The global demand for chocolate is now showing recovery and leading suppliers such as Barry Callebaut are now forecasting stabilization of demand in the key markets worldwide. In 2020, the United States is expected to be the largest consumer of chocolate globally, followed by Russia. Amongst the BRIC nations, while India and China are nations projected to have the highest chocolate market growth in the period 2015-2020, economic conditions in Brazil and Russia have been hampering the chocolate market’s growth.
It is expected that the global chocolate market will grow at a CAGR of approximately to 5% through 2020. New flavors coupled with product packaging innovations will be the trend going forward. World over there is growth potential in the customized and luxury chocolate segments. People have a rising affinity for handcrafted chocolate and many startups are dappling in the art of chocolate making. Popularity of premium chocolates is on the rise particularly in the United States and brazil. While rising obesity and health concerns world wide is a challenge for the growth of the sector, there is also growing awareness about the benefits of dark chocolate. Players have also been introducing low sugar and sugarless chocolates
Globally, India is amongst the fastest growing chocolate markets. In 2016, the chocolate market in the country grew by 13% year-on-year. Other than India, Poland’s market which grew at 2% year-on-year are the only two countries globally t have shown growth in the chocolate market. India is amongst the four countries projected to have the highest chocolate market growth in the period 2015-2020. Other countries include Mexico, China and Brazil. The chocolate market in India is currently growing at a rate of 20% annually and is projected to grow by 30% by 2020
Close to 70% of the chocolate is consumed in urban India. Factors such as poor infrastructure, lack of cold storage facilities and greater affinity for traditional Indian sweets inhibit the growth of the rural chocolate market. In recent times chocolate consumption in the smaller towns and villages of the country has been increasing and smaller packets typically priced at INR 5 and 10 see higher consumption in these areas. Emerging trends in the sector include a growing affinity for dark and sugarless chocolate, along with growing demand for premium chocolates.
China is amongst the four countries projected to have the highest chocolate market growth in the period 2015-2020. Other countries include Mexico, Brazil and India. However, the recent government corruption crackdown has dampened the chocolate market in China. In 2014 the per capita consumption of chocolate in China was just 0.2 kgs as compared with 2.5 kgs per person in Brazil, 0.7 kgs per person in India and 2.2 kgs in United States. Hence, a huge untapped potential exists in the market.
A challenge facing the market is that Chinese customers do not trust home grow brands due to food safety issues. They have a greater affinity for foreign chocolate brands, close to 70% of the Chinese chocolate market is controlled by European brands. Other than the food safety concern, the poor performance of local chocolate brands can be attributed primarily to poor marketing efforts.
Why should the report be purchased?
The report ‘Indo-China Chocolate Market Study 2017’ highlights key dynamics ofthe global, India and China’schocolate market. The potential of the sector has been investigated along with the emerging trends.The current market scenario and future prospects of the sector has also been studied. The report contains latest opinions of industry experts.
Research methodology and delivery time
Smart Research Insights has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
The report is available as single-site single-user license. The delivery time for the electronic version of the report is immediate and dispatch time for hard copies is 2 business days, as each hard copy is custom printed for the client.
About Smart Research Insights (SRI)
SRI is a research organization specializing in industry research reports and custom research. Our team of dedicated researchers with rich experience across industry segments focuses on delivering high quality analysis. Undertaking in-depth secondary research, we arrive at key insights, which are supported by data that has been analyzed impartially to present a clear picture of the industry. All recent developments and industry opinions which impact the sector dynamics are captured and used to support the research hypothesis.