India among fastest growing markets for chocolate retailing, says report
By Retail4Growth Bureau | July 11, 2023
A study by ResearchAndMarkets.com reveals that chocolate retail has grown to be a multibillion-dollar industry and that brands like Mars are planning to expand footprint across 6000 cities in India.
A research study by ResearchAndMarkets.com reveals some new findings regarding the global chocolate retail market.
During the forecast period, 2023-2028, the Global Chocolate Retail Market is expected to expand at a CAGR of 5.9%. Increasing disposable income, change in eating preferences and the developing trend of gifting chocolates on festivals and occasions is driving the global chocolate retail market, the study report points out .
This research study also looks at the market growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market evolution.
- The Global Chocolate Retail Market is expected to generate USD 176.20 billion by the end of 2028, up from USD 111.23 billion in 2021.
- Chocolate retail has grown to be a multibillion-dollar industry, backed by rising per capita consumption of chocolate and chocolate products among all age groups.
- Chocolate is a vibrant and inventive market, with over 5,000 new products released in retail globally in 2021 alone.
- The majority of chocolate is sold via supermarkets and other grocery shops. Convenience stores are very easy to approach as they are located nearby residential and commercial areas and generally offer affordable chocolates.
- The growing number of consumers interested in upcoming trends like organic chocolate and chocolates with no added sugar are supporting such trials, boosting the chocolate retail market.
- Customer experience represents every touchpoint with a brand, including accessing them via physical stores, customer support, and direct product interaction.
- Chocolate companies are now seeing some consumer behavior change, preferring candy bars. Chocolate candy category innovation is booming, offering convenience store retailers an opportunity to grow chocolate sales by stocking limited-time offers alongside tried-and-true customer favourites.
- Europe accounts for almost half of the chocolate market.
- China and India hold great potential in chocolate retail as the countries are among the fastest growing in coming years backed by changing food safety regulations and surging demand for affordable and premium chocolates.
- Chocolate maker Mars is planning to expand its product portfolio and footprint across 6000 cities in India.
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