CHOCOLATE INDUSTRY IN INDIA SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


India Chocolate Market Analysis:

The anticipated growth of the India Chocolate Market is projected to be substantial, with an expected increase from USD 2.07 billion in 2023 to USD 2.86 billion by 2028, reflecting a compound annual growth rate (CAGR) of 6.64% during the forecast period (2023–2028).

The demand for dark chocolates in the Indian market is experiencing a notable surge. This can be attributed to the lower sugar content found in dark chocolates, which has become a significant driving force behind consumer preferences. As individuals become more conscious of the correlation between excessive sugar consumption and chronic ailments like diabetes, the demand for dark chocolates has consequently risen. Furthermore, there is an increasing demand for sustainable and environmentally friendly packaging within the industry. The adoption of eco-friendly packaging for chocolates is expected to contribute to the market’s growth in the coming years.

Another key factor propelling the Indian chocolate market is the expanding population of young individuals, who represent the primary consumer base for chocolates. According to NFHS-5 (2019–21), more than half of India’s total population (52%) falls below the age of 30. Additionally, chocolates are gradually replacing traditional sweets in the country. The growth of the premium chocolate market can also be attributed to the rising popularity of chocolates within the gifting industry. Many Indian consumers perceive chocolate selection boxes as more hygienic, expensive, and durable, leading to an increase in the sales of chocolates as gifts across the nation.

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