A study by London based market research firm Mintel says that India’s $1.6 billion chocolate market is growing at 12 percent annually. The market researcher also said India consumed 228,000 tons of chocolate in 2016, higher than both Australia (95,000 tons) and Indonesia (94,000 tons) put together in the same period.
Aligning with growth prospects in India, Hershey‘s local subsidiary chairman and managing director Praveen Jakate said the company aimed to ramp up investments in brand-building and manufacturing in the country.
“India is a priority market for Mars Incorporated and we are committed to invest and bring our best-loved brands here,” Andrew Leakey, general manager, India and Indian subcontinent, Mars Chocolate Ltd., said.
With a 15-16 percent market share, Nestlé India focuses on the health and wellness aspect of its confections by reducing sugar content and increasing the milk quotient of its candies.
Leader Mondelez, which commands 65 percent of this market, invested close to $300 million with seven plants in India to date, reports Business Standard.
