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New Delhi: The chocolate sector in India's market has grown rapidly as a result of the country's strong economic growth over the past ten years, which has stimulated a rise in per capita disposable income.
In 2022, the Indian chocolate market had a value of US$2.4 billion. Looking ahead, IMARC Group projects that the market will develop at a compound annual growth rate (CAGR) of 8.8% from 2023 to 2028, reaching US$ 4.1 billion.
As a result, people are increasingly purchasing chocolates on a regular basis as opposed to only for special occasions. The country's sizable young population, which constitutes an important market sector for chocolates, is another significant driver propelling the chocolate business. Currently, two-thirds of India's population and half of its overall population are both under the age of 35. Changing lifestyles, westernisation, the expansion of the food services industry, value addition, etc. are further market-driving factors. Due to these causes, traditional sweets are being replaced by chocolates throughout the nation.
With several small and major firms fighting for customers' dollars in terms of both price and quality, the Indian chocolate market is highly fragmented. Leading companies in the Indian chocolate industry include:
