The chocolate industry in India is growing quickly and is expected to see double-digit growth over the next five years. Latest industry reports predict that the total value of the chocolate market is pegged to grow at a CAGR of close to 10% between 2019-2023. One in five Indian that is about 21% say that they eat chocolate on a regular basis.
Taking a closer look at those who’ve eaten chocolate in the last three months, three in five (61%) say they are frequent users, meaning they eat chocolate daily or at least once a week. And it consists of 55% women and 45% men.
Industry research also reveals that many consumers have chocolate for emotional reasons. In fact, almost half (47%) of Indians eat chocolate to boost their mood and nearly a quarter (24%) eat chocolate to reward themselves. Along with emotional reasons, functional benefits are gaining prominence. Indeed, almost a quarter (24%) of consumers say they have chocolate to boost energy levels.
Drivers for the Industry
- Increase in disposable income of the population
- Awareness of brands
- Healthy treat
- Easy to carry