If there’s one thing on the planet that has everyone putty in its hands; it’s chocolate, and there are many variations of them. Depending on the country it originates from and the cultural influence on the production; chocolates come in different shapes, sizes and flavours.
Indian Sweets to Premium Chocolates:
The recent shift from traditional Indian sweets to packaged premium chocolates has seen a rise in sales volume of these affordable luxury chocolates; because of the purchasing power that is a result of an increase in the disposable income of most Indians nowadays. In addition to this, the introduction of international brands like mars introducing premium or higher-priced products is only spoiling us further with choice, no complaints there though. India has seen a 50% spike in the consumption of chocolate from 2011 to 2016; as per market research conducted by market research firm Mintel.
Indian Chocolate Market:
Keeping in view the Indian Chocolate market and the booming sales its producing, and a view of the total sales in 2017, which were at an all-time high of $1.3 billion. Meanwhile, a techsciresearch prediction by the analysts is made for the projected sales to shoot up to $3.3 billion by 2023.
It is an undeniable fact, that the most innovative chocolate makers globally; are the countries that have access to high-quality cocoa beans. Based on the availability of these high-quality raw materials and a penchant for whipping up creative recipes; by experimenting with new raw materials. However, they are eager to bring them back to their home country and share them with their loved ones. This experience in the long haul resulted in imports; and fast-tracking to the present day, a presence of all these international brands in India.
With people in India getting conscious of their health and opting for healthier choices; a clear preference bar is set; Hence, people now are opting for healthier choices in everything that is available in the market. Therefore, the products included in the upgraded range as per the market’s demands are organic and sugar-free chocolates.
Future of Indian Chocolate Industry:
To sum up, some of the barriers India may have to cross to catch up with the international brands are inflation; which may affect the price of raw materials required, cooperation from the government or the lack thereof, market duopoly from established brands, and customers who demand effective pricing on the products, innovation in ingredients and packaging. Barring all these limitations, the Indian Chocolate Industry should see a promising future.
Finally, the author of the content is Ms Praveena Reddy, who is working as Digital Marketing Executive at FieldEngineer, a Global On-demand Freelance Marketplace. And very successful to implement the organic strategies of Digital Marketing and this is evident from the organic results achieved to date and continuing.