India Chocolate Market Projected to Surpass US $17 Billion in 2020 Says TechSci Research

Burnaby, Canada, October 07, 2015 --(PR.com)-- India chocolate market grew at a healthy rate during the last five years, on account of growing demand from bakery, confectionery and ice cream industries, along with rising demand for consumer chocolates from the youth population in the country. During the forecast period, India chocolate market is anticipated to witness significant growth on the back of various engaging advertisement campaigns executed by consumer chocolate manufacturers, increase in the variety of chocolates available at retail outlets, and changing consumer preferences.In addition, rising disposable income of consumers and growing middleclass population base are also expected to drive consumer spending on chocolates through 2020.

According to recently released TechSci Research report, “India Chocolate Market Forecast & Opportunities, 2020,” chocolate market in India is forecast to surpass US $ 17 billion in 2020. Growth in the market is anticipated on account of extensive use of industrial chocolates in confectionery and ice cream manufacturing, increasing substitution of traditional Indian sweets with chocolates& chocolate products, growing gifting culture, and the large consumer base in the country. Although, milk chocolates dominate sales of consumer chocolates in India, over the last few years, dark chocolates have been gaining popularity among adult consumers in the country.

“New innovations in consumer chocolate segment such as launch of sugar free and organic chocolates, attractive packaging of premium chocolates, along with effective promotion and advertisement strategies, are propelling growth in the market for consumer chocolates in India. On the other hand, demand for industrial chocolatesin the country is being propelled by rising use of chocolates for production of confectionery products and chocolate based ice creams,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.