A Glimpse at Chocolate Industry – 2013 to 2018

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ChocolateChocolate is the word for those people who have a sweet tooth and it is equally popular as a gifting option for birthdays and parties. Chocolate is a versatile gift for a variety of occasions and for cooking. There are very rare cases where people do not like chocolates. Chocolates are considered to be a girl’s best friend as whenever she gets annoyed, the boyfriend offers a box of chocolates. The expansion of chocolate industry is motivated by the varying tastes of the people, the growth of the population, an increase in the market size, improvement in the product and a rise in the income level of the people. Although there has been an increase in the calorie counting and health conscious people, chocolate remains at the top level. Many exclusive chocolates are found in the market which may be famous from a region for a particular technique, hand made, different ways of making considering different traditions.

A market research report says that in Great Britain around 87 percent of males and 91 percent of females consume chocolates and chocolate products. Global recession did not affect the chocolate and confectionery industry and chocolate is considered as an “affordable luxury”. Cocoa, the key ingredient of chocolates has shown remarkable price hike in the recent situations because of the increase in the demand for chocolate and chocolate products. There has been a quick growth in the sales of the assorted chocolates and it is projected to increase up to 13 percent by the year 2015.

Due to rise in the number of the health conscious people, the demand for dark chocolate has increased as compared to the milk and white chocolate, as it helps in lowering the blood pressure as well as cholesterol and the antioxidants found in it is eight times higher than found in strawberries. The Indian chocolate industry recorded a growth of 15 percent annually from 2008 to 2012 and it is predicted to show a remarkable compound annual growth rate (CAGR) of 23 percent by volume and will attain 3,41,609 tons by the year 2018.