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Over the last decade, the demand for chocolates from developing and populous nations like India and China has been growing significantly. The chocolate consumption has witnessed growth on account of increasing per capita income levels coupled with innovative promotional and advertising campaigns by the companies. Chocolate sales have grown over the last few years in all segments like dark, milk and white chocolate with bulk seasonal sales during festivities boosting the overall sales. The premium chocolate segment has become an area of focus for major chocolate manufacturers operating in the country. Growing demand for premium chocolates from the expanding middle and upper middle class has attracted several international brands like Hershey, Mars, Patchi, Lindt and Fererro Rocher to enter the domestic market. The premium category chocolates also command a price premium on account of sophisticated packaging and customised taste.
According to "India Chocolate Market Forecast & Opportunities, 2019", the revenues from Indian chocolate market are expected to reach USD3 billion by 2019, primarily on account of anticipated demand surge in dark and premium chocolates. The combination of strong cocoa taste and health benefits offered by dark chocolate is attracting more and more consumers. The per capita annual consumption of chocolates in the country has increased from 40 grams in 2005 to 120 grams in 2013 which is again showing positive outlook for the industry. "India Chocolate Market Forecast & Opportunities, 2019" report elaborates following particulars:
The information contained in this report is based upon both primary and secondary sources. Primary research included interviews with chocolate companies in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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