finalchocolateppt

8/19/2019 finalchocolateppt

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To understand the…

1. Overall market size and growth trends & futureprojections.

2. Main market segments, size and consumer behavior

trends.3. Major macro and global environmental influences onthe market and the critical success factors.

4. Analyze the industry with the help of porters 5 forcesmodel.

5. Main market competitors, market share, strength &weaknesses.

6. Main channels of distribution, strengths &weaknesses.


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MARKET

………………………………………………………………………..….......….....

DRIVERS &CHALLENGES

TRENDS

COMPETITION

………………………………………………………………………..….......….....

………………………………………………………………………..….......….....

..…

.…….…………..

DRIVERS CHALLENGES•

Increase in disposable income.• Chocolate gifting prevailing.• Attractive pricing.• Huge Potential as low per

capita consumption.

•

Rise in cocoa prices.• High entry barriers.• High excise and

import duties.

•

Premium chocolates.• Dark Chocolates.•

Gift packaging schemes.• Entry of retailers andconfectioners.

………………………………………………………………………..….......….....

CADBURY NESTLE

AMUL MARS

• Indian chocolate market is growing at a compoundedannual growth rate (CAGR) of about 25%(Commodityonline,2013).

•

India is considered to be loaded with great potential forgrowth of chocolates.• Increased convenience of premium chocolates and budding

taste for dark chocolates aided with higher purchasingpower will lead to further development of the market.

………………………………………………………………………..….......….....

Source: Commodityonline

http://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.htmlhttp://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.html


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DRIVERS Vs. CHALLENGES

DRIVERS

Tradition of gifting chocolates

Attractive pricing

Increase in disposable income

Low per capita consumption ofchocolates

Changing taste of Indians(Marketresearch.com)

CHALLENGESRise in cocoa prices

High entry barriers

High excise and import duties

Social problems like child labourRegulations over importedchocolates

(Marketresearch.com)

A chocolate bar is often considered an “affordable luxury.” (Franchisehelp)

Source: MarketresearchSource: Franchisehel

http://www.marketresearch.com/Netscribes-India-Pvt-Ltd-v3676/Branded-Chocolate-India-6795080/http://www.franchisehelp.com/industry-reports/chocolate-industry-reporthttp://www.franchisehelp.com/industry-reports/chocolate-industry-reporthttp://www.marketresearch.com/Netscribes-India-Pvt-Ltd-v3676/Branded-Chocolate-India-6795080/


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• 55,000 tons in 2008 : Mintel, 2013• 88,000 tons in 2011 : Mintel, 2013

Volume Produced

• Rs. 1,011 Crore in 2008 : Mintel, 2013• Rs. 4,914 Crore in 2011 : Mintel, 2013

Sales

• Global chocolate market is worth $85 billion annually :Mintel, 2013

Global Chocolate Scenario

Source: Times of India, 9th Oct 2012Source: Pitchonnet

http://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://pitchonnet.com/blog/2012/11/08/chocolate-consumption-doubles-in-india-since-2008/http://pitchonnet.com/blog/2012/11/08/chocolate-consumption-doubles-in-india-since-2008/http://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawat


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Source: KPMG Report, June 2012

http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Market%20Sector/Retail_and_Consumer_Goods/chocolate-of-tomorrow.pdfhttp://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Market%20Sector/Retail_and_Consumer_Goods/chocolate-of-tomorrow.pdf


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1

6 8 0 0

1 2 8 0 8

1 4 0 9 5 1

5 4

8 0

1 2 4 2 8

6 4 6 0

5 6 2 7

2 7 9 1

2 2 7 2

2 2 0 0

6 5 5 . 8

0 3

Net Sales 2012 (US$ millions) Cadbury (India)

Source: International Cocoa Organization, 2012Source: Indiainfoline

http://www.icco.org/about-cocoa/chocolate-industry.htmlhttp://www.indiainfoline.com/Markets/Company/Fundamentals/Profit-Loss/Cadbury-India-Ltd/500793http://www.indiainfoline.com/Markets/Company/Fundamentals/Profit-Loss/Cadbury-India-Ltd/500793http://www.icco.org/about-cocoa/chocolate-industry.html


8/37Source: Make Chocolate Fair

(Make chocolate fair report, 2012)

(Make chocolate fair report, 2012)

http://makechocolatefair.org/issues/cocoa-prices-and-income-farmers-0http://makechocolatefair.org/issues/cocoa-prices-and-income-farmers-0


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A

v e r a g e G r o w t h R a t e

2 0 1 2 - 2 0 1 7

India-13.8%

Brazil-8.1%

Turkey-6.4%

China -5.8%

Colombia-5.2%

Russia -1.3%

South Africa-0.7%

(Euromonitor, International Confectionery News 2013)

http://www.confectionerynews.com/Markets/Mondelez-chocolate-chief-pinpoints-markets-beyond-BRIChttp://www.confectionerynews.com/Markets/Mondelez-chocolate-chief-pinpoints-markets-beyond-BRIC


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( M i n t e l , L

i v e m i n t ) Chocolate sales

estimated atRs.6007 crore in2013

( M i n t e l , L

i v e m i n t ) Sales are

expected to riseto 22.24% in

2013

( M i n t e l , L

i v e m i n t ) Chocolate prices

are estimatedto rise 9.84% to

Rs.574.70 perkg in 2013 froman averageprice ofRs.523.20 perkg in 2012.

( T i m e s o f I n d i a ,

2 0 1 2 ) The Associated

Chambers ofCommerce and

Industry of India(ASSOCHAM)estimatedconsumption ofchocolate tocross Rs.7500crore by 2015

PROJECTED RETAIL SALESIN 2017

In US $ BILLION

BRAZIL 18.5

RUSSIA 9.3

CHINA 2.6

INDIA 2.3

TURKEY 1.8

SOUTH AFRICA 712 Mn

COLOMBIA 324Mn(Euromonitor, Confectionery News2013)Source: Mintel Source: Times of India 2012

http://www.livemint.com/Industry/dzZbXrsKi74yU2v6bHUMJK/Rising-global-cocoa-prices-to-hurt-Indian-chocolate-buyers.htmlhttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://www.livemint.com/Industry/dzZbXrsKi74yU2v6bHUMJK/Rising-global-cocoa-prices-to-hurt-Indian-chocolate-buyers.html


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MilkChocolate

• Combination ofatleast 10%chocolate liquor(not alcohol),cocoa butter, sugarand milk or

creamat(12%min.)

Sweet Chocolate

• A combination of chocolate liquor,cocoa butter and sugar, but contains

at least 15% chocolate liquor.

Dark chocolate• A combination of chocolate

liquor, cocoa butter and sugar,but contains at least 35%

chocolate liquor.

Unsweetened

Chocolate or BakingChocolate

• This chocolate can be sold asunsweetened chocolate orbaking chocolate or used tomake other chocolate types.

White Chocolate

• Made from the same ingredients asmilk chocolate but without the nonfat cocoa solids. As per FDA 2001 itmust contain at least 20% cocoabutter and 14% total milk

ingredients.

Source: Hershey's, 2013

http://web.archive.org/web/20090126124820/http:/hersheys.com/nutrition/chocolate.asphttp://web.archive.org/web/20090126124820/http:/hersheys.com/nutrition/chocolate.asp


13/37Source: Barry Callebaut, 2012

https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGU


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0 . 1

0 . 1

2

0 . 7

1

1 . 5

1 . 5 1

. 6

2 . 1

4 . 7 4

. 8 5

5 . 2 5

. 3 5 . 5 5

. 6

Chocolate confectionary consumption perperson in kilograms

Source: Barry Callebaut, 2012

https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGU


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13-19 years29%

20-25 years23%

26-30 years19%

30-40 years29%

13-19 years 20-25 years 26-30 years 30-40 years

Source: Economic Times, Aug 2013

http://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumershttp://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumers


