India: Chocolate Market 2024

Chocolate Market Size in India

The Indian chocolate market amounted to $X in 2023, growing by X% against the previous year. Over the period under review, consumption, however, showed a perceptible reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Chocolate Production in India

In value terms, chocolate production expanded modestly to $X in 2023 estimated in export price. Over the period under review, the total production indicated a prominent increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Chocolate production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Chocolate Exports

Exports from India

In 2023, overseas shipments of chocolate and cocoa products increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, exports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2023 and are expected to retain growth in the immediate term.

In value terms, chocolate exports rose sharply to $X in 2023. In general, exports saw a remarkable increase. The pace of growth appeared the most rapid in 2015 with an increase of X%. The exports peaked at $X in 2018; however, from 2019 to 2023, 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 X% of total exports. Indonesia, Turkey, Benin, Togo, Brazil, the Philippines, Saudi Arabia, Malaysia, Bangladesh and Niger lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Brazil (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Turkey ($X) and Nepal ($X) appeared to be the largest markets for chocolate exported from India worldwide, with a combined X% share of total exports. Brazil, the United Arab Emirates, Saudi Arabia, the Philippines, Malaysia, Bangladesh, Nigeria, Togo, Benin and Niger lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Brazil, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2023, the average chocolate export price amounted to $X per ton, reducing by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: 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 2023, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into India

For the third year in a row, India recorded growth in purchases abroad of chocolate and cocoa products, which increased by X% to X tons in 2023. In general, total imports indicated a temperate expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked in 2023 and are likely to see steady growth in the immediate term.

In value terms, chocolate imports soared to $X in 2023. Overall, total imports indicated a strong expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the maximum in 2023 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 X% of total imports. Malaysia, Indonesia, the Netherlands, Italy, Saudi Arabia, Belgium, Bangladesh, Poland, Switzerland and Egypt lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Bangladesh (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

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

Bangladesh, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average chocolate import price amounted to $X per ton, with an increase of X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bangladesh (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform