India Chocolates Market Forecast & Opportunities, 2018

1 | P a g e

2013

TechSci Research

Market Intelligence Experts

India Chocolates Market Forecast &

Opportunities, 2018

India Chocolate Market Forecast and Opportunities, 2018 © TechSci Research Page 2

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Table of Contents

1. Executive Summary

2. Global Chocolate Market Overview

2.1. Market Size and Forecast

2.1.1. By Value

2.1.2. By Volume

2.2 Market Share and Forecast

2.2.1. By Geography

2.2.2. By Distribution Channel

2.2.3. By Company

2.2.4. By Segment

3. India Chocolate Market Overview

3.1. Market size and Forecast

3.1.1. By Value

3.1.2. By Volume

3.2. Market Share and Forecast

3.2.1. By Region

3.2.2. By Company

3.2.3. By Demographics

3.2.4. By Product Type

3.2.5. By Segment

3.3. Price Point Analysis

3.4. Trade Dynamics

3.4.1. By Imports

3.4.2. By Exports

4. Industry Risk Analysis

5. Raw Material Analysis

6. India Economic Profile

7. Market Dynamics

7.1. Drivers

7.2. Challenges

8. Policy and Regulatory Framework

9. Market Trends and Developments

9.1. Private Labeling

9.2. Confectionery Market

9.3. Premium Chocolates

9.4. Popularity on Special Occasions

9.5. Consumption Rate

9.6. FDI (Foreign Direct Investment)

10. Competitive Landscape

10.1. Porter’s Five Forces Analysis

10.2. Leading Company Profiles

10.2.1. Krafts Foods Group Inc.

10.2.2. Nestle S.A.

10.2.3. Hershey Foods Corporation

10.2.4. Mars Inc.


10.2.5. Lotus Chocolates Company Limited

10.2.6. Gujarat Cooperative Milk Marketing Federation Limited (GCMMF)

10.2.7. The Campco Limited

10.2.8. Patchi SAL

10.2.9. Parle Products Limited

10.2.10. Cosmic Kitchen Private Limited

11. Strategic Recommendations

12. Research Methodology

13. Disclaimer

List of Figures

Figure 1: Global Chocolate Market Size, By Value, 2008-2012E (USD Billion)

Figure 2: Global Chocolate Market Size, By Value, 2013F-2018F (USD Billion)

Figure 3: Global Chocolate Market Size, By Volume, 2008-2012E (Billion/Kg)

Figure 4: Global Chocolate Market Size, By Volume, 2013F-2018F (Billion/Kg)

Figure 5: Global Chocolate Market Share, By Geography, 2012E

Figure 6: Global Chocolate Market Share, By Geography, 2018F

Figure 7: Global Chocolate Market Share, By Distribution Channel, 2012E

Figure 8: Global Chocolate Market Share, By Company, 2012E

Figure 9: Global Chocolate Market Share, By Company, 2018F

Figure 10: Global Chocolate Market Share, By Segments, 2012E

Figure 11: Global Chocolate Market Share, By Segments, 2018F

Figure 12: India Chocolate Market Size, By Value, 2008-2012E (USD Billion)

Figure 13: India Chocolate Market Size, By Value, 2013F-2018F (USD Billion)

Figure 16: India Chocolate Market Share, By Region, 2012E & 2018F

Figure 17: India Chocolate Market Share, By Company, 2012E & 2018F

Figure 18: India Chocolate Market Share, By Demographics, 2012E & 2018F

Figure 19: India Chocolate Market Share, By Product, 2012E & 2018F

Figure 20: India Chocolate Market Share, By Segment, 2012E & 2018F

Figure 21: India Chocolate Market, By Price, 2012E (USD)

Figure 22: India Chocolate Market, By Price, 2018F (USD)

Figure 23: India Chocolate Market Trade Dynamics, 2008-2011(USD Million)

Figure 24: India Chocolate Market Trade Dynamics, 2008-2011(USD Million)

Figure 25: Chocolate Manufacturing Process

Figure 26: India GDP, 2010-2017F (USD Trillion)

