India Industrial Chocolate Market Size (2024 - 2029)

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).