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2 3

1 9

3 2

1 2

2

4

2 3 2 3

1 4

2 0

2

4

1 9 2

0 2

4

2 3 2 3

1 4

RELAXATION SHARING HUNGER REJUVENTAION

7

4

3

1

1 1

6

0

1

9

1 0

0

1

9

6

1 1

INDULGENCE CELEBRATION HEALTH ROMANCE

Any Snack Small Individual Chocolates Bar Chocolate Any Chocolate

Source: Mars Survey, Economic Times, 2013

http://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumershttp://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumers


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Chocolate industry offers a wide variety of opportunities forthe small business owner, even when economic recession ismanageable and is growing despite increased health-

consciousness and calorie counting consumers.(Franchisehelp, 2013)

Growth will be driven by population growth as well asexpansion into new markets, product innovation and risingdisposable income levels leading to greater purchasing ofpremium offerings. (Franchisehelp, 2013)

Chocolate and confectionery makers say adult consumptionof chocolates and candies is growing at the fastest pace inIndia, and companies like Mondelez, Mars, Nestlé, Perfetti Van Melle, Parle and ITC are launching new products andbrands that target the grown-up. (Times Infomedia, 2013)

Seasonal and boxed assorted chocolates have beenexperiencing the fastest growth, and sales are expected toexpand 13% between 2010 and 2015(Franchisehelp,2013)

Product innovation in 2010 brought a 16% increase in newproduct releases over 2009(Franchisehelp,2013)


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Maximizing thedistribution

channels hasenabled touch

points at almostevery available

retail venue

Adaptation to differenttaste buds makes achocolate available for

every palette

Increasingdemand for

sugar-free anddiet chocolates

amongconsumers

Rising income levels and

rapid development inrural markets helpschocolate companiespenetrate into the

untapped rural sector

Source: Times of India, 9th Oct 2012

http://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawat


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Bargaining Power of Buyers (High)

• Diverse offerings to choose from.• Price sensitive consumers for low-priced chocolates,

especially rural consumer base• No brand loyalty.• Chocolate retailers margin ranges between 10 to 20%

depending on the price point at which the product isplaced.

Bargaining Power of Suppliers (Moderate)

(Cocoa farmers & others)

• High Foreign dependence• Domestic market suppliers short• But the bargaining power of suppliers is moderate to

high.• Limited access to distribution channels for importers.

Potential Entrants (Moderate)

• Difference in products.• Need for large capital requirements.• Health-consciousness and calorie counting products.• Product innovation can result in new entries.• Caramel candies.

Threat of substitute products & services(Moderate)

• Threat of substitutes such as soft drinks, snacks &beverages is moderate.

• Industry must also compete in retail arena withtraditional mithai.

• Sugar candies are more readily available than

chocolate.

Intensity of rivalry among competitors (High)

Few major players but with high influence Price wars.

Advertising battles High launches of product lines

High quality of customer service High variety of products offered


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Nestle India’s market share in chocolates dropped from26.1% in 2008 to 23.6 % in 2012, Nielsen Co.In the sameperiod, Cadbury owner Mondelez India’s market share fell

from 70% to 64.5%. (Livemint,2013)

Mondelez Int. announced plans to invest Rs.1000 crore in Andhra Pradesh to establish the company's largestmanufacturing plant in Asia Pacific. This investment in is partof their ongoing supply chain reinvention plan. (BusinessToday,2013)

Mars is exploring gujrat to set up new factories as it importsall the chocolate form US presently. (Business standard,2013)

Both Nestle and Mondelez lost market share to Mars

International India Pvt. Ltd and Ferrero India, which aregaining ground in chocolate confectionery driven by newproducts, according to a March report by research firmEuromonitor.(Livemint, 2013)

Premium chocolate confectionery brands such as FerreroRochers, Mars and Tobelerone outperformed overall chocolate

confectionery in terms of growth in 2011 and 2012, accordingto the Euromonitor report. (Livemint, 2013)


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1. Wide consumer base acrossthe globe.

