 "Luxury chocolates")
Demand for luxury and premium imported chocolates is growing steadily in India with the country importing $27.84 million worth of chocolates in the financial year 2022-23, showing a rise of 45 per cent on a year-on-year basis, according to a report by The Economic Times (ET).
Karan Ahuja, co-founder of CocoCart, a distributor of imported chocolates in India, was quoted as saying by ET that half of the firms' sales were derived from the premium chocolates category. With dark chocolate being considered a superfood by some, the market would be unrecognisable in a few years.
He added that the firm launched Italian brand Venchi in 2022 whose most expensive product at CocoCart is their 54-piece chocolate cigar box, with five kilograms of assorted chocolate cigars priced at Rs 64,995. CocoCart is also considering introducing brands such as Butlers, Leonidas, Guylian and Cartwright & Butler, which are imported from Belgium and the UK, in 2024.
Sources were quoted as saying that more imported premium brands are planning to enter India in the coming days.
Sanskriti Gupta, spokesperson for Swiss luxury chocolate brand Läderach in India, told ET that the Swiss chocolate brand, having gained crucial traction following its debut in India, is planning to enter important Indian markets in partnership with the DS group.
Läderach's product range spans from Rs 1,050 for a 64 grams tablet to Rs 16,700 for a 72-piece box of Pralines and Truffles.
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Gupta said that Läderach is looking at opening five to seven exclusive stores over the next two years. The brand will expand its operations in cities such as Mumbai, Bengaluru, Chennai, Hyderabad and Chandigarh.
According to industry insiders, imports of such luxurious products in India will be driven by the demand for organic, dark, vegan gluten-free and sugar-free chocolates.
Arvind Singhal, chairman and managing director, Technopak Advisors, was quoted as saying that traditional sweets are used to celebrate joyous occasions in India, but some Indians are moving beyond the conventional mithai to a fresh alternative—chocolates.
Uzma Irfan, director at UB City, stated that fuelled by high demand for artisanal and single-origin varieties, year-end sales for luxury chocolates are flourishing.
