Luxury Chocolate market grow by 35% for the year 2013
“Chocolate”, this word brings a glitter to most of our eyes and a bright smile to many faces. We can start talking about the types of chocolate we have consumed and about the favorite brand we like the most, but how many of us know that the sweet eatable item was initially a “drink”. It wasn’t served or consumed in the solid state as it is done today, it was a treating drink. Preparation of the chocolate drink date back to the ancient ages around 1750 BC. This is believed to be true as a vessel is found at the Olmec archaeological site, information is on board that it was prepared by the Pre-Olmec people. The European culture which today, is a rich source for the sweet item is believed to have adapted the chocolate drink much later in the early 1500’s. However, the present day chocolate has gone through a complete makeover as it has a vast worldwide market with multiple varieties on offer.
The current business trend in the chocolate industry is showing an upswing after the sluggish growth that was witnessed in 2009 due to the global economic mess. Western Europe followed by North America are accounted to be the largest markets respectively for the industry, regions from the Asia Pacific indicate the next big market which expresses great growing potentials. The revenue from the chocolate industry in India is growing in a sizable range year on year; the market is expected to have a CAGR growth of 21% for the years 2013-2018. It is considered as the most popular food processing segment in the entire food industry of the nation.
Luxury chocolates sort is the most rapidly growing variety in the country; it is being manufactured and exported to most corners of the globe. There is a record swing of sales in favor of luxury chocolates variety as the culture of gifting chocolates has increased in the recent years. The growth of the industry is considered to be very positive as it has shown a growth of 6% on a year on year basis.
The dark chocolate segment ranks as the market leader as it tops the sales chat followed by its lighter version and the milk flavor. The sales have seen a sizable increase in both urban and the rural regions, producers like AMUL and NESTLE are stated as market leaders followed by CADBURY’S. Chocolate bar forms are recorded to have the largest market share of 36% followed by the assorted segment which has put up the highest growth rate for the last 5 year period.
The Indian chocolate industry is predicted to do a whopping business of $ 3.2 billion by the year end of 2018 due to the increased consumption rate across the nation, increasing income levels and the change in intake patterns. The per capita consumption of the country has gone up to 120 grams for 2013, whereas in 2008 it was a meager 40 grams. The nation’s chocolate export market is widespread as it enjoys sustainable markets in the UAE, China, Singapore, UK, Malaysia and US.
Grand old chocolate companies in India are now finding the latest competition to be the toughest, as there is an intruding effect of foreign brands like Ferrero Rocher and Mars Chocolate which are dumping their productions into the Indian market and trying to cut through the market share.