India chocolate market set for phenomenal growth

India’s chocolate industry will see remarkable growth in the next five years, according to a recent market research. It has registered a growth of 15% per annum from 2008 to 2012. Projections point to an even higher rate from 2013 to 2018, at which time the local industry is forecast to grow at CAGR 23% by volume.

Dark chocolate accounts for the larger share of the market, followed by milk and white chocolate. Another factor that will drive the market is the introduction of medicinal and organic ingredients in the manufacture of chocolates. Major companies will adapt to this trend to stay active on the market, says the report. Other factors that will contribute to growth are increasing demand for confectionery, rising per capita income and to an extent, the local tradition of gift-giving.

According to the report, India Chocolate Market Forecast & Opportunities, 2018, the industry is dominated by large international companies through franchisee.

Related link: India’s new craving for luxury chocolates