Business News: Global Brands Eyeing Indian Chocolate Market as Demand Surges Amid Festive Season

16 Oct, 2023 Author: Ayushee Joshi

Festive Season 2023: India’s most awaited festive season has officially begun with Navratri, and people are now preparing for the major festivals coming up ahead. From decorating houses to buying traditional festive clothes, customers have already flooded the e-commerce market as the sale is offering bumper discounts with prizes. However, no festival can be completed without doing your “muh meetha” and nowadays, the only thing that comes to our mind when we hear the word “sweet” is chocolate. Despite the fact that Indian festivals are all about raditional sweets and handmade mithai, there has been a shift in trend in recent years.

Rising Demand for Chocolate in India

The chocolate industry in India is experiencing a spike in demand. In this regard, global businesses are always looking to profit from current trends and are now targeting the Indian market for launching new products. According to the IMARC analysis, the Indian chocolate industry will expand from $2.4 billion in 2023 to $4.1 billion by 2028. As chocolates are now becoming the most popular festival gift, experts say that this rising growth can be attributed to the young urban section and those with high incomes.