Imports of luxury chocolate brands zoom 45% on steady uptick in demand
In the financial year 2022-23, India witnessed a substantial surge in the demand for luxury and premium imported chocolates, importing US$ 27.84 million worth of chocolates, marking a remarkable 45% YoY increase, according to a report by The Economic Times (ET).
Co-founder of CocoCart, Mr. Karan Ahuja a leading distributor of imported chocolates in India, noted that half of the company's sales were attributed to the premium chocolates category. With the increasing recognition of dark chocolate as a superfood, Ahuja anticipates a transformative shift in the market in the coming years. CocoCart introduced the Italian brand Venchi in 2022, featuring their most exclusive product, a 54-piece chocolate cigar box weighing five kilograms, priced at Rs. 64,995. The company contemplates the introduction of additional brands such as Butlers, Leonidas, Guylian, and Cartwright & Butler, imported from Belgium and the UK, in 2024.
Sources indicate a growing trend of more premium imported brands planning to enter the Indian market. Ms. Sanskriti Gupta, spokesperson for the Swiss luxury chocolate brand Läderach in India, revealed plans to expand into significant Indian markets in partnership with the DS group. Läderach's product range spans from Rs. 1,050 (US$ 12.59) for a 64-gram tablet to Rs. 16,700 (US$ 200.30) for a 72-piece box of Pralines and Truffles. Gupta mentioned that Läderach aims to establish five to seven exclusive stores over the next two years, expanding operations in cities like Mumbai, Bengaluru, Chennai, Hyderabad, and Chandigarh.
Insiders in the industry forecast that the importation of such luxurious products in India will be fueled by the rising demand for organic, dark, vegan, gluten-free, and sugar-free chocolates. Chairman and Managing Director of Technopak Advisors, Mr. Arvind Singhal highlighted a shifting trend among Indians, moving beyond traditional mithai to embrace chocolates as an alternative for celebrating joyous occasions.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.