Figure 27: India GDP Growth Rate, 2010-2017F (%)

Figure 28: India GDP Per Capita, 2010-2017F (USD)

Figure 29: India GDP Per Capita Growth Rate, 2010-2016F (%)

Figure 30: India GDP Per Capita PPP, 2010-2017F (USD)

Figure 31: India GDP Per Capita PPP Growth Rate, 2010-2017F (%)

Figure 32: India GDP Composition by Sectors, 2010-2016F (%)

Figure 33: India Inflation Rate by Consumer Price Changes, 2010-2017F (%)

Figure 34: India Population, 2010-2017F (Million)

Figure 35: India Population Growth Rate, 2010-2016F (%)

Figure 36: India INR V/S USD Exchange Values, January 1, 2005-2013F

Figure 37: India Confectionery Market Size, By Value, 2009-2018F (USD Billion)

Figure 38: India Chocolate Consumption Rate, 2005-2012E (Grams)


Figure 39: Porter’s Five Forces Analysis

List of Tables

Table 1: Industry Risk Analysis

Table 2: Cocoa Production, By Area

Table 3: Major Suppliers of Cocoa Beans

Table 4: Prices of Cocoa in India, 2008-2012E, USD Million

Table 5: Major Sugar Suppliers

Table 6: Prices of Sugar in India, 2008-2012E

Table 7: Safety Standards for Chocolates

Table 8: Safety Standards for Cocoa Powder

Table 9: Chocolate Constituents (% by weight)

Table 10: Snapshot - Kraft Foods Group Inc.

Table 11: Snapshot - Nestle S.A.

Table 12: Snapshot - Hershey Foods Corporation

Table 13: Snapshot - Mars Inc.

Table 14: Snapshot - Lotus Chocolates Company Limited

Table 15: Snapshot - Gujarat Cooperative Milk Marketing Federation Limited (GCCMF)

Table 16: Snapshot – The Campco Limited

Table 17: Snapshot - Patchi SAL

Table 18: Snapshot - Parle Products Limited

Table 19: Snapshot – Cosmic Kitchen Private Limited


1. Executive Summary

With changing food consumption patterns in India, chocolates are one of the most famous

consumable items meant for indulgence, pleasure and to be consumed in all seasons. All ages

of the population enjoy having chocolates along with other competing products such as soft

drinks, snacks and beverages, etc. Chocolate consumption has increased over the years due to

the increasing per capita income of the country. India has wide range of available chocolates in

all price categories catering to the urban, semi urban and rural areas of the country.

Indian chocolate industry is one of the major segments of the Indian confectionery of the largest

food processing segment of the country. Food retail industry and confectionery are the fastest

growing sectors which will accelerate the growth of chocolates in the country. The chocolate

market in India has been segmented into XXX chocolate, XXX chocolates and XXX chocolates

comprising of XX%, XX% and XX% market share.

India chocolate industry continues to grow at a healthy rate of compound annual growth rate

(CAGR) XX% by value during the years 2008-2012. Chocolate industry is indirectly related to

the growth of the confectionery industry. With the increase in urbanization, rise in income and

consumption of the consumers, the market for chocolate seems to have bright future in the

coming years. Rising raw material costs and lack of government initiatives are the challenges,

which are hindering the growth of this industry. The country imports a large amount of

chocolates from XXX, XXXX, XXXX, XXXX, UK, XXXXX, XXXX and rising imports of chocolates

and cocoa could also act as a barrier for chocolate market.

Chocolate market is booming in India as well as across the world and has a strong potential in

the coming years. XXXX Foods is the market leader in the country followed XXX, XXX and

some smaller manufactures like XXXX and XXX chocolates. Large number of players in the

market has created high competition among the players due to the availability of substitute and


differentiated products, which make it hard for the local manufacturers to maintain their share in

the market. XXX has got the highest demand due to easy access to all distribution channels and

movement of large number of people from rural India to urban areas. Companies have started

introducing smaller packs of chocolates which is leading to the improvement of the rural

chocolate market as immense amount of potential is lying there.