2. It is a global chocolate brandbuilt upon a reputation for fineproducts and services.

3. One of the Fortune Top 100Companies to work for in 2005.(CNN Money)

4. Cadbury launched its CocoaPartnership in 2008 - a ten-year,

£45 million (US$ 73 million)investment in cocoasustainability in Ghana, South-east Asia, India and theCaribbean.(Tradeforum,2010)

1. Strong presence in theUnited States of America, UKand India but they need tolook for a portfolio of

countries, in order to spreadbusiness risk.

2. Cadbury's recall over 1million chocolate bars oversalmonella (BBC UK,2007)

3. The company has no

apprehensions ofcannibalization of its chocolatebrands.

C

A D B U R Y S T

R E N G H T S

C

A D B U R Y W

E A K N E S S E S

: Source: Marketingprofs

http://www.marketingprofs.com/ea/qst_question.asp?qstid=13692#ixzz2mX9SLrpJhttp://www.marketingprofs.com/ea/qst_question.asp?qstid=13692#ixzz2mX9SLrpJ


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1. Strong brand equity in theIndian market.

2. Strong support by its parentcompany which is listed underthe Fortune 500 companies.(CNN Money,2013)

3. Invested Rs.280 crore- GlobalR&D centre and for India inManesar.(Livemint,2013)

4. Mergers and acquisitions and joint ventures to increase marketshare. (Nestle M&A,2013)

5. Strong advertising.

1. Being a big global brand,numerous controversies indifferent countries ofoperation can cause issues.

2. Complex supply chain

management. N E S T L É

S T R E N G H T S

N E S T L É

WE

A K N E S S E S

Source: UNC

http://www.unc.edu/~refisher/swot.htmlhttp://www.unc.edu/~refisher/swot.html


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1. High brand equity.

2. Products available ataffordable price.

3. Successful advertisingand marketing campaigns.

4. Strong network of Amulretail outlets, stalls andparlours.

1. Low market share inchocolates segment.

2. Strong competition frominternational markets. A

M U L S T R E N G T H S

A M U L WE A K N E S S

Source: Business Standard, 2007

http://www.business-standard.com/article/companies/amul-revamps-chocolate-strategy-107091101125_1.htmlhttp://www.business-standard.com/article/companies/amul-revamps-chocolate-strategy-107091101125_1.html


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1. Top Products in the Mind of

Consumers.

2. Even after a late entry to the

Indian market it has a good market

share.

3. Mars products outsells chocolate

candy market internationally,which

implies their great potential.

4. Established image and advertising

presence for Mars products.

5. Volume sales of mini chocolates

launched by Mars started to emerge

in 2012. (Euromonitor,2013)

1. Promotions is weak.

2. M&M’s is the number one selling

candy in the chocolate market;

however this product steals most of

the promotion and advertising

money.

3. Milky Way has a low sales

percentage of Mars domestic market

share.

4. Because of constantly changingcampaigns, people are not aware of

Milky Way’s positioning in the

market.

M A R S S T R

E N G H T S

MA R S WE A

K N E S S E S

Source: UNCSource: Euromonitor

http://www.unc.edu/~refisher/swot.htmlhttp://www.euromonitor.com/chocolate-confectionery-in-india/reporthttp://www.euromonitor.com/chocolate-confectionery-in-india/reporthttp://www.unc.edu/~refisher/swot.html


28/37

With support of DistrictRural Development Agency

(DRDA) will provideinterest free loans to its

milk producers in Anandand Kheda districts to set

up ‘pucca’ toiletblocks.(Amul CSR,2013)

Amul extended its expertisein implementation of the

Swarnjayanti GramSwarozgar Yojana (SGSY).

(Amul CSR,2013)

Blood donation Camps areorganized in Amul Dairy

Campus. (Amul CSR,2013)

Contributed $ 3,012,457 inform of money and food

(Triplepundit, 2013)

Flagship Vision For ChangeProgram to support cocoa

farmers

Supporting local schools

Blood donation camps

and health awarenessprograms in and aroundthe factory locality(Nestle

CSR,2013)

Training farmers on animalhealth and welfare

Veterinary check ups(Nestle, official site 2013)

.

