India Chocolate Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

The India Chocolate Market is segmented by Confectionery Variant (Dark Chocolate, Milk and White Chocolate) and by Distribution Channel (Convenience Store, Online Retail Store, Supermarket/Hypermarket, Others). Market Value in USD and Volume are both presented. Key data points observed include market segmental split by confections, confectionery variant, sugar content, and distribution channel.

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India Chocolate Market Size

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India Chocolate Market Summary
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svg icon Study Period 2018 - 2030
svg icon Market Size (2024) USD 2.31 Billion
svg icon Market Size (2030) USD 3.58 Billion
svg icon Largest Share by Distribution Channel Convenience Store
svg icon CAGR (2024 - 2030) 7.58 %
svg icon Fastest Growing by Distribution Channel Online Retail Store

Major Players

India Chocolate Market Major Players

*Disclaimer: Major Players sorted in no particular order

Key Players

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India Chocolate Market Analysis

The India Chocolate Market size is estimated at 2.31 billion USD in 2024, and is expected to reach 3.58 billion USD by 2030, growing at a CAGR of 7.58% during the forecast period (2024-2030).

2.31 Billion

Market Size in 2024 (USD)

3.58 Billion

Market Size in 2030 (USD)

7.57 %

CAGR (2018-2023)

7.58 %

CAGR (2024-2030)

Largest Segment by Confectionery Variant

75.68 %

value share, Milk and White Chocolate, 2023

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The innovative flavor offerings possible in White chocolate, followed by the preference for varied taste profiles in the region, are anticipated to drive segmental growth.

Largest Segment by Distribution Channel

70.29 %

value share, Convenience Store, 2023

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Convenience stores have been consistent at directly addressing local shopper needs, reinventing formats, and rapidly tailoring their assortments, making it a larger segment.

Fastest-growing Segment by Confectionery variant

8.07 %

Projected CAGR, Dark Chocolate, 2024-2030

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Rising awareness among consumers toward the nutritional content and stress-relieving ability of dark chocolate is anticipated to drive the demand in the country.

Fastest-growing Segment by Distribution Channel

9.09 %

Projected CAGR, Online Retail Store, 2024-2030

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The ease of shopping experience through online channels and the increasing number of retailers present in this channel has become the major driver in the segment.

Leading Market Player

51.54 %

market share, Mondelēz International Inc., 2022

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An extensive range of product offerings and the company's main focus on taste and nutritional profiles based on consumer preferences support Mondelēz in the market studied.

Convenience stores accounted for major share of sales chocolate across the country due to easy accessibility

  • Convenience stores are the most widely preferred distribution channels for purchasing chocolates in India. Convenience stores are very easy to approach as they are located near residential and commercial areas and generally offer affordable chocolates. The sales value of chocolates in convenience stores increased by 7% in 2023 compared to 2022.
  • Supermarkets and hypermarkets are the second-largest retail channels in India’s chocolate market. The rising urbanization and smart city development policies are promoting the expansion of supermarkets and hypermarkets in the country. Milk and white chocolate are largely sold confections through supermarkets and hypermarkets, with a market volume share of 77.74% in 2023.
  • Reliance Retail, Future Retail, D-Mart, Big Bazar, Hypercity, and others are some of the leading supermarket operators in the country. A nationwide network of these operators allows easy access to both local and mainstream chocolate brands. As of 2023, Big Bazar operates more than 285 stores in India. Also, D-Mart operates around 200 supermarkets across the country.
  • Online channels are identified as the fastest-growing distribution channel during the forecast period. Online sales of chocolates in the country are expected to register a CAGR of 9.04%, reaching USD 46.67 million by 2030. An increasing number of online shoppers in response to internet penetration is identified as the key market driver in the country. Also, consumers are increasingly opting for the convenience and fast delivery that online platforms offer. As of 2023, 3% of household consumers in India paid the delivery fee and got groceries delivered within 30 minutes, and 11% of consumers waited up to 3 hours and paid a small delivery fee.
India Chocolate Market

India Chocolate Market Trends

The growing popularity of nut-infused chocolates is supported by strong spending on advertising

  • The Indian market for chocolates is experiencing a surge in demand and consumption due to a variety of factors, including a shift in consumer preferences away from traditional sweet indulgences, increasing disposable income, increasing consumer expectations of premium products, and a heightened awareness of health concerns.
  • To expand their customer base, key market players are introducing novel product lines with premium cocoa, unique flavors, and organic components, including fruit and nuts, caramel, and salt-based and sugar-free options, thus providing a promising outlook for the market.
  • The retail sales value of an average chocolate bar ranges between USD 1 to USD 10. For making chocolates, cocoa beans are the main ingredients, and their price can vary depending on a number of factors such as weather, the harvest, and demand in India.
  • The increasing awareness of consumer health has resulted in an increase in the demand for chocolate products with enhanced health benefits. As of 2022, a majority of Indians (44%) were willing to invest in higher-quality chocolates due to their associated health benefits.

