The middle and upper classes of India are developing a taste for luxury chocolates, giving U.S. chocolate companies a chance to break away from the U.S. market and stake a claim in an emerging Indian market. Chocolate sales have more than doubled since 2008 making India the fastest growing market for luxury chocolates. However, the market still has plenty of room to grow which is why the U.S. is trying to build a presence in the country and reap the benefits of establishing a product name when the market gets huge in 5 to 10 years. U.S. chocolatiers still have some problems to contend with, such as high import taxes, lack of supermarkets, and a distribution system that still needs a lot of work. Also, Indians still favor traditional sweets instead of chocolate when it comes to large cultural events. The Indian culture has an emphasis on sweets and the market for chocolate is predicted to get substantially bigger in the future. We can expect to see many more U.S. chocolatiers moving some of their product over to India as well.
The Indian culture does play an important role in sweets and during traditional events there is a lot of purchase of chocolates and traditional sweets. Now as India is going forward and allowing large foreign investment we could see some supermarkets and this would surely help the US chocolate makers as it would provide them with a good distribution system and a way to connect with the population with much ease.
ReplyDelete