Joined hands with AkshayaPatra and distributed food

across India

(Cadbury CSR,2013)

SARVAM(Sri AurobindoRural Village Action

Movement) : a project toredevelop two villages in

the coastal regions ofPuducherry

(Cadbury CSR,2013)

$ 4 million to non-profitorganizations for humanity

development

(Cadbury CSR,2013)

Source: Nestle Source: Cadbury India Source: Triplepundit Source:Amuldairy

AMUL MARS NESTLE CADBURY

http://www.nestle.com/csv/environmental-sustainability/highlights-challengeshttp://www.cadburyindia.com/in/en/deliciousworld/CSR/CorporateSocialResponsibility.aspxhttp://www.triplepundit.com/2013/08/mars-raises-bar-csr/http://www.amuldairy.com/index.php/csr-initiatives/tribhuvandas-foundationhttp://www.amuldairy.com/index.php/csr-initiatives/tribhuvandas-foundationhttp://www.triplepundit.com/2013/08/mars-raises-bar-csr/http://www.cadburyindia.com/in/en/deliciousworld/CSR/CorporateSocialResponsibility.aspxhttp://www.nestle.com/csv/environmental-sustainability/highlights-challenges


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Wholesaler Manufacturer Wholesaler

Company OwnedOr Stockist

Retailers:Grocery/Kirana stores Gift shops Book shops Airport shops, Railway Stations Bus StandsShopping Malls Chemist Super marketsSpeciality Shops Tobacco Kiosk

Market for confectionary products in India report, 2005

http://69.17.111.188/site/c4/w116/downloads/India.pdfhttp://69.17.111.188/site/c4/w116/downloads/India.pdf


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STRENGTHS Vs. WEAKNESSES

WEAKNESSES

Poor infrastructure, such as transportation,

storage, and refrigeration facilities.

Manufacturers and importers rely heavily on themiddle man for the distribution of confectioneryproducts in India.

Most importers rely on distributors or wholesalersto reach retail outlets, confectionery

manufacturers often rely on C&F agents ordealers to work with the wholesalers anddistributors.

India’ s retail sector is highly unorganized, assmall independent stores are the main outlets forconsumer purchases.

(Market for Confectionary Products in IndiaReport, 2005)

STRENGTHS

Retail sector is changing and the organizedsector is gaining ground with the emergence ofsupermarkets and hypermarkets in metropolitanIndia.

Once shipments are cleared by ports, itpenetrates into the market very easily andreaches the consumers effortlessly.

Small retail shops have a presence almosteverywhere which helps reaching the ruralcustomers.

(Market for Confectionary Products in IndiaReport, 2005)


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Source: Nestle.com

Raw Materials

• Agricultural rawmaterials suchas cocoa aresourced from

suppliers intosafe and value-added foodproducts forconsumers.

• Highenvironmentalstandards haveto be met by

suppliers andcocoa farmers.

Manufacturing

• ‘Manufacturing’encompasses allthe processes thatare necessary to

transformperishable rawmaterials intosafe, shelf-stable,value-added foodproducts forconsumers.

• Efficienttechnologies and

applying bestpractices are usedto improveenvironmentalimpacts.

Packaging

• Packaging isessential toreducing foodwaste by

protectingproducts duringtransportationand storage.

• It is also vitalfor food safety,freshness andprovidingconsumers with

nutritionalinformation andportionguidance at thepoint ofpurchase.

Transport &Distribution

• Products aredelivered via anetwork of road,rail and sea to anincreasingly

urbanisedpopulation.

• On a daily basis,largeconsignments aretransported tocustomers fromfactories and

distributioncentres, deliveringthe products inhighest quality andon time from thefactory to theconsumer.

