The International Cocoa Organization (ICCO) predicts India to be the fastest-growing cocoa market due to the country’s rising wealth and low demand base.
Indian consumers have been shifting their preference towards chocolate products over traditional sweets. The rising disposable income of the middle-class population in the country has affected the market space for overall chocolate consumption.
India’s chocolate confectionery consumption per capita was approximately 10% of the global average in 2018 of 100g to 200g per person.
Chocolate demand in the US and Europe have come to a stand-still, therefore the cocoa industry is turning it’s hopes on India’s appetite for the sweet treat.
There is also a growing trend in gifting chocolate in India.
Michel Arrion, ICCO Executive Director said:
India is the only place where I really see big potential in terms of consumption volumes.
It already has a tradition of eating sweets — unlike China — and is the No. 1 potential market of the future.
As the U.S. and European markets become saturated, Asia is the next target for the cocoa sector.
According to an ICCO report, India’s annual demand for semi-finished cocoa products used for the manufacturing of chocolate and other food products forecasts to expand approx. 36% from 2018-2023.
The Cocoa Association of Asia also said in January that India’s demand and consumption growth is on par, if not more than China.