India has emerged as one of the fastest growing markets for chocolates, with sales registering a growth of 13% last year. This was revealed in a research conducted by Mintel, a global market firm based in London. The research report published by Mintel has revealed that India consumed a whopping 228,000 tons of chocolate in 2016. The report stated that while chocolate consumption has plateaued in other countries, demand in India has continued to rise in recent years.
India with sales growth of 13 percent and Poland with sales growth of 2 percent, were the only two countries in the world that registered positive growth in chocolate consumption in 2016. Chocolate consumption in Australia was 95,000 tons whereas in Indonesia, it was 94,000 tons. Chocolate sales in countries such as US, UK, Germany, and France has plateaued in 2016, whereas a negative growth was witnessed in Russia (-2 percent), Brazil (-6 percent) and China (-6 percent).
“Chocolate confectionery had an uneven year in 2016. Volume sales in developed markets remained flat, while the picture was a bit brighter in emerging markets, like India, where sales generally fared better,” said Marcia Mogelonsky, Director of Insight, Mintel Food and Drink. “Our research indicates that consumers in India believe chocolate to be beneficial and convenient – seemingly the key reasons behind the growth of the country’s chocolate confectionery market both in value and volume,” Mogelonsky said.