( PR4US.com | Press Release | 2017-08-22 20:18:05 )
Mumbai, India – August 22, 2017 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Branded Chocolate Market in India 2017’ (https://www.researchonindia.com/branded-chocolate-market-in-india-2017-13629.html
). Changes in consumer preference, lifestyle and eating habits along with their global exposure to international brands have increased the consumption of chocolates in the country.
Netscribes’ latest market research report titled Branded Chocolate Market in India 2017 states that the chocolate market in India is projected to grow at a CAGR of 17.8% between FY 2017 to FY 2022. In the branded chocolate segment, Mondelez India has 65% market share and its closest competitor is Nestle with 20% market share. International brands, such as, Mars and homegrown brand Amul are also gaining momentum in terms of sales and reach in the country. Other prominent players in the industry are ITC, Lotus Chocolate, Parle and Campco. Though milk chocolates account for majority of the revenues, but dark chocolate is also gaining popularity among the Indian consumers.
India has woken up to the fad of chocolate being considered as a gift proposition. While even till few years back traditional sweets / mithai were the only option in delicacy gifting, overt media exposure and smart marketing techniques have positioned chocolates as an alternative. Further, entry of major players in the country has increased the availability of such products. Another feature that works for this sector is the attractive pricing of products which particularly suits the Indian scenario wherein consumers seek economical products. However, factors such as high entry barriers and high excise and import duties pose as impediments towards the sector growth. The major trends identified include emergence of premium chocolates, surfacing of dark chocolates, concept of chocolate boutique, demand for healthy options and entry of retailers and confectioners.
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