysis” finds that the industry is benefiting from the country’s economic boom and growth in consumer spending.
Growing at a compound annual growth rate of more than 18% through 2015, the Indian confectionary market will be driven by a combination of the untapped rural market and gifting trends.