The fast growing Indian confectionery industry has seen many global players waving the flag of success and, this has grabbed the eyeballs of several other foreign players wanting to enter the country with bold strategies.
India’s gigantic appetite for chocolates has opened various avenues for international brands looking to venture into the burgeoning Indian chocolate market. Interestingly, the acceptability of food innovations and inclination for organic and finer foods have transformed chocolate consumption patterns and made way for newer trends to influence the growth of this segment.
As per a recent research report by Euromonitor: The chocolate confectionery value sales are expected to see a constant value CAGR of 8% over 2016-2021 to reach INR 162 billion. Increasing availability in various Tier I and Tier II cities will contribute to chocolate confectionery growth during the forecast period.
What’s driving the growth of this toothsome market is the growing awareness among consumers, increasing disposable income and the aspiration to move beyond the traditional taste preferences. These factors have encouraged the growth of various international brands like Mondelez India, Ferrero SpA, Lindt & Sprüngli and made way for new global players like Pacari to enter the market.
While talking about his views about the global chocolate market, Santiago Peralta, General Manager & Founder of Pacari Chocolates, said: ‘’ Globally people are shifting from traditional chocolates to unconventional. In fact, the sweetness of chocolates is deriving this shift in the preferences of consumers. Hence, they are moving toward healthier options. I feel the new trend is about the original chocolates, high-quality chocolate, glutenfree chocolate, organic chocolates, etc. I believe that people are becoming more ‘picky’ and specific in terms of their choices. Consumers are keen on having novelties and trying something new that not only suits their taste preferences but is healthy. This is influencing their nature to be more selective.’’
Guilt-free fusion of chocolates
This story is from the December 2018 edition of Progressive Grocer.
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This story is from the December 2018 edition of Progressive Grocer.
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