India’s love for imported luxury chocolates is on the rise, with a significant increase in demand expected during the year-end season. The country has witnessed a surge in the import of high-end chocolates, reflecting a growing preference for premium and exotic flavours. In this article, we will explore the reasons behind Indians’ increasing fondness for imported luxe chocolates and the market trends driving this demand.
The commerce ministry data revealed a significant uptick in India’s chocolate imports, reaching $27.84 million in the fiscal year 2023, reflecting a notable 45% annual increase. This surge in demand is largely influenced by the escalating preference for premium chocolate categories, particularly dark chocolates and distinct flavour blends. Dark chocolate, revered by some as a superfood, has gained traction among health-conscious individuals, contributing to its rising consumption. Its perception as a healthier alternative to traditional Indian sweets has fueled its popularity. Moreover, the seasonal gifting culture during festivals, weddings, and celebratory occasions has been instrumental in propelling the sales of imported high-end chocolates in India. Consumers are increasingly drawn to artisanal and single-origin varieties, considering them as unique and luxurious gifts.
Karan Ahuja, one of the co-founders at CocoCart, an omni-channel retailer specialising in imported chocolates in India, highlighted the substantial contribution of premium chocolates to their sales, constituting half of their total sales. With the growing recognition of dark chocolates as a potential superfood, Ahuja expressed expectations of significant transformation in the market within a few years. At CocoCart, their recent venture introduced the Italian brand Venchi, which offers an exclusive 54-piece chocolate cigar box, priced at Rs 64,995, containing five kilograms of assorted chocolate cigars. Additionally, they are considering the inclusion of brands from Belgium and the UK, such as Butlers, Leonidas, Guylian, and Cartwright & Butler, in their offerings by 2024.
The importation of premium dark, organic, vegan, sugar-free, and gluten-free chocolates is anticipated to persist due to sustained demand in India, driven by consumers’ inclination towards superior quality and distinctive flavours, spurring interest in novel brands and product varieties. With India’s per capita chocolate consumption standing at a mere 140 grams, notably below the global average of about 900 grams, there exists a considerable opportunity for growth in the Indian market, especially as consumers increasingly embrace imported luxury chocolates.
RTM Watch’s Take
The increasing demand for imported luxe chocolates in India reflects the evolving taste preferences and changing consumer behaviour. As Indians become more health-conscious and seek unique gifting options, the market for premium and luxury chocolates is expected to witness sustained growth. Brands and retailers are actively expanding their offerings to cater to this growing demand, introducing new international brands and flavours. With the potential for further market penetration and increased consumer awareness, the Indian market for imported luxe chocolates is poised for continued expansion.
