Happy Chocolate DayImage Credit source: AI
Today is a special day of Valentine’s Week. Because today is Chocolate Day. This day is celebrated every year on 9 February. This day is not just limited to the expression of love, but it also gives a glimpse of the rapidly growing chocolate business in India. Today, chocolate is not just a choice of children, but its demand has rapidly spread to youth, working professionals and health-conscious people. In such a situation, the question arises that how big has the chocolate business in India become and how far can it go in the coming years.
The chocolate industry in India has now moved from its initial stage to the growth phase. According to a report by market research company Mordor Intelligence, the chocolate market may reach approximately $3.58 billion by the year 2030. This means that in the coming years this industry can grow at an annual rate of about 7.6 percent. Not only festivals or Valentine’s Week are the reasons behind this growth, but changes in people’s lifestyle, food habits and digital shopping are also playing a big role.
Growing craze for premium and dark chocolate
Now people are becoming increasingly attracted not only towards cheap sweet chocolate but also towards premium and dark chocolate. Especially such customers have increased who look at chocolate from the taste as well as health point of view. The demand for low sugar, high cocoa content and sugar-free chocolates is continuously increasing. Dark chocolate is also linked to reducing stress, improving heart health and increasing energy. This is the reason why the chocolate industry is now directly benefiting from the fitness and wellness trend.
Sales increased through e-commerce platform
There has been a huge surge in chocolate sales on e-commerce and quick-commerce platforms, especially on occasions like Valentine’s Day. According to a report, during Valentine’s Week in 2023, sales of thousands of chocolates were recorded every hour on some quick-delivery apps. The trend of ordering chocolate online is increasing rapidly among women and young customers.
There is more demand among the youth
About 65 percent of India’s population is below 35 years of age, and this category is driving the chocolate market the most. The youth are liking new flavours, funky packaging, toy-filled chocolates and limited edition products more. Brands are also understanding this trend very well. This is the reason why on occasions like Rakshabandhan, Diwali, Christmas and Valentine’s Day, special festive packs and customized chocolates are launched, which are considered perfect for gifting.
Also read- India-US trade deal: The effect of the deal will be visible on the Indian stock market, will these stocks run away?