F E A T U R E
M
Promising Growth
ention chocolates and everyone, irrespective of their age, can start drooling. Many chocolate and other confectionery makers say that adult consumption of chocolates and candies is growing at the fastest pace in India, major corporate companies are launching new products and brands of chocolates which target the grown-ups. Chocolates could be blissful. They help make life seem less stressful, and could make your depressed mood cheerful. They could also be sinfully sensuous and ever so differently delicious. They can be plain or filled with dry fruits and nuts, whose taste may lead you to go nutty. They can come in plain shapes and sizes, or in exotic customised designs. But above all, chocolates, if made with the right concoction of creativity and dexterity, could easily be among the few things on heaven and earth worth living for. Chocolate also comes with its own set of health benefits. It is a rich source of fibre, antioxidants, minerals, theobromine, flavanols, caffeine and many other beneficial ingredients. It is beneficial for heart, brain and more. It helps in lowering blood pressure and increasing blood circulation in the body – thereby reducing the risk of cardiovascular diseases. It also helps in reducing the risk
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BAKERY REVIEW
of blood clotting. But always remember, too much consumption may give you a side effect as well.
Market Growth Increasing disposable income, changing lifestyle, rising trend of gifting chocolates instead of traditional Indian sweets, and a surge in the sale of dark chocolates are expected to drive the industry growth. The fact that still the per capita consumption of chocolate products in India is much less as compared to many developed western
countries also indicates a huge potential for the growth of chocolate market in India, in the backdrop of the present day socio-economic scenario of the country. Chocolate market in India is growing impressively. Sales of chocolate confectionery in retail markets grew by 13 percent in the past few years and the market is further expected to grow at a CAGR of 20 percent in coming years. Chocolate market in India had been growing on account of expanding middle class population and increasing use of chocolates in various confectionery products. Expansion of organised retail industry in India and rising disposable income levels of consumers had been further propelling growth in the country’s chocolate market. Manufacturers are luring consumers by expanding their product portfolios and increasing availability of chocolates in various price ranges. One can say that some of the reasons behind the impressive growth in chocolate consumption in India during the recent years can be due to the significant increase in disposable incomes in select but sizeable pockets of urban Indian society during the last decade, massive expansion of the retail industry in urban India and also due to the rising chocolate consciousness in some select pockets of Indian society.
June-July ’22