The global market has been growing at a CAGR of XX% and is expected to grow at CAGR of

3.6% by 2018, whereas the XXX market is expected to grow at the CAGR XX% by 2018 and will

reach USD XX Billion. Chocolate sales are high during festive seasons because of the growing

gifting culture in the country. Bars and count chocolate segment is the fastest growing segment

followed by assorted chocolates and panned chocolates segment. It has been expected that bar

chocolate segment and assorted segment will witness highest growth by 2018 due to increased

product offering by the companies and shift in the target consumers from kids to adult’s

category.

Availability of sugar free chocolates and increased demand for functional products has made it

possible for the companies to differentiate their products from the competitors. Rising income of

consumers with growing health concerns, will witness a boom in chocolate market. Raw

materials such as cocoa, sugar and flavors needed for the manufacturing of chocolates are

available in the country, but cocoa is being imported from other countries. Indian Government

has started being supportive to the domestic food industry and made provisions to grant

agricultural products such as cocoa at concessional rate to the companies in order to reduce

imports.


1. Global Chocolate Market Overview


1.1.1. By Value

Chocolates are considered as an impulse purchase product, but it has been becoming

increasingly popular among the consumers globally. The major growth factors that are driving

the market are increasing gifting tradition and changes in consumer preferences. The chocolate

market is growing and also responding quickly to the unexploited market.

Figure 1: Global Chocolate Market Size, By Value, 2008-2012E (USD Billion)

Source: TechSci Research

Note: These are dummy figures; please purchase our report for actual figures.

Global chocolate market accounted for USD XX Billion in 2008 and reached USD XX Billion in

2010. The market was growing at a CAGR of XX% and reached USD XX Billion. One of the

major reasons for the growth of the chocolate market is rising income and increasing per capita

consumption for chocolates globally. Around XX% of chocolates are consumed between the

meals while XX% of chocolates are consumed during midnights and after the meals. Factors

such as increasing health benefits, increasing festive and seasonal sales are expected to drive

the chocolate market in terms of value.

20.00 20.0 20.0 20.0 20.0

2008 2009 2010 2011 2012E

CAGR XX%


Figure 2:Global Chocolate Market Size, By Value, 2013F-2018F (USD Billion)



Lower penetration in the countries and increasing innovation in the chocolate industry is

expected to drive the chocolate market in the coming years. The chocolate market is expected

to reach USD XX Billion in 2013 and USD XX Billion by 2015. The chocolate market is expected

to reach USD XXX Billion by 2018 growing at a CAGR of XX%. Earlier consumers used to buy

most of the chocolates at festive occasions but due to changing lifestyles, consumers are

moving from sugar confectionery products to the chocolates. This is because of the decreasing

prices in the chocolate market globally. But the industry is facing certain challenges that can

hinder the growth of the chocolate industry such as rising raw material prices and VAT prices

which can act as a hindrance for the chocolate market globally. Rising consumption in urban

and semi urban areas due to growing awareness and flexible prices, the market for chocolate is

expected to witness boom in coming years.

10.0

20.0

30.0

40.0

50.0

60.0

2013F 2014F 2015F 2016F 2017F 2018F

CAGR XX%


2.2 Market Share and Forecast

2.2.1. By Geography

The global market for chocolate is expected to rise and reach USD XX Billion by 2015, driven by

the factors such as popularity of sugar free categories, region specific products and exotic

flavors. Rising per capita consumption of chocolates globally will lead to ample growth

opportunities for the chocolate confectionery market.

