INDIAN CHOCOLATE INDUSTRY AT A GLANCE IN 2022 - 2023
The India chocolate market size reached US$ 2.4 Billion in 2022. The chocolate market is predicted to reach US$ 4.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.8% during 2023-2028.
The growth of the Indian Chocolate Industry can be attributed to growing population, shifting consumer tastes and rising per capita disposable income. The India chocolate market was worth $1,687.23 million in 2022. Chocolate imports have increased at a CAGR of of 4.7% by value, and 4.8% by volume over the past decade.
Chocolate ImportsIndia's Chocolate Imports are on the rise in recent years. Italy leads by Import Value, and Singapore by Import volume. India's chocolate imports amounted to USD 111 million by value and 24.2 million kilograms by volume in 2022. This is up from USD 70.6 million by value and 15.8 million by volume a decade earlier in 2012.
By value, Italy was the top origin country of chocolate imports into India with a trade value of USD 15.8 million followed by Malaysia and Singapore.
Chocolate ExportsChocolate Exports from India increased by value in recent years, Indonesia is the biggest Export destination by value and Nigeria by volume. India's chocolate exports reached USD 117 million by value and 21.9 million kilograms by volume in 2022, up from 42.2 million and 20.4 million kilograms respectively a decade earlier in 2012.
By value, Indonesia was the biggest destination country for India's chocolate exports followed by Nepal, and Brazil.
By volume however, Nigeria led the way with the country importing 2 million kilograms of chocolate from India in 2022. Nigeria was followed by Nepal and UAE.