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Market Size and Growth:
- In 2023, the India chocolate market size reached USD 2.6 billion.
- Looking ahead, it is projected to reach USD 5.3 billion by 2032, exhibiting a robust growth rate (CAGR) of 7.7% during the period from 2024 to 2032
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Segmentation:
- The market is segmented based on confectionery variants (such as dark chocolate, milk chocolate, and white chocolate) and distribution channels (including convenience stores, online retail stores, supermarkets/hypermarkets, and others).
- Milk and white chocolate dominate the market, accounting for 75.68% of the value share in 2023. The innovative flavor offerings in white chocolate contribute to its popularity.
- Convenience stores hold the largest share (70.29%) in terms of distribution. These stores cater directly to local shoppers, adapt their assortments, and address shopper needs effectively.
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The fastest-growing segments include:
- Dark chocolate, with a projected CAGR of 8.07% from 2024 to 2030. Rising awareness about its nutritional content and stress-relieving properties drives demand.
- Online retail stores, expected to grow at a CAGR of 9.09% during the same period. The ease of online shopping and the increasing number of retailers contribute to this growth.
- The leading market player is Mondelēz International Inc., which holds a 51.54% market share.
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Distribution Channels:
- Convenience stores remain the preferred channel for purchasing chocolates across India due to their easy accessibility and tailored assortments.
- The rise of online retail stores has also contributed to the market’s growth, providing a convenient shopping experience for consumers.
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- In summary, the Indian chocolate market is thriving, with a diverse range of flavors, distribution channels, and players contributing to its success.