Figure 5: Global Chocolate Market Share, By Geography, 2012E



Increasing number of single-person households, combined with a more individualistic consumer

outlook leads to the need for differentiated products. A greater interest in health and natural raw

materials is boosting the market for chocolates. The market for chocolate in Western Europe

accounts for XX% of the global market due to the XXXXX consumption of bread and

confectionery products. Whereas North America accounts for XX % of the market followed by

XXXX XX%, XXX XX%, XXX XXXXXX%, Middle East XX% and XXXX XX%. Out of all XXX

XXXX countries, XXXX has the largest per capita consumption of confectionery products such

as chocolates followed by XXXX

Western Europe 14%

North America 14%

Asia 14%

Latin America 14%

Eastern Europe 14%

Middle East & Africa 14%

Australia 14%


Figure 6: Global Chocolate Market Share, By Geography, 2018F



The XXXXXX region is expected to emerge as a rapidly growing region, reaching a share of XX

% in the global market. XXXX market is behind Western Europe and is anticipated to become

one of the major developing chocolate markets across the globe. Developing regions are seeing

utmost growth potential and rising demand from these markets due to increasing population and

rising confectionery sector, will lead to rise in these markets. XXXXX and XXXX is a growing

market and due to changes in demographics and decrease in tariff will lead to increase in the

market by 2018 to XX% globally. The other markets which are expected to witness growth are

XXXXX and XXXX. Cheap Labor cost and operating cost is making these countries more

profitable in the future years. XXXX, XXXX and XXXX will have the largest market share in

global chocolate market.

Western Europe 14%

North America 14%

Asia 14%

Latin America 14%

Eastern Europe 14%

Middle East & Africa 14%

Australia 14%


3. India Chocolate Market Overview


3.1.2. By Volume

Chocolate market is growing in volume terms at a CAGR of XX% due to rising seasonal and

festive sales. The economy of the country is growing and the manufacturers need to maintain a

balance and proportion. Companies are finding it rigid to boost the sales volume in the growing

economy due to rising cost of raw material in the country. India has the lowest per capita

consumption of chocolates when compared to Germany, UK and France i.e. XX kg and XX kg.

Figure 14: India Chocolate Market Size, By Volume, 2008-2012E (Tons)



The chocolate market in 2008 had low consumption rate of chocolates but with the rising young

population country is expected to witness a rise in per capita consumption of chocolates. The

volume sales as on 2008 accounted for XXXX tons. The reason for increasing volume sales is

the impact of advertisements which is activating the masses. The chocolate volume reached

XXXX tons in 2010 and XXXX tons in 2012 due to availability of different varieties of chocolates

in, malls which are demanded more by the consumers. Three types of chocolates are present in

20,000

30,000

40,000

50,000

60,000

2008 2009 2010 2011 2012E

CAGR XX%


the market namely XXXX, XXXX and XXXXX, amongst which milk and dark chocolates

amounts for the high volume sales, bars and count lines being leading the market.

Figure 15: India Chocolate Market Size, By Volume, 2013F-2018F(Tons)



The per capita consumption for chocolates has doubled since five years because of consumers

shift from sweets to chocolates and due to price and health factors. With chocolates being

growing as a gifting option is expected to lead to a pace in the chocolate market and would give

small manufacturers an opportunity to excel in the market. It has been anticipated that the

country will have good quality produce of cocoa, which will further drive the market to reach

XXXX tonnes by 2018. Government has doubled the subsidy on replanting cocoa, which will

help the country to reduce the exports from other continents. The volume sales are expected to

reach XXXXX tons by 2013 due to growing health benefits of chocolates. Availability of sugar

free and organic chocolates will direct the chocolate market ahead.

100,000

200,000

300,000

400,000

500,000

600,000

2013F 2014F 2015F 2016F 2017F 2018F

CAGR XX%


3.2. Market Share and Forecast

3.2.1. By Region

The growing awareness, rising population growth and changing lifestyle of the consumers the

chocolate market is expanding and entering into newer markets with high growth potential.

XXX’s per capita consumption has two folded in last five years and consumers have started

preferring chocolates over sweets. Chocolate consumption in rural areas is insignificant when

compared to urban areas.

Figure 16: India Chocolate Market Share, By Region, 2012E& 2018F



Chocolate consumption in rural areas accounts for XX% of the market where as urban market

consumer XX% of the chocolates. With the growing trend of gifting chocolates in urban areas

the demands for chocolates has risen in metro cities across XXX. About XX% of the population

living in rural areas, there is still untapped potential, which companies are trying to capture

through increased offerings. It has been anticipated that chocolates have higher average

penetration in urban market which gives an opportunity for the manufacturers to sell high end

luxury chocolates. The urban market is anticipated to decline by XX% and reach XX%, whereas

Rural , 50%

Urban, 50%

Rural , 50%

Urban, 50%


rural consumption of chocolates will increase to XX% due to increased offerings of small sized

chocolates at a lower cost catering specifically for the needs of rural India.


