the indian premium chocolate market has been experiencing rapid growth over the past few years. this is attributed to the strong demand from consumers for premium quality chocolate products. the growth of the middle-class population who are willing to spend more on premium quality goods, increasing consumer sophistication and rising disposable incomes are driving the growth of the indian premium chocolate market. according to a market outlook for 2018-2032, the indian premium chocolate market is expected to register a cagr (compounded annual growth rate) of around 11%. by2032, the market is projected to reach a total value of inr 66,225.5 crore (usd 8.7billion). this market outlook is based on the current market trends and is likely to be revised according to changing consumer tastes. the growth of the indian premium chocolate market is mainly driven by the increasing demand from the millennial generations. since they are more health conscious, they prefer healthier options such as organic and vegan chocolates. they are also willing to pay more for premium chocolate products, which is fuelling the demand for premium chocolates. another factor driving the demand for premium chocolates is the rising disposable incomes among indians. as disposable incomes rise, so does the demand for habit-forming premium chocolates. with rising consumption of premium chocolates, manufacturers are likely to introduce more varieties, resulting in increasing competition over the coming years. with growing demand for premium chocolates, there is an increasing demand for flavoured chocolates, which are expected to account for the largest share in the indian premium chocolate market by 2032. manufacturers are focusing on introducing innovative flavours and product types to attract customers and increase their market share. in conclusion, the indian premium chocolate market is projected to grow rapidly over the 2018-2032 period, driven by increasing demand from millennials as well as rising disposable incomes. manufacturers are likely to introduce more varieties to meet the growing demand, leading to increasing competition over the coming years.