India Chocolate Industry Overview

The India Chocolate Market is fairly consolidated, with the top five companies occupying 70.67%. The major players in this market are Ferrero International SA, Mars Incorporated, Mondelēz International Inc., Nestlé SA and The Hershey Company (sorted alphabetically).

India Chocolate Market Leaders

  1. Ferrero International SA

  2. Mars Incorporated

  3. Mondelēz International Inc.

  4. Nestlé SA

  5. The Hershey Company

India Chocolate Market Concentration

Other important companies include Chocoladefabriken Lindt & Sprüngli AG, DS Group, Gujarat Co-operative Milk Marketing Federation Ltd., ITC Limited, Reliance Industries Ltd, Surya Food & Agro Ltd, Yıldız Holding AS.

*Disclaimer: Major Players sorted in alphabetical order.

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India Chocolate Market News

  • June 2023: Dharampal Satyapal Group (DS Group) announced the acquisition of The Good Stuff Pvt. Ltd, formerly known as Global CP Pvt. Ltd., which sells chocolates and confectioneries under the LuvIt brand. This acquisition can prove a strategic move to grow and strengthen the group’s Confectionary portfolio.
  • May 2023: Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures (RRVL), completed the acquisition of a controlling stake in Lotus Chocolate Company Ltd.
  • February 2023: Ferrero International SA expanded its business by introducing a new chocolate variant under its brand, Kinder® Chocolate Mini Friends. The expansion is based on its strategic move to increase its consumer base by offering unique flavored products.

Free with this Report

We provide a comprehensive and exhaustive set of data pointers for global, regional, and country-level metrics that illustrate the fundamentals of the confectionery industry. With the help of 45+ free charts, clients can access in-depth market analysis based on price trend analysis of confectionery ingredients and per capita consumption of confections, through granular-level segmental information supported by a repository of market data, trends, and expert analysis. Data and analysis on confections, confectionery variants, sugar content, insights into consumer preferences and purchasing patterns, an overview of key market players, etc., are available in the form of comprehensive reports as well as excel-based data worksheets.

India Chocolate Market
India Chocolate Market
India Chocolate Market
India Chocolate Market

India Chocolate Market Report - Table of Contents

1. EXECUTIVE SUMMARY & KEY FINDINGS

2. REPORT OFFERS

3. INTRODUCTION

  • 3.1 Study Assumptions & Market Definition
  • 3.2 Scope of the Study​
  • 3.3 Research Methodology

4. KEY INDUSTRY TRENDS

  • 4.1 Regulatory Framework
  • 4.2 Consumer Buying Behavior
  • 4.3 Ingredient Analysis
  • 4.4 Value Chain & Distribution Channel Analysis

5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

  • 5.1 Confectionery Variant
    • 5.1.1 Dark Chocolate
    • 5.1.2 Milk and White Chocolate
  • 5.2 Distribution Channel
    • 5.2.1 Convenience Store
    • 5.2.2 Online Retail Store
    • 5.2.3 Supermarket/Hypermarket
    • 5.2.4 Others

6. COMPETITIVE LANDSCAPE

  • 6.1 Key Strategic Moves
  • 6.2 Market Share Analysis
  • 6.3 Company Landscape
  • 6.4 Company Profiles
    • 6.4.1 Chocoladefabriken Lindt & Sprüngli AG
    • 6.4.2 DS Group
    • 6.4.3 Ferrero International SA
    • 6.4.4 Gujarat Co-operative Milk Marketing Federation Ltd.
    • 6.4.5 ITC Limited
    • 6.4.6 Mars Incorporated
    • 6.4.7 Mondelēz International Inc.
    • 6.4.8 Nestlé SA
    • 6.4.9 Reliance Industries Ltd
    • 6.4.10 Surya Food & Agro Ltd
    • 6.4.11 The Hershey Company
    • 6.4.12 Yıldız Holding AS
  • *List Not Exhaustive

