India Industrial Chocolate Market Size (2024 - 2029)

The Indian industrial chocolate market is poised for significant growth, driven by increasing chocolate consumption and a rising preference for molded chocolates. Key factors contributing to the market's expansion include higher per capita income, westernization, and the proliferation of retail channels, which enhance impulse purchases. The market size is further influenced by the growing demand for premium chocolate varieties, presenting opportunities for foreign brands. The compound chocolate segment, in particular, has seen substantial growth, with numerous small-scale producers entering the market to cater to the demand for artisanal and healthier options. This competitive landscape, along with consumer trends favoring healthy eating, convenience, and variety, continues to shape the market's dynamics. Additionally, the rise in chocolate production and exports from India underscores the market's potential for further expansion.

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Market Size of India Industrial Chocolate Industry

India Industrial Chocolate Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 12.89 %
Market Concentration Low

Major Players

India Industrial Chocolate Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Industrial Chocolate Market Analysis

During the time frame of the forecast, the Indian industrial chocolate market is expected to grow at a CAGR of 12.89%.

Chocolate consumption volume is continuously rising in the country, with molded chocolate registering the largest sales volume. The rising per capita income and westernization trend are the key drivers for the market. Expanding retail channels and increasing impulse purchases are further driving the market. Surging demand for premium varieties offers a potential opportunity for foreign brands to tap the market.

The compound chocolate segment has been witnessing substantial growth in the market over the past few years. Many small-scale compound chocolate makers have entered India as a result of the population's trend toward artisanal and healthier chocolates. Small-scale compound chocolate producers are establishing themselves and fighting for their share of the market to supply to well-known chocolate producers. Furthermore, concerns about healthy eating, the demand for convenience, and the desire for variety continue to be the key consumption trends in the bakery industry. As a result, industrial chocolates such as cocoa butter and compound chocolates offer the following qualities that consumers need. Additionally, the increase in the production of chocolates across the nation has been driving the industrial chocolate market across the region. According to the UN Comtrade, the exports of chocolates and chocolate preparations from India increased from USD 100.29 million in 2020 to USD 122.34 million in 2021, creating opportunities for the expansion of the industrial chocolate market across India.

India Industrial Chocolate Industry Segmentation

In the chocolate industry, chocolate is the primary ingredient required for the production of consumable chocolate or desserts, which require the application of varied kinds of chocolate. The Indian industrial chocolate market is segmented by type and application. By type, the market is segmented into cocoa powder, cocoa liquor, cocoa butter, and compound chocolate. By application, the market is segmented into bakery products, confectionery, bakery premixes, beverages, frozen desserts and ice creams, and other applications. Additionally, the bakery products segment is further segmented into cakes, biscuits, pastries, and other bakery products. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

Type
Cocoa Powder
Cocoa Liquor
Cocoa Butter
Compound Chocolate
Application
Bakery Products
Cakes
Biscuits
Pastries
Other Bakery Products
Confectionery
Bakery Premixes
Beverages
Frozen Desserts and Ice Creams
Other Applications
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India Industrial Chocolate Market Size Summary

The Indian industrial chocolate market is experiencing significant growth, driven by increasing chocolate consumption and a rising demand for premium varieties. The market is characterized by a shift towards molded chocolates, which dominate sales, and a growing interest in dark and artisanal chocolates due to their perceived health benefits. The expansion of retail channels and the trend of impulse purchases are further propelling market growth. The compound chocolate segment, in particular, has seen substantial growth as it offers a cost-effective alternative to couverture chocolate, appealing to both consumers and manufacturers in the bakery and confectionery sectors. This segment's growth is supported by the increasing popularity of vegan and gluten-free products, prompting industry players to innovate and diversify their offerings.

The competitive landscape of the Indian industrial chocolate market is marked by the presence of both local and international players, such as Barry Callebaut Group, DP Cocoa Products Pvt. Ltd., and Puratos Group. These companies are focusing on product innovations, expansions, and strategic acquisitions to strengthen their market position. The market is also witnessing the introduction of single-origin chocolates, with collaborations between manufacturers and Indian farmers to meet specific cocoa requirements. The ongoing investments in production facilities and research and development are expected to further enhance the market's growth trajectory, as companies strive to meet the evolving consumer preferences and capitalize on the expanding demand for industrial chocolates in India.

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India Industrial Chocolate Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Cocoa Powder

      2. 2.1.2 Cocoa Liquor

      3. 2.1.3 Cocoa Butter

      4. 2.1.4 Compound Chocolate

    2. 2.2 Application

      1. 2.2.1 Bakery Products

        1. 2.2.1.1 Cakes

        2. 2.2.1.2 Biscuits

        3. 2.2.1.3 Pastries

        4. 2.2.1.4 Other Bakery Products

      2. 2.2.2 Confectionery

      3. 2.2.3 Bakery Premixes

      4. 2.2.4 Beverages

      5. 2.2.5 Frozen Desserts and Ice Creams

      6. 2.2.6 Other Applications

India Industrial Chocolate Market Size FAQs

The India Industrial Chocolate Market is projected to register a CAGR of 12.89% during the forecast period (2024-2029)

Barry Callebaut Group, DP Cocoa Products Pvt Ltd, Lotus Chocolate Company Ltd., Puratos Group and Aadra International are the major companies operating in the India Industrial Chocolate Market.

India Industrial Chocolate Market Report Snapshots

India Industrial Chocolate Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)