Indians travelling to international destinations often bring home premium chocolate as gifts for their friends and relatives, and this trend increased during the review period with the increasing number of Indians travelling abroad. However, in India the availability of such premium chocolates remains limited to only a few global brands in retailing despite growing demand.
Flavour innovation is a new trend driving chocolate confectionery as manufacturers are experimenting with different ingredients. Apart from fruit flavours such as strawberry and orange peel, new flavours such as coffee, cinnamon and many others are performing well in chocolate confectionery.
Chocolate is considered a healthy indulgence. Social media quotes research journals and suggestions from dieticians, resulting in people choosing dark chocolate, which has lower sugar content.
Mondelez International Inc considers its Indian business to be crucial in achieving its global online sales target by 2020. The company, which retained its leading position in chocolate confectionery, plans to launch more premium range products under its popular mid-priced brand 5 Star.
Ferrero India Pvt Ltd is planning to invest INR2,000 crore in India over three years to manufacture products suited to local needs. The company is developing innovative chocolate confectionery products with higher melting points due to the hot climate conditions in India.
Given the strong growth of chocolate confectionery in economy, mid-priced and premium ranges, many domestic companies showed an interest in entering. Britannia Industries Ltd is planning to launch products by 2019.
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This industry report originates from Passport, our Packaged Food market research database.