India chocolate market reached a value of US$ 1,495 Million in 2018 with the country currently representing one of the world's fastest growing markets for chocolates. India's strong economic growth over the past decade has altered the country's per capita disposable incomes resulting in the strong growth of the chocolate industry. As a result, consumers are now buying chocolates for everyday consumption rather than just special occasions.
Factors driving the chocolate Industry
Another major factor driving the chocolate industry is the country's large young population which represents a key consumer segment for chocolates. Currently around half of the total population in India is below the age of 25 years and two thirds are below the age of 35 years. Other factors driving the market include changing lifestyles, westernization, growth of the food services sector, value addition, etc. Driven by these factors chocolates are replacing traditional sweets in the country.
Forecast for the industry
Looking forward, the chocolate market in India is expected to reach revenues worth US$ 3,281 Million, growing at a CAGR of 14% during 2019-2024.