Indore (Madhya Pradesh): The chocolate market is growing with start-ups in Indore and other cities getting into its production in a big way in India.
With the Covid-19 outbreak and subsequent lockdown, while most businesses struggled, the chocolate market saw a growth with most kids with their moms working on food start-ups mostly channelled with chocolate.
On this World Chocolate Day, which is celebrated annually on July 7, we inquired about the chocolate market, the latest development and its possible future. With the new start-ups and continued love of Indians for chocolates, India registered a chocolate market worth US$ 2.2 billion in 2021.
According to predictions by market research firms, including the IMARC Group, the chocolate market in India will reach US$ 3.8 billion by 2027, exhibiting a CAGR of 9.1% during 2022-2027.
While it was expected that, as all other businesses, the chocolate market might see a major struggle, too, it did not. The pandemic led to changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of chocolates across the nation, a research has found.
In Indore and other major Tier-I and Tier-II cities across the country, there are now least 10 start-ups focussing on chocolate and chocolate products. Indore has seen a major rise with 25 newly registered start-ups based mainly on chocolates.
Neetu Raichandani running a start-up of making custom chocolates with her daughters, Tanishqa and Rani, said, “I wouldn’t have thought of making and selling chocolates, but, with my daughters, it seemed a natural way of boosting our income and interest.” Tanishq and Rani wanted to do something on their own and hit upon the idea of making chocolates during the lockdown. “They learnt a little from my sister and improvised with self-learning,” Raichandani said.
Another custom chocolate creator is Geeta Kataria. “I love kids and kids love chocolates, so what better way to utilise my time!” she said.
