The firm’s research director, Karan Chechi said: “The preference for chocolates over traditional sweets in the country is increasing at a rapid pace, primarily due to changing tastes as a result of increasing health consciousness, rising per capita income, urbanization and living standards.”
“Traditional sweets are comparatively rich in calories, which contribute highly to diabetic and other health problems.”
India is home to 62 million diabetics but the figure is expected to reach 100 million by 2030, according to the Indian Public Health Foundation.
Rising dark chocolate consumption
In TechSci Research’s report, ‘India Chocolate Market Forecast & Opportunities, 2019’, it found that per capita chocolate consumption for the country rose from 40 grams in 2008 to 120 grams last year.
“Chocolate consumption has been increasing at a gradual pace during the last few years, with an average year on year growth rate of 18% in volume terms,” said Chechi.
“Demand for dark chocolate has been especially buoyant growing at a compound annual growth rate (CAGR) of around 17% between 2009-13. It now accounts for approximately 25% of the Indian chocolate market, growing faster than both milk and white chocolate.”
Young confectionery buyers
TechSci Research’s reportpredicted India’s chocolate market would grow at a CAGR of 18% in value terms to 2019, largely driven by dark and milk chocolate sales.
It said demand was primarily driven by the 19-30 year age group, although there was increasing demand among 0-19 year olds.
“Attracted by the country’s growing appetite for chocolates and increasing sales in the premium segment, various international chocolate manufacturers like Mars, Patchi, Hershey, Lindt and Fererro Rocher have forayed into India. Companies like Mars, Patchi and Hershey are even focusing on opening up brand specific stores,” said Chechi.
Targeted promotional campaigns from global manufacturers have generated a growing trend for gifting premium chocolates at Indian festivals, said the report.