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Due to low cost, a belief the treats are healthy, and Indians’ general liking for chocolate, sales of the food have grown rapidly in the past few years.
Sales grew by 13% last year, according to global market analysis agency Mintel, and the rapid growth is expected to continue to 2020. It’s one of the fastest-growing markets. Mintel thinks it will hit Rs32,000 crore by 2020, up 160% from 2015.
The price for a chocolate bar is around 8 to 16 cents, and 2 in 5 Indians think sugary chocolates and cakes are healthy, according to Mintel.
India’s 228,000 tonnes of consumed chocolate for the year is still well below the much less populated U.S. and U.K., which consumed around 1,300,000 and 600,000 respectively.