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Penetration and affordability to drive the Indian Chocolate Market, finds Netscribes
Netscribes (India) Pvt. Ltd. launches a report on the Branded Chocolate Market in India 2012 as part of Netscribes’ Food and Beverage Industry Report Series.
The report begins with an overview of the confectionery industry in India providing the market size and growth as well as information regarding market segmentation in India. This is followed by a primary segmentation of the industry. An overview of chocolate market provides an introduction to the sector and covers the market size and growth along with segmented consumption data in India. An analysis of the value chain has been included. A brief flowchart of the processing steps of cocoa beans has been highlighted. It is immediately followed by the procedure adopted by major players to manufacture chocolates. This section then divulges information about the distribution model prevalent in the sector. The following section deals with an EXIM trend over a period of five years. Porter’s Five Forces analysis concludes this section.
An analysis of the drivers explains the factors for growth of the market and includes tradition of gifting chocolates, attractive pricing, increase in disposable income and low per capita consumption of chocolates. India has woken up to the fad of chocolate being considered as a gift proposition. While even till few years back sweets were the only option in delicacy gifting, overt media exposure and smart marketing techniques have positioned chocolates as an alternative. Further, entry of major players in the country has allowed for easy availability of products to consumers. Another feature that works for this sector is the attractive pricing of products which particularly suits the Indian scenario wherein consumers seek economical products. Characteristics such as affordability and availability will come into play only if people have the purchasing power. Rising disposable incomes is a major driver primarily since chocolates are associated to being luxury items India. Finally, India has low per capita consumption of chocolates compared to other developed nations across the globe. It poses latent opportunity for growth as the country strives towards more off-takes for the product. However, the sector is also facing certain challenges. Factors such as rise in cocoa prices, high entry barriers and high excise and import duties pose as impediments for this sector.
Government participation in this sector covers Prevention of Food Adulteration Act, certain policies of the Government and Food and Safety Standards Act. The major trends identified include emergence of premium chocolates, surfacing of dark chocolates, concept of chocolate boutique, demand for healthy options and entry of retailers and confectioners.
The competition section offers a competitive landscape of the players by providing their financials and key financial ratios. It also provides basic information including corporate address, contact numbers along with year of incorporation. Key financial parameters constitute the financial performances of the players which are followed by business highlights. Strategic recommendations followed by appendix on key ratios comprise the concluding section of the report. An appendix delineating the products with their price brackets is also provided.
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