India: Chocolate Market 2024

Chocolate Market Size in India

The Indian chocolate market was estimated at $X in 2022, picking up by 4.1% against the previous year. Over the period under review, consumption, however, showed a abrupt shrinkage. Chocolate consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Chocolate Production in India

In value terms, chocolate production expanded to $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.5% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 13% against the previous year. Chocolate production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from India

In 2022, overseas shipments of chocolate and cocoa products increased by 12% to X tons, rising for the second year in a row after two years of decline. Over the period under review, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +9.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +52.3% against 2020 indices. The growth pace was the most rapid in 2015 when exports increased by 58% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, chocolate exports dropped modestly to $X in 2022. In general, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 54% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons), Nepal (X tons) and the United Arab Emirates (X tons) were the main destinations of chocolate exports from India, together accounting for 24% of total exports. Indonesia, Benin, Togo, Brazil, the Philippines, Turkey, Saudi Arabia, Malaysia, Bangladesh and Niger lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +433.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Nepal ($X) and Brazil ($X) appeared to be the largest markets for chocolate exported from India worldwide, with a combined 30% share of total exports.

In terms of the main countries of destination, Brazil, with a CAGR of +486.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, dropping by -14.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 33%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into India

Chocolate imports into India was estimated at X tons in 2022, with an increase of 13% against the previous year. Overall, total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 46% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, chocolate imports surged to $X in 2022. Over the period under review, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +99.0% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 43% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Singapore (X tons), Turkey (X tons) and the United Arab Emirates (X tons) were the main suppliers of chocolate imports to India, together comprising 38% of total imports. Malaysia, Indonesia, the Netherlands, Italy, Saudi Arabia, Belgium, Bangladesh, Cote d'Ivoire, Poland and China lagged somewhat behind, together accounting for a further 54%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bangladesh (with a CAGR of +46.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Malaysia ($X) and Singapore ($X) constituted the largest chocolate suppliers to India, with a combined 35% share of total imports. Turkey, the Netherlands, Belgium, the United Arab Emirates, Indonesia, Bangladesh, Saudi Arabia, Cote d'Ivoire, Poland and China lagged somewhat behind, together accounting for a further 49%.

In terms of the main suppliers, Bangladesh, with a CAGR of +56.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, increasing by 23% against the previous year. Overall, the import price saw a relatively flat trend pattern. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+6.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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