The Industrial Chocolate Market in India: Growth, Trends and Forecasts to 2023 with an Expected CAGR of 12.8% - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2018--The “India Industrial Chocolate Market - Segmented by Type (Cocoa Powder, Cocoa Liquor, Cocoa Butter, and Compound Chocolate), Application, and Growth, Trends and Forecasts (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.The Indian industrial chocolate market is projected to grow at the rate of 12.8% during the forecast period 2018 to 2023.The market is driven by the increasing demand for chocolate in several end-user industries, such as bakery, confectionery, beverages, and frozen desserts, among others.The inflationary pressure on prices of cocoa and the continuous demand for product innovations are hampering the market’s growth. However, the increasing community awareness programs and rising interest of multinational giants in the country’s cocoa business are likely to offer a significant potential for cocoa cultivation, over the forecast period.
Demand for Chocolate Flavor in the Bakery & Confectionery Industry in India
Indian consumers were found to consume an estimated 228 thousand metric ton of chocolate confectionery in 2016 - reflecting their preference toward chocolate-based snacks and their willingness toward spending on premium confectionery. The consumers in India have been shifting their preference toward chocolate products, over traditional sweets. The rising disposable income of the middle class population in the country has affected the demand for overall chocolate consumption in India. The consumption is not limited to being a luxurious option, but has also become a part of casual snacking, gifting on occasions, and so on.
For instance, nut and milk sweets are often topped with fine chocolate, whereas, some truffle sweets filled with dried fruits and spices are being hand rolled in chocolate and nut powders. Unexpected aberrations in rainfall have made cocoa more dependent on drip irrigation and more susceptible to waterlogging, in Kerala and Tamil Nadu. Warmer maximum temperatures have reduced the area suitable for cocoa cultivation, in the plains of Tamil Nadu.
North India - The Largest Market for Chocolate
With rising health consciousness and increasing obesity rates in North Indian cities, food and beverage manufacturers have witnessed a considerable demand for organic and sugar-free industrial chocolate in India, instead of the conventional types of chocolate. The region comprises cities in the national capital region (NCR) and other urban cities, in which, there has been a significant rise in the number of bakery chains and cafes. This factor is driving the growth of the segment.Chocolate confectionery products in India account for the highest revenue in the region, owing to their lower price and the effective marketing strategies adopted by players, such as Parle, Mondelez, Nestle, etc. Companies, such as Modern Food Enterprises Private Limited, Bonn Food Industries, and other local bakeries, are utilizing industrial chocolates and compound chocolates in India, in their products. Kraft Foods, Nestle, and Amul are some of the other companies that operate in the organized sector and utilize industrial chocolate, for their chocolates, cake, and confectioneries.Competitive Landscape
The most active companies are The Barry Callebaut Group, India Cocoa Private Limited, and DP Cocoa Products Pvt. Ltd, among others. Mondelez International is the biggest buyer of Indian cocoa ingredients, followed by Nestle and Campco.
Key Topics Covered
1.1 Scope of Study
1.2 Study Deliverables
1.3 Study Assumptions
2. Market Insights
2.1 Market Overview
2.2 Market Trends
3. Market Dynamics
3.4 Industry Attractiveness - Porter’s Five Forces Analysis
4. Market Segmentation
4.1 By Type
4.2 By Application
4.3 By Region
4.3.1 North India
4.3.2 East India
4.3.3 South India
4.3.4 West India
5. Market Competitive Landscape
5.1 Strategies Adopted by Leading Players
5.2 Market Share Analysis
6. Company Profiles
6.2 The Barry Callebaut Group
6.3 Lotus Chocolate Co. Ltd.
6.4 The Campco Ltd.
6.5 Aalst Chocolate
6.6 India Cocoa Private Limited
6.7 DP Cocoa Products Pvt. Ltd.
6.8 Jindal Cocoa
6.9 Amrut International
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Related Topics:Chocolate and Cocoa Products
KEYWORD: ASIA PACIFIC INDIA
INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/20/2018 08:57 AM/DISC: 11/20/2018 08:57 AM