PromotingSustainableConsumption

• The desire tocreate a moresustainable worldrequiresunderstanding,collaboration andaction at manylevels bygovernments,companies, brandsand consumers.

• This drive alsocomes from

consumersthemselves, whowant to understandthe environmentalimpacts of theirchoices.

Wastes &Recovery

• Waste hasconsequences beyond theloss ofvaluable

products.

• If wasteincrease,then scarceresourcessuch aswater, energyand land

generateadditionalcosts fortreatment.

• Reverselogistics.

http://www.nestle.com/csv/environmental-sustainability/highlights-challengeshttp://www.nestle.com/csv/environmental-sustainability/highlights-challenges


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Amul,CSR :

http://www.amuldairy.com/index.php/csr-initiatives/tribhuvandas-foundation

BBC UK:

http://www.news.bbc.co.uk/2/hi/uk_news/England/6900467.stm

Barry Callebaut:

http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-

enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20

and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fK vFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGU

Business Standard:

http://www.business-standard.com/article/companies/amul-revamps-chocolate-strategy-

107091101125_1.html

Business Today: http://businesstoday.intoday.in/story/cadbury-india-plant-investment/1/197592.html

Business Standard:

http://www.business-standard.com/article/companies/us-based-mars-eyes-gujarat-for-

chocolate-plant-113061801032_1.html#

http://www.amuldairy.com/index.php/csr-initiatives/tribhuvandas-foundationhttp://www.amuldairy.com/index.php/csr-initiatives/tribhuvandas-foundationhttp://www.news.bbc.co.uk/2/hi/uk_news/England/6900467.stmhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttp://www.business-standard.com/article/companies/amul-revamps-chocolate-strategy-107091101125_1.htmlhttp://www.business-standard.com/article/companies/amul-revamps-chocolate-strategy-107091101125_1.htmlhttp://www.business-standard.com/article/companies/amul-revamps-chocolate-strategy-107091101125_1.htmlhttp://businesstoday.intoday.in/story/cadbury-india-plant-investment/1/197592.htmlhttp://businesstoday.intoday.in/story/cadbury-india-plant-investment/1/197592.htmlhttp://businesstoday.intoday.in/story/cadbury-india-plant-investment/1/197592.htmlhttp://businesstoday.intoday.in/story/cadbury-india-plant-investment/1/197592.htmlhttp://www.business-standard.com/article/companies/us-based-mars-eyes-gujarat-for-chocolate-plant-113061801032_1.htmlhttp://www.business-standard.com/article/companies/us-based-mars-eyes-gujarat-for-chocolate-plant-113061801032_1.htmlhttp://www.business-standard.com/article/companies/us-based-mars-eyes-gujarat-for-chocolate-plant-113061801032_1.htmlhttp://www.business-standard.com/article/companies/us-based-mars-eyes-gujarat-for-chocolate-plant-113061801032_1.htmlhttp://businesstoday.intoday.in/story/cadbury-india-plant-investment/1/197592.htmlhttp://www.business-standard.com/article/companies/amul-revamps-chocolate-strategy-107091101125_1.htmlhttps://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CC0QFjAA&url=http://www.barry-callebaut.com/cms/download.dhtml?url=/cms_files/N-9004-enen_FileFile_35.pdf,filename=BC_Journal%202012_E_Chocolate%20consumption%20and%20taste%20preferences.pdf&ei=BICfUtGnIoOTrgeDtYDgDg&usg=AFQjCNHgNe1fKvFfDZeXAODwCPPDiMobzw&bvm=bv.57155469,d.ZGUhttp://www.news.bbc.co.uk/2/hi/uk_news/England/6900467.stmhttp://www.amuldairy.com/index.php/csr-initiatives/tribhuvandas-foundation


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Cadbury India:http://www.cadburyindia.com/in/en/about/pages/ourbusinessinindia.aspx

