Despite the perception that Indian holidays are mostly about homemade mithai and traditional sweets, there has been a shift in popularity in recent years. Naturally, international brands also desire a piece of the action.
According to industry insiders, demand for organic, dark, vegan gluten-free, and sugar-free chocolates will boost imports of such premium items into India.
India is importing $27.84 million worth of chocolates in the fiscal year 2022–2023—a 45 percent increase on an annual basis—due to the country’s growing demand for luxury and premium imported chocolates, according to a study by The Economic Times (ET).
According to ET, 50% of the company’s sales come from the premium chocolates segment. Karan Ahuja is a co-founder of CocoCart, an Indian distributor of foreign chocolates. In a few years, the market would be unrecognizable since some people view dark chocolate as a superfood.
He went on to say that the company introduced the Italian brand Venchi in 2022. The most costly item at CocoCart is the 54-piece chocolate cigar box, which costs Rs 64,995 for five kilograms of different chocolate cigars. In 2024, CocoCart plans to introduce brands that are imported from Belgium and the UK, such as Butlers, Leonidas, Guylian, and Cartwright & Butler.
Additional foreign luxury brands are expected to launch in India in the near future, according to sources cited.
According to Sanskriti Gupta, the Indian representative for the Swiss luxury chocolate brand Läderach, the company intends to collaborate with the DS group to penetrate significant Indian markets after gaining significant traction from its launch in the country.
Läderach’s product range ranges from Rs 1,050 for a 64 gram tablet to Rs 16,700 for a 72-piece package of pralines and truffles.
Läderach plans to open five to seven exclusive stores in the next two years, according to Gupta. The company plans to grow in Bengaluru, Hyderabad, Chennai, Mumbai, Chandigarh, and other locations.
Industry insiders predict that India’s imports of such opulent goods will be fueled by consumer demand for dark, organic, vegan, gluten-free, and sugar-free chocolate.
According to a comment from Arvind Singhal, chairman and managing director of Technopak Advisors, traditional Indian sweets are traditionally eaten to commemorate happy occasions. However, some Indians are branching out and switching to chocolates instead of the traditional mithai.