7. KEY STRATEGIC QUESTIONS FOR CONFECTIONERY CEOS

8. APPENDIX

  • 8.1 Global Overview
    • 8.1.1 Overview
    • 8.1.2 Porter’s Five Forces Framework
    • 8.1.3 Global Value Chain Analysis
    • 8.1.4 Market Dynamics (DROs)
  • 8.2 Sources & References
  • 8.3 List of Tables & Figures
  • 8.4 Primary Insights
  • 8.5 Data Pack
  • 8.6 Glossary of Terms
** Subject To Availablity

List of Tables & Figures

  1. Figure 1:  
  2. VOLUME OF CHOCOLATE MARKET, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 2:  
  2. VALUE OF CHOCOLATE MARKET, USD, INDIA, 2018 - 2030
  1. Figure 3:  
  2. VOLUME OF CHOCOLATE MARKET BY CONFECTIONERY VARIANT, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 4:  
  2. VALUE OF CHOCOLATE MARKET BY CONFECTIONERY VARIANT, USD, INDIA, 2018 - 2030
  1. Figure 5:  
  2. VOLUME SHARE OF CHOCOLATE MARKET BY CONFECTIONERY VARIANT, %, INDIA, 2018 VS 2024 VS 2030
  1. Figure 6:  
  2. VALUE SHARE OF CHOCOLATE MARKET BY CONFECTIONERY VARIANT, %, INDIA, 2018 VS 2024 VS 2030
  1. Figure 7:  
  2. VOLUME OF DARK CHOCOLATE MARKET, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 8:  
  2. VALUE OF DARK CHOCOLATE MARKET, USD, INDIA, 2018 - 2030
  1. Figure 9:  
  2. VALUE SHARE OF DARK CHOCOLATE MARKET BY DISTRIBUTION CHANNEL, %, INDIA, 2023 VS 2030
  1. Figure 10:  
  2. VOLUME OF MILK AND WHITE CHOCOLATE MARKET, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 11:  
  2. VALUE OF MILK AND WHITE CHOCOLATE MARKET, USD, INDIA, 2018 - 2030
  1. Figure 12:  
  2. VALUE SHARE OF MILK AND WHITE CHOCOLATE MARKET BY DISTRIBUTION CHANNEL, %, INDIA, 2023 VS 2030
  1. Figure 13:  
  2. VOLUME OF CHOCOLATE MARKET BY DISTRIBUTION CHANNEL, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 14:  
  2. VALUE OF CHOCOLATE MARKET BY DISTRIBUTION CHANNEL, USD, INDIA, 2018 - 2030
  1. Figure 15:  
  2. VOLUME SHARE OF CHOCOLATE MARKET BY DISTRIBUTION CHANNEL, %, INDIA, 2018 VS 2024 VS 2030
  1. Figure 16:  
  2. VALUE SHARE OF CHOCOLATE MARKET BY DISTRIBUTION CHANNEL, %, INDIA, 2018 VS 2024 VS 2030
  1. Figure 17:  
  2. VOLUME OF CHOCOLATE MARKET SOLD VIA CONVENIENCE STORE, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 18:  
  2. VALUE OF CHOCOLATE MARKET SOLD VIA CONVENIENCE STORE, USD, INDIA, 2018 - 2030
  1. Figure 19:  
  2. VALUE SHARE OF CHOCOLATE MARKET SOLD VIA CONVENIENCE STORE BY CONFECTIONERY VARIANTS, %, INDIA, 2023 VS 2030
  1. Figure 20:  
  2. VOLUME OF CHOCOLATE MARKET SOLD VIA ONLINE RETAIL STORE, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 21:  
  2. VALUE OF CHOCOLATE MARKET SOLD VIA ONLINE RETAIL STORE, USD, INDIA, 2018 - 2030
  1. Figure 22:  
  2. VALUE SHARE OF CHOCOLATE MARKET SOLD VIA ONLINE RETAIL STORE BY CONFECTIONERY VARIANTS, %, INDIA, 2023 VS 2030
  1. Figure 23:  
  2. VOLUME OF CHOCOLATE MARKET SOLD VIA SUPERMARKET/HYPERMARKET, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 24:  
  2. VALUE OF CHOCOLATE MARKET SOLD VIA SUPERMARKET/HYPERMARKET, USD, INDIA, 2018 - 2030
  1. Figure 25:  
  2. VALUE SHARE OF CHOCOLATE MARKET SOLD VIA SUPERMARKET/HYPERMARKET BY CONFECTIONERY VARIANTS, %, INDIA, 2023 VS 2030
  1. Figure 26:  
  2. VOLUME OF CHOCOLATE MARKET SOLD VIA OTHERS, METRIC TONNES, INDIA, 2018 - 2030
  1. Figure 27:  
  2. VALUE OF CHOCOLATE MARKET SOLD VIA OTHERS, USD, INDIA, 2018 - 2030
  1. Figure 28:  
  2. VALUE SHARE OF CHOCOLATE MARKET SOLD VIA OTHERS BY CONFECTIONERY VARIANTS, %, INDIA, 2023 VS 2030
  1. Figure 29:  
  2. MOST ACTIVE COMPANIES BY NUMBER OF STRATEGIC MOVES, COUNT, INDIA, 2018 - 2023
  1. Figure 30:  
  2. MOST ADOPTED STRATEGIES, COUNT, INDIA, 2018 - 2023
  1. Figure 31:  
  2. VALUE SHARE OF MAJOR PLAYERS, %, INDIA, 2022

India Chocolate Industry Segmentation

Dark Chocolate, Milk and White Chocolate are covered as segments by Confectionery Variant. Convenience Store, Online Retail Store, Supermarket/Hypermarket, Others are covered as segments by Distribution Channel.

  • Convenience stores are the most widely preferred distribution channels for purchasing chocolates in India. Convenience stores are very easy to approach as they are located near residential and commercial areas and generally offer affordable chocolates. The sales value of chocolates in convenience stores increased by 7% in 2023 compared to 2022.
  • Supermarkets and hypermarkets are the second-largest retail channels in India’s chocolate market. The rising urbanization and smart city development policies are promoting the expansion of supermarkets and hypermarkets in the country. Milk and white chocolate are largely sold confections through supermarkets and hypermarkets, with a market volume share of 77.74% in 2023.
  • Reliance Retail, Future Retail, D-Mart, Big Bazar, Hypercity, and others are some of the leading supermarket operators in the country. A nationwide network of these operators allows easy access to both local and mainstream chocolate brands. As of 2023, Big Bazar operates more than 285 stores in India. Also, D-Mart operates around 200 supermarkets across the country.
  • Online channels are identified as the fastest-growing distribution channel during the forecast period. Online sales of chocolates in the country are expected to register a CAGR of 9.04%, reaching USD 46.67 million by 2030. An increasing number of online shoppers in response to internet penetration is identified as the key market driver in the country. Also, consumers are increasingly opting for the convenience and fast delivery that online platforms offer. As of 2023, 3% of household consumers in India paid the delivery fee and got groceries delivered within 30 minutes, and 11% of consumers waited up to 3 hours and paid a small delivery fee.
Confectionery Variant Dark Chocolate
Milk and White Chocolate
Distribution Channel Convenience Store
Online Retail Store
Supermarket/Hypermarket
Others
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Market Definition

  • Milk and White Chocolate - Milk chocolates is a solid chocolate made with milk (in the form of either milk powder, liquid milk, or condensed milk) and cocoa solids. White chocolate is made from cocoa butter and milk and contains no cocoa solids whatsoever. The scope includes regular chocolates, low-sugar, and sugar-free variants
  • Toffees & Nougats - Toffees include hard, chewy, and small or one-bite candies marketed with labels as toffee or toffee-like confectionery. Nougat is a chewy confection with almond, sugar, and egg white as a basic ingredient; and it originated in Europe and Middle East countries.
  • Cereals Bars - A snack composed of breakfast cereal that has been compressed into a bar shape and is held together with a form of edible adhesive. The scope includes snack bars made with cereals such as rice, oats, corn, etc. mixed with a binding syrup. These also include products labeled as cereal bars, cereal treat bars, or grain bars.
  • Chewing Gum - This is a preparation for chewing, usually made of flavored and sweetened chicle or such substitutes as polyvinyl acetate. The types of chewing gums included in the scope are sugar-chewing gums and sugar-free chewing gums
Keyword Definition
Dark Chocolate Dark chocolate is a form of chocolate containing cocoa solids and cocoa butter without the milk.
White Chocolate White chocolate is the type of chocolate containing the highest percentage of milk solids, typically around or over 30 percent.
Milk Chocolate Milk chocolate is made from dark chocolate that has a low cocoa solid content and higher sugar content, plus a milk product.
Hard Candy A candy made of sugar and corn syrup boiled without crystallizing.
Toffees A hard, chewy, often brown sweet that is made from sugar boiled with butter.
Nougats A chewy or brittle candy containing almonds or other nuts and sometimes fruit.
Cereal bar A cereal bar is a bar-shaped food product, made by pressing cereals and usually dried fruit or berries, which are in most cases held together by glucose syrup.
Protein bar Protein bars are nutrition bars that contain a high proportion of protein to carbohydrates/fats.
Fruit & Nut bar These are often based on dates with other dried fruit and nut additions and, in some cases, flavorings.
NCA The National Confectioners Association is an American trade organization that promotes chocolate, candy, gum and mints, and the companies that make these treats.
CGMP Current good manufacturing practices are those conforming to the guidelines recommended by relevant agencies.
Unstandardized foods Unstandardized foods are those that do not have a standard of identity or that deviate from a prescribed standard in any manner.
GI The glycemic index (GI) is a way of ranking carbohydrate-containing foods based on how slowly or quickly they are digested and increase blood glucose levels over a period of time
Skimmed milk powder Skimmed milk powder is obtained by removing water from pasteurized skim milk by spray-drying.
Flavanols Flavanols are a group of compounds found in cocoa, tea, apples, and many other plant-based foods and beverages.
WPC Whey protein concentrate- the substance obtained by the removal of sufficient nonprotein constituents from pasteurized whey so that the finished dry product contains greater than 25% protein.
LDL Low density Lipoprotein- the bad cholesterol
HDL High density Lipoprotein- the good cholesterol
BHT butylated Hydroxytoluene is a lab-made chemical that is added to foods as a preservative.
Carrageenan Carrageenan is an additive used to thicken, emulsify, and preserve foods and drinks.
Free form Not containing certain ingredients, such as gluten, dairy, or sugar.
Cocoa butter It is a fatty substance obtained from cocoa beans, used in the manufacture of confectionery.
Pastellies A type of of Brazilian candy made from sugar, eggs, and milk.
Draggees Small, round candies that are coated with a hard sugar shell
CHOPRABISCO Royal Belgian Association of the chocolate, pralines, biscuit, and confectionery industry- A trade association that represents the Belgian chocolate industry.
European Directive 2000/13 A European Union directive that regulates the labeling of food products
Kakao-Verordnung The German chocolate ordinance, a set of regulations that define what can be labeled as "chocolate" in Germany.
FASFC Federal Agency for the Safety of the Food Chain
Pectin A natural substance that is derived from fruits and vegetables. It is used in confectionery to create a gel-like texture.
Invert sugars A type of sugar that is made up of glucose and fructose.
Emulsifier A substance that helps to mix to liquids that does not mix together.
Anthocyanins A type of flavonoid that is responsible for the red, purple, and blue colors of confectionery.
Functional Foods Foods that have been modified to provide additional health benefits beyond basic nutrition.
Kosher certificate This certification verifies that the ingredients, production process including all machinery, and/or food-service process complies with the standards of Jewish dietary law
Chicory root extract A natural extract from the chicory root that is a good source of fiber, calcium, phosphorous, and folate
RDD Recommended daily dose
Gummies A chewy gelatin-based candy that is often flavored with fruit.
Nutraceuticals Food or dietary supplements that are claimed to have health benefits.
Energy bars Snack bars that are high in carbohydrates and calories are designed to provide energy on the go.
BFSO Belgian Food Safety Organization for the food chain.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step 1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set, and the model is built on the basis of these variables.​
  • Step-2: Build a Market Model: Market-size estimations for the forecast years are in nominal terms. Inflation is not a part of the pricing, and the average selling price (ASP) is kept constant throughout the forecast period for each country.​
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.​
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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India Chocolate Market Research FAQs

The India Chocolate Market size is expected to reach USD 2.31 billion in 2024 and grow at a CAGR of 7.58% to reach USD 3.58 billion by 2030.

In 2024, the India Chocolate Market size is expected to reach USD 2.31 billion.

Ferrero International SA, Mars Incorporated, Mondelēz International Inc., Nestlé SA and The Hershey Company are the major companies operating in the India Chocolate Market.

In the India Chocolate Market, the Convenience Store segment accounts for the largest share by distribution channel.

In 2024, the Online Retail Store segment accounts for the fastest growing by distribution channel in the India Chocolate Market.

In 2023, the India Chocolate Market size was estimated at 2.31 billion. The report covers the India Chocolate Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Chocolate Market size for years: 2024, 2025, 2026, 2027, 2028, 2029 and 2030.

Chocolate in India Industry Report

Statistics for the 2023 India Chocolate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Chocolate analysis includes a market forecast outlook to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Chocolate Market in India Report Snapshots

India Chocolate Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

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