Indian love sweets, be it the delicious homemade halwas or premium desserts and imported chocolates.
Now a study has found that even though chocolate consumption in other countries has stagnated, in India, it grew by 13% last year to reach 228,000 ton!
Now that’s a lot of chocolate, even for a country our size!
Companies which sell chocolate confectionary are overjoyed with this fact, Marcia Mogelonsky, Director of Insight, Mintel Food and Drink, said, “Chocolate confectionery had an uneven year in 2016. Volume sales in developed markets remained flat, while the picture was a bit brighter in emerging markets, like India, where sales generally fared better.”
“Our research indicates that consumers in India believe chocolate to be beneficial and convenient – seemingly the key reasons behind the growth of the country’s chocolate confectionery market both in value and volume,” Mogelonsky said.
Of course, the story isn’t all sweet, from 2011 to 2015, chocolate confectionery market in India grew at a healthy rate of 19.9 percent (compound annual growth rate) and while the industry is hopeful of a healthy 20.6 percent growth from 2016 to 2020, it remains to be seen whether the growing focus on healthy living has any impact on the growth of the market.
For now, two sets of individuals are rubbing their hands in glee, the Chocolate industry, and the dentists.