Commodity Online: http://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.htmlConfectionery News:http://www.confectionerynews.com/Markets/Mondelez-chocolate-chief-pinpoints-markets-beyond-BRICCNN Money:http://www.money.cnn.com/search/index.htmlCNN Money:http://www.money.cnn.com/magazines/fortune/global500/2013/snapshots/6126.htmlEuromonitor:http://www.euromonitor.com/chocolate-confectionery-in-india/report

Economic Times: http://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumersEconomic Times: http://articles.economictimes.indiatimes.com/2013-11-02/news/43611397_1_fssai-indian-food-new-labelling-norms

http://www.cadburyindia.com/in/en/about/pages/ourbusinessinindia.aspxhttp://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.htmlhttp://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.htmlhttp://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.htmlhttp://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.htmlhttp://www.confectionerynews.com/Markets/Mondelez-chocolate-chief-pinpoints-markets-beyond-BRIChttp://www.confectionerynews.com/Markets/Mondelez-chocolate-chief-pinpoints-markets-beyond-BRIChttp://www.money.cnn.com/search/index.htmlhttp://www.money.cnn.com/magazines/fortune/global500/2013/snapshots/6126.htmlhttp://www.euromonitor.com/chocolate-confectionery-in-india/reporthttp://www.euromonitor.com/chocolate-confectionery-in-india/reporthttp://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumershttp://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumershttp://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumershttp://articles.economictimes.indiatimes.com/2013-11-02/news/43611397_1_fssai-indian-food-new-labelling-normshttp://articles.economictimes.indiatimes.com/2013-11-02/news/43611397_1_fssai-indian-food-new-labelling-normshttp://articles.economictimes.indiatimes.com/2013-11-02/news/43611397_1_fssai-indian-food-new-labelling-normshttp://articles.economictimes.indiatimes.com/2013-11-02/news/43611397_1_fssai-indian-food-new-labelling-normshttp://articles.economictimes.indiatimes.com/2013-08-01/news/40963259_1_chocolate-consumption-chocolate-market-indian-consumershttp://www.euromonitor.com/chocolate-confectionery-in-india/reporthttp://www.money.cnn.com/magazines/fortune/global500/2013/snapshots/6126.htmlhttp://www.money.cnn.com/search/index.htmlhttp://www.confectionerynews.com/Markets/Mondelez-chocolate-chief-pinpoints-markets-beyond-BRIChttp://www.commodityonline.com/news/india-sweet-tooth-chocolates-the-new-festive-favourite-56742-3-56743.htmlhttp://www.cadburyindia.com/in/en/about/pages/ourbusinessinindia.aspx


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Franchise Help:http://www.franchisehelp.com/industry-reports/chocolate-industry-reportFood Confectionary:http://69.17.111.188/site/c4/w116/downloads/India.pdf Indian Express:http://www.indianexpress.com/news/indians-get-sweet-on-chocolates/972675/0

ICCO:http://www.icco.org/about-cocoa/chocolate-industry.htmlIndia Infoline: http://www.indiainfoline.com/Markets/Company/Fundamentals/Profit-Loss/Cadbury-India-Ltd/500793KPMG:http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/M

arket%20Sector/Retail_and_Consumer_Goods/chocolate-of-tomorrow.pdf

http://www.franchisehelp.com/industry-reports/chocolate-industry-reporthttp://69.17.111.188/site/c4/w116/downloads/India.pdfhttp://www.indianexpress.com/news/indians-get-sweet-on-chocolates/972675/0http://www.indianexpress.com/news/indians-get-sweet-on-chocolates/972675/0http://www.icco.org/about-cocoa/chocolate-industry.htmlhttp://www.indiainfoline.com/Markets/Company/Fundamentals/Profit-Loss/Cadbury-India-Ltd/500793http://www.indiainfoline.com/Markets/Company/Fundamentals/Profit-Loss/Cadbury-India-Ltd/500793http://www.indiainfoline.com/Markets/Company/Fundamentals/Profit-Loss/Cadbury-India-Ltd/500793http://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Market%20Sector/Retail_and_Consumer_Goods/chocolate-of-tomorrow.pdfhttp://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Market%20Sector/Retail_and_Consumer_Goods/chocolate-of-tomorrow.pdfhttp://www.kpmg.com/UK/en/IssuesAndInsights/ArticlesPublications/Documents/PDF/Market%20Sector/Retail_and_Consumer_Goods/chocolate-of-tomorrow.pdfhttp://www.indiainfoline.com/Markets/Company/Fundamentals/Profit-Loss/Cadbury-India-Ltd/500793http://www.icco.org/about-cocoa/chocolate-industry.htmlhttp://www.indianexpress.com/news/indians-get-sweet-on-chocolates/972675/0http://69.17.111.188/site/c4/w116/downloads/India.pdfhttp://www.franchisehelp.com/industry-reports/chocolate-industry-report