3.2.2. By Company

The major players in the organized chocolate market are XXXX, XXX and XXX dominating the

chocolate market in India. The country also has a small unorganized market having small

producers offering low priced products. The share of unorganized sector has been declining

since few years.

Figure 17: India Chocolate Market Share, By Company, 2012E& 2018F



XXXX is the leader in the chocolate market with a market share of XX % in the market. The

company offers chocolates such as XXXX, XXXX, XXX and XXX having maximum sales in the

market. XXX is the second largest player in the chocolate market holding a share of 20% in the

entire market followed by XXX, i.e. XX%. Due to higher entry barriers and large capital

requirement, the entry of international firms has become difficult. It has been anticipated that by

2018, the share of XXX will reach XX% followed by XXX XX%, XXXX X%. XXXX coming up

with different offers coupled with smaller packs during festive seasons and increased promotion

of its brands at the precise time is leading to the increased share for the company. Many

Krafts 25%

Nestle 25%

Amul 25%

Others 25%

Krafts 25%

Nestle 25%

Amul 25% Others

25%


international firms are trying to enter the chocolate market in India through mergers and

acquisitions, which in coming years can affect the share of the existing players in the market.

3.2.3. By Demographics

The main target audience for the chocolate market always has been children and about 55% of

the chocolates are consumed by children followed by adults 12% and young adults 33%. With

the consumption of chocolates being linked to longer life it has been anticipated that the

chocolate market will have a bright future in the coming years.

Figure 18: India Chocolate Market Share, By Demographics, 2012E& 2018F



With the introduction of sugar free chocolates and diet chocolates, the consumption share of

adults and young adults is expected to rise by 2018. The share of young adults is expected to

increase and reach XX% while that of adult is expected to reach XX %. This reason for change

in demographics will be due to shift in food habits and introduction of different varieties of

chocolates in the market. Increase in adulteration in sweets has also lead to movement of

consumers from traditional sweets to chocolates. Adults and young adults have now a day’s

started buying chocolates due to health consciousness and medical benefits that is from dark

chocolates. Chocolate manufacturing companies have started restructuring their business

Adults, 33%

Young Adults,

33%

Children, 33%

Adults, 33%

Young Adults,

33%

Children, 33%


profiles in order to increase their product offering for all the categories. Recently Krafts launched

a new chocolate specifically for weight conscious consumers, which are expected to drive the

market for chocolate towards adults as well. There will be a fall in the share of the consumption

of chocolates in children due to tooth decaying problems witnessed due to high consumption.


3.2.4. By Product Type

The chocolate market in India is divided into three types of chocolates, i.e. XXXX chocolates,

XXXX chocolates and XXX chocolates. All three types of chocolates sound to be synonymous,

but it can be differed through determining the amount of cocoa butter and chocolate liquor

present in the mixture. Largest amount of cocoa is found in dark chocolates followed by milk

chocolate and white chocolate does contain any cocoa which makes it bitter less.

Figure 19: India Chocolate Market Share , By Product, 2012E& 2018F



XXXX chocolates have a market share of XX % followed by XXX chocolate XX% and XXX

chocolate XX%. Dark chocolates having XX% cocoa in it, makes it good for curing heart

diseases and with increasing health concerns among the people ,the market for XXX

chocolates is expected to rise. The per capita consumption of chocolates has almost doubled in

past many years due to increasing awareness among the consumers regarding health issues

such as blood pressure and cholesterol. It has been anticipated that by 2018, dark Chocolates

will account for XX% of the market followed by XXX chocolates which are always highly

demanded and lastly white chocolates XX%. XXX chocolates will witness low demand because

Dark Chocolate

s 34%

Milk Chocolate

s 33%

White Chocolate

s 33%

Dark Chocolat

es 33% Milk

Chocolates

33%

White Chocolat

es 33%

2012 2018


people like the taste of cocoa, which is present in XXX and XXX chocolates. But due to non-

presence of cocoa in white chocolates, the consumption of it is expected to fall in the coming

future. Chocolate manufacturing companies are advertising heavily through campaigns and

media about the nutritional perspective of chocolates in order to boost the chocolate sales in the

country.

3.2.5. By Segment

Chocolate market is categorized into four segments namely bars/molded, count chocolates,

panned chocolates and assorted chocolates. Bars and molded chocolates includes chocolates

such as Dairy Milk and Amul bars while count chocolates includes small denomination wafer

chocolates such as KitKat and 5 Star. Panned chocolates include chocolate filled gems and

éclairs and assorted chocolates include premium chocolates such as Belgium chocolates and

Hershey’s chocolates.

Figure 20: India Chocolate Market Share, By Segment, 2012E& 2018F



The chocolate market in India is completely fragmented with chocolates being consumed as

luxury and not as a snack food. Bars chocolates accounts for XX% share in the market followed

by count chocolates XX%, assorted chocolates accounts for XX% and lastly panned chocolates

Bars/Moulded, 25%

Count Chocolate

s, 25%

Panned Chocolate

s, 25% Assorted Chocolate

s, 25%

Bars/Moulded, 25%

Count Chocolates, 25%

Panned Chocolates, 25%

Assorted Chocolates, 25%


holding XX% share. The low pricing by the companies leads to higher sales for bars, count and

panned chocolates. It has been anticipated that the demand for molded and assorted

chocolates will rise by 2018 thereby reaching XX% and XX%. With the rising disposable income

in the country consumers have started demanding imported chocolates from XXXX and XX

which is leading to increased sales of assorted chocolates. A fall in the market for panned and

count chocolates are expected by 2018 due to rising income of consumers and preferring

assorted and bars over the others.


12. Research Methodology

With the top management of more than 20 years’ experience in developed and emerging

markets, TechSci Research methodology tender an exceptional combination of connoisseur

industry knowledge and in-country local research expertise. TechSci Research move towards

building market consensus view of size, shape, structure, environment and trends across each

category.

Our dedicated team of industry experts intensively monitored and analyzed various aspects

governing the performance of India chocolate market. The team has analyzed the constructive

outlooks of various segments and speculated a positive future of the industry ahead. Taking in

to consideration, various government initiatives, private investments, and regulatory

involvement, our team of analysts have provided a prudent analysis of the industry’s

performance in future. This would facilitate our clients in planning their investment decision and

explore several growth opportunities in this field.

For our study, we have gathered information through primary research surveys with vendors,

channel partners and customers followed by an exhaustive search of credible paid databases

such as LexisNexis, EIU, Hoovers, etc. Our team of experts have been prudently evaluated all

the collected information and personated them in chronological order to depict a meaningful and

clear picture of India chocolate market.

It is worth to mention here that while compiling the data we have also crossed checked all the

collected information from multiple sources and data warehouses so that we can present the

most accurate and precise information of the concerned industry.

In addition, we have also identified and analyzed all emerging trends including the important

drivers and challenges that the industry is confronting. Along with this, we have also identified

the possible growth areas in terms of expected sales in the country. With the coordination of


India Chocolates Market

Forecast & Opportunities, 2018

these factors, we have presented a coherent analysis of the performance of the India chocolate

Market industry in detail.

We have also presented various forecasts for the industry. The forecasts provided are based on

our economic and judgmental analysis on the basis of analyzed drivers, challenges and

opportunities prevalent in the industry. Most importantly, while forecasting, we have given due

consideration to the R&D investments, sector demand, and developments which are essential in

determining the prospective growth potentials of the sector. Thus, our report has intended to

depict the most unbiased picture of India chocolate industry that will prove decisive to our

clients.

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Why You Should Buy This Report

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To identify the on-going trends and anticipated growth in the coming years.

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India Chocolates Market Forecast & Opportunities, 2018