The love for chocolate among Indian isn’t hidden anymore, the consumption rate has gone higher in the last few years, especially for dark chocolates. It has emerged out among the favorites for Indian consumers and is certainly moving towards catering to the needs of all the chocolate lovers, be it someone who needs sugar sweet or the one who wants their chocolate it be healthy and neat. Indian Chocolate industry is on the verge of expansion with proper experimentation in terms of sugar reduction, smaller packaging sizes or even unique flavors.
In recent years, India has emerged as one of the world's fastest-growing chocolate markets, with a total market size of about 112.5 million Indian rupees in 2016. Despite the fact that chocolate production and consumption were constantly increasing year after year, the industry was dominated by a small number of enterprises. According to a Mintel report, the overall value of the chocolate market was anticipated to be INR 172 billion in 2019 and is expected to increase at a CAGR of close to 10% between 2019 and 2023.
So, talking about the trends and new flavors coming up in the Indian chocolate industry, it has been clearly inspired by the fast-moving world of today and the consciousness we have towards our health. What are the major market trends in India's chocolate industry? One of the significant trends in the Indian chocolate market is the rise of healthier product varieties such as sugar-free, gluten-free, organic, and low-calorie chocolates.
Combinations that were previously unheard of are suddenly becoming fashionable, such as infusing chocolate with vegetable flavors such as kale flavoring in chocolate bars and mixing chocolate with beetroot in pastries. Texture is also being given a lot of thought; new trends such as larger chocolate chunks and crunchy chocolate layers with a bite are currently popular on the market.
Today's consumers are increasingly aware of the processes that go into the creation of the things they use. As a result, many product descriptions on packaging include information about how a certain item is created. Because of the growing number of high-end consumers in the market, demand for artisan products and high-quality ingredients has increased significantly in recent years.
It is now pretty apparent that not all chocolates are created equal. Trends such as sugar-free or gluten-free chocolate have risen in response to this demand for healthy chocolate. To appeal to an increasingly health-conscious market segment, manufacturers are adding more local flavors to dark chocolate. As a result, honey, ginger, and citrus fruits like lemon are common.
Such trends in the Indian chocolate industry are not only helping in its rise but also introducing chocolates with much healthier options and being a major player in satisfying its consumers needs at the same time. The Indian chocolate industry is all set to spread it wings in the upcoming years and be the major source of pushing Indian economy higher on the scale.
Comments