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Live Mint: http://www.livemint.com/Companies/xBxGxG5fHCAIDg8Brn0wyH/Nestle-expects-India-to-become-its-fourth-biggest-market-by.htm

Live Mint: http://www.livemint.com/Industry/JAAQ4OuYXMmB4m7ZsHm2SI/Nestle-to-introduce-premium-chocolate-brands-in-India.html

Live Mint: http://www.livemint.com/Industry/dzZbXrsKi74yU2v6bHUMJK/Rising-global-cocoa-prices-to-hurt-Indian-chocolate-buyers.html

Make Chocolate Fair:

http://makechocolatefair.org/issues/cocoa-prices-and-income-farmers-0

Marketingprofs:

http://www.marketingprofs.com/ea/qst_question.asp?qstid=13692#ixzz2mX9SLrpJ

Mintel:

http://www.mintel.com/press-centre/food-and-drink/indias-craving-for-chocolate-unwraps-business-opportunities-for-manufacturers

Market Research:

http://www.marketresearch.com/Netscribes-India-Pvt-Ltd-v3676/Branded-Chocolate-India-6795080/

http://www.livemint.com/Companies/xBxGxG5fHCAIDg8Brn0wyH/Nestle-expects-India-to-become-its-fourth-biggest-market-by.htmhttp://www.livemint.com/Companies/xBxGxG5fHCAIDg8Brn0wyH/Nestle-expects-India-to-become-its-fourth-biggest-market-by.htmhttp://www.livemint.com/Companies/xBxGxG5fHCAIDg8Brn0wyH/Nestle-expects-India-to-become-its-fourth-biggest-market-by.htmhttp://www.livemint.com/Industry/JAAQ4OuYXMmB4m7ZsHm2SI/Nestle-to-introduce-premium-chocolate-brands-in-India.htmlhttp://www.livemint.com/Industry/JAAQ4OuYXMmB4m7ZsHm2SI/Nestle-to-introduce-premium-chocolate-brands-in-India.htmlhttp://www.livemint.com/Industry/JAAQ4OuYXMmB4m7ZsHm2SI/Nestle-to-introduce-premium-chocolate-brands-in-India.htmlhttp://www.livemint.com/Industry/dzZbXrsKi74yU2v6bHUMJK/Rising-global-cocoa-prices-to-hurt-Indian-chocolate-buyers.htmlhttp://www.livemint.com/Industry/dzZbXrsKi74yU2v6bHUMJK/Rising-global-cocoa-prices-to-hurt-Indian-chocolate-buyers.htmlhttp://www.livemint.com/Industry/dzZbXrsKi74yU2v6bHUMJK/Rising-global-cocoa-prices-to-hurt-Indian-chocolate-buyers.htmlhttp://makechocolatefair.org/issues/cocoa-prices-and-income-farmers-0http://www.marketingprofs.com/ea/qst_question.asp?qstid=13692#ixzz2mX9SLrpJhttp://www.mintel.com/press-centre/food-and-drink/indias-craving-for-chocolate-unwraps-business-opportunities-for-manufacturershttp://www.mintel.com/press-centre/food-and-drink/indias-craving-for-chocolate-unwraps-business-opportunities-for-manufacturershttp://www.mintel.com