The Sweet Rise of Chocolate Industry


chocolate industry

 

Who doesn’t love chocolates? Chocolates have been an important part of all our emotional rides, from achievements to downfall, we have shared a piece of our lives with chocolates. Therefore, it won’t be a surprise if we say that chocolate industry is one of the biggest profitable industry in the world. 

Over the projection period, the global chocolate market is predicted to develop at a CAGR of 4.78 percent, reaching a total market value of US$182.090 billion by 2025, up from US$137.599 billion in 2019. Chocolate is one of the most widely consumed foods on the planet. These data around Indian chocolate industry is also really impressive. Premium chocolate demand is at an all-time high, thanks to a new breed of artisan chocolate producers who are emphasizing the bean to bar idea.

According to a Mintel report, the overall value of the chocolate market was anticipated to be INR 172 billion in 2019 and is expected to increase at a CAGR of close to 10% between 2019 and 2023. According to the survey, chocolate's popularity has grown in India, with 21% of Indians now eating chocolate on a daily basis. The India chocolate market is expected to increase rapidly during the forecast period, according to IMARC Group (2021-2026).

India has seen a strong economic growth in the past few years, which surely got affected by the pandemic. However, the chocolate industry has been boosted due to this economic strength too. As a result, rather than purchasing chocolates for rare occasions, people are increasingly purchasing them on a regular basis. 

There a lot of factors which leads to the growth of the chocolate industry in India. The major driver of the chocolate sector is the country's big young population, which is a prominent chocolate consumer demographic. Approximately half of India's overall population is under the age of 25, and two-thirds are under the age of 35. Changing lifestyles, westernization, the rise of the food services industry, value addition, and other factors are also propelling the industry. Chocolates are displacing traditional sweets in the country as a result of these factors.

The industry's quick growth, combined with these new developments, is expected to boost Indian and global markets. To cater to indigenous consumers, Indian brand producers are leaving no stone unturned in developing native flavors with extra health benefits. To maximize business growth, manufacturers are promoting co-development. In India, the average per capita chocolate intake ranges from 100 to 200 grams. In comparison, Japan, Asia's largest chocolate eater, consumes 2kg each person! And much out of line when compared to Europe, where per capita consumption ranges from 5 to 9 kilograms! 

Whatever may the stats of consumption, one thing is sure that the chocolate industry is expanding and growing at a positive rate in India. And it is expected to boost even more in the upcoming years.

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