Currently, the Indian chocolate market is worth around Rs 4,500 crore. The Indian chocolate industry is registering a compound annual growth rate of 25 per cent at present.
The demand for chocolates in India has clocked about 35% rise as against last year primarily in urban areas due to the rising shift to chocolates from traditional mithai around the festival season.
High income levels in the urban sector is a good reason for the rapid growth of the chocolate industry in India. More than 65% of the consumption occurs in the urban market. Today, the Indian confectionery industry is one of the fastest growing in the world with an estimated market size of over Rs 2,000 crore per annum accounting for an annual growth of 18-20 per cent.
The global chocolate market is estimated to be around $85 billion. The Indian confectionery industry is further categorised into sub-sectors such as sugar- based confectionery, chocolate-based confectionery and gums.
After Liberalisation, Privatisation and Globalisation, India has witnessed tremendous growth in F&B sector, particularly, in the confectionery segment. Many foreign players like Nestle and Cadbury forayed into the Indian market to tap 100+ million customers and are ruling the roost till date.