Chocolate is a key ingredient in many foods such as milk shakes, candy bars, cookies and cereals. It is ranked as one of the most favourite flavours in North America and Europe. Despite its popularity, most people do not know the unique origins of this popular treat. Chocolate is a product that requires complex procedures to produce. The chocolate and confectionery products industry has traditionally been subject to significant fluctuations in demand. Chocolate products tend to be seasonal in nature, with demand increasing sharply during the holidays. Consumers of all age groups prefer chocolate and confectionery products because of their attractive appearance and colour.
Chocolate, candy and gum are some of people’s best-loved treats. These sweets have been enjoyed around the world for thousands of years. Early man developed a taste for sweets by digging honey from beehives.
The chocolates market in India is estimated at around 45,000 tonnes valued at approximately Rs. 15.0 bn. The counter market is estimated at about Rs. 5 to 7 bn and the rest is made up of chocolate bars. Chocolates make up less than a fourth of the sweet-tooth products including sugar-boiled confectionery, mints and chewing gums. Sugar confectionery is by far the largest segment. As chocolates remain an impulsive buy to the extent of 75%, the Indian chocolate market is estimated today at nearly Rs. 200 bn over (USD 4.40 bn) and is growing at 20%. The global market is estimated at USD 80 bn. So far, mainly an urban-oriented product, the rural segments is unfolding a huge potential having already provided a 35% share of the market.
Few Indian major players are as under:
· Barista Coffee Co. Ltd.
· Cocoa Products & Beverages Ltd.
· Dukes Consumer Care Ltd.
· Gandour India Food Processing Pvt. Ltd.
· Global Consumer Products Pvt. Ltd.
· Inbisco India Pvt. Ltd.
· Lotte India Corpn. Ltd.