While the global chocolate confectionery market posts slow growth, new research from global market intelligence agency Mintel reveals that India is defying the odds. Indeed, India now has one of the world’s fastest growing chocolate confectionery markets.
In India, the sales of chocolate confectionery in retail markets grew by 13 percent between 2015 and 2016, followed by Poland which saw sales growth of 2 percent. In comparison to the rest of the world, Poland and India were the only two markets to see sales of chocolates grow in 2016, with sales in the United States (US), United Kingdom (UK), Germany and France flat over this period, while chocolate sales falling in Russia (-2%), Brazil (-6%), and China (-6%).
Data from Mintel also reveals India’s chocolate confectionery market has had a strong CAGR (compound annual growth rate) of 19.9 percent, in retail market value, between 2011 and 2015, and it is expected to grow at a CAGR of 20.6 percent from 2016 to 2020.
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