Healthy Bite: Dark Chocolate to be the fastest growing segment in India
Centuries later, the Mayans, followed later by the Aztecs in the 15th century, believed that chocolate came from the gods. Divinity combined with healing and taste led to the gradual spread of chocolate across the world — with the global chocolate market size valued at around $127.7 billion as of 2023.
The market is expected to grow at a CAGR of 4.4% in the forecast period of 2024-2032 and is expected to be valued at $165.4 billion by 2032. In 2021, Mondelez was the largest chocolate confectionery firm in India with a market share of close to 60%, followed by Nestlé with a market share of about 15%.
The total size of the Indian chocolates market was Rs 15,512 crore in 2022 .
Packed with Antioxidants
According to Euromonitor, it is estimated to grow to Rs 23,700 crore by 2027.
“Chocolate is a superfood when it is unprocessed,” says Professor John Dumay, Macquarie Business School, Chocolate Scorecard researcher.
He adds: “Commercially, the best is dark chocolate of 70% or greater cocoa.
The more it is processed and mixed with other ingredients, the less of a superfood it becomes.” While the consumption of milk chocolate in India still dominates, dark chocolate has about 10% of the market share but is expected to be the fastest growing segment as awareness and wellness take precedence.
A number of local brands now produce high-quality dark chocolate because it is what consumers want — especially in a post-pandemic world where health dominates people’s minds. California-based Dr Bharat Rakshak DDS, MDS, says high-quality dark can provide antioxidants, improve heart health, and potentially boost mood due to compounds like flavonoids and theobromine.
