Cocoa Industry Is Pinning Growth Hopes on India’s Sweet Tooth
- India could become the fastest-growing cocoa market, ICCO Says
- Semi-finished cocoa product demand to grow 36% by 2023: ICCO
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The cocoa industry, faced with stagnating chocolate demand in North America and Europe, is turning its growth hopes on India’s burgeoning appetite for sweet treats.
That’s according to the International Cocoa Organization, which says India could emerge as the fastest-growing market for products used to make everything from chocolate bars to ice cream due to rising wealth and a relatively low demand base. Per capita consumption of chocolate confectionery in the second-most populous country was roughly 10% of the global average in 2018, the ICCO said.