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India Chocolate Market Forecast 2022-2028

India chocolate market is flourishing at a high rate owing to the rising per capita income of the consumers and increasing working-class population, which is boosting the consumption of chocolate for health benefits and daily intake...<br>

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India Chocolate Market Forecast 2022-2028

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  1. India Chocolate Market By Type, Trend Analysis, Competitive Market Share & Forecast,2022-2028

  2. India Chocolate Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India chocolate market is estimated to grow at a CAGR of 11% during the forecast period of 2022-2028. The growth of the India chocolate market is attributed to the rising consumer awareness of the health benefits of moderate consumption of chocolate. The easy availability of a wide range of chocolate at different prices and brands in any retail stores or supermarkets/hypermarkets also plays a crucial factor in driving market growth. The companies also significantly invest in advertising and marketing strategies to curate campaigns to gain consumer attention and boost their sales, which is anticipated to drive the India chocolate market growth in the forecast period.

  3. Growth Drivers  Increasing Popularity of Online Stores The sales of chocolate through online stores are gaining significant traction, especially after the pandemic. Several consumer goods websites such as Amazon, Flipkart, BigBasket, JioMart, etc., are emerging with a wide range of products and chocolate brands. Certain platforms such as Amazon.in also sell imported chocolates in different regions that are unavailable in local stores. With the increasing penetration of smartphones, mobile wallets and online payment systems, the online sales of chocolate are projected to surge in the forecast period, propelling the overall market growth. ‘

  4. Restraints  High Domination of Handful of Players One of the major restraining factors for the India chocolate market is the domination of certain chocolate brands, specifically Mondelez International Inc. According to Business Maps of India, Cadbury India under Mondelez covers over 70% of the Indian market. Nestle India also covers a substantial market share. The dominance of these multinational corporations restricts the market for new entrants and prevents them from diversifying. As a result, consumers do not have much choice or access to choose from beyond certain available brands.

  5. Impact of COVID-19 The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the India chocolate market. The demand for chocolates registered significant growth during the lockdown period in the country owing to increasing health consciousness among consumers and the health benefits of chocolate consumption. However, the restrictions on the production activities as well as imports and exports resulted in huge demand and supply gap for chocolate, sabotaging the market growth. The market is anticipated to recover from this slump in the post lockdown period which is now as the chocolate manufacturers are focusing on expanding their production activities.

  6. Competitive Landscape The leading market players of the India chocolate market are Mondelez International, GCMMF (Amul), Mars Incorporated, Lotus Chocolate Company, Nestle S.A., Buttercup Confectionery Limited, Ferrero International, The Campo Ltd., The Hershey Company, ChocoladefabrikenLindt and Sprungli AG, and other prominent players. Sample Copy of the report:https://www.blueweaveconsulting.com/report/india-chocolate-market/report-sample

  7. Recent Development In November 2021, Mars Wrigley, a UK-based chocolate brand, announced the launch of its ‘made in India, for India’, with its first local production unit for the Galaxy brand in Pune, Maharashtra.

  8. Key Players Mondelez International, GCMMF (Amul), Mars Incorporated, Lotus Chocolate Company, Nestle S.A., Buttercup Confectionery Limited, Ferrero International, The Campo Ltd., The Hershey Company, ChocoladefabrikenLindt and Sprungli AG, and other prominent players.

  9. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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