India\'s chocolate market is expected to reach $3.2 billion by 2018 due to increasing income bracket in the country.
Chocolate industry today is turning out to be a great success in India. We can say that ‘sweet is no more sinful’, the business has grown from a small retail opportunity to an industry in itself. Major national and international player are seeking a huge growth opportunity in India by entering into the chocolaty segment. The per capita consumption of chocolates has also grown tremendously from 40 grams in 2008 to 120 grams in 2013.
According to a report published by TechSci Research, India's chocolate market is expected to reach $3.2 billion by 2018 due to increasing income bracket and increasing gifting culture in the country.
These days the trend has changed from eating a chocolate occasionally to a preference over a lunch or dinner. It has become a household necessity among the higher and the upper middle class focusing on the global culture inside their home. Healthier chocolates, sugar and gluten free chocolates are the new trend in the chocolate business. At the same time people are looking at much more personalised and standardised version of chocolates like adding more dark chocolates accounting to the calorie.
Not only this, opening and owning a chocolate outlet, adding chocolate in your existing menu has also opened its door in the Indian F&B industry. Major brands like Krispy Kreme, Dunkin Donuts, Mad Over Donuts have scaled up their menu by adding chocolates. On the other hand, Pure Sin, Guilt Trip has paved a way into the Indian market by opening its outlet serving a wide range of chocolates.
Speaking on the same, Sanjay of Pure Sin, says, “Chocolate is the new trend in the Indian F&B industry. People today do not believe that eating chocolates make them fat rather they are open to try new.”
Strengthening the biz
Chocolate business needs lots of training and support to its staff and the franchisees. Vikas Panjabi, Owner, The Chocolate Room says, “We always research about our franchisee partner before signing a deal or partnering with them.”
Not only this major chocolate branded like Pure Sin offers complete training and technical Support to its staff and partners. On the other hand Leonidas provides practical as well as theoretical training and knowledge on sight to the franchisee for one week. Support is also provided for site selection, store design and equipment ordering. C4 Chocolates seeks passionate people to join hands with. The brand provides complete support from helping to set up the store, product training, regular hand holding through supervision, stock replenishment, stock return and marketing.
With major international and local brands foraying into the chocolate market, India is growing at a faster pace with brands like Hershey, Royce Chocolate, Puri Sin, The Chocolate Room expanding their wings. The Chocolate Room has 110 franchise stores in India and is planning to operate another 50 stores by 2015 targeting tier II and III cities. Leonidas which currently operates two stores in Mumbai is planning to expand to New Delhi, Ludhiana, Chandigarh, Gurgaon, Jaipur, Ahmedabad, Pune, Bangalore, Hyderabad and Chennai taking the franchise route.
Summing up, chocolate has really gone through a different phase of development. Not only the outlets have come up in the cities but gifting chocolate has become a new trend in the country. Seeing all these changes, these days people want to invest in the chocolate industry as this industry shows a great potential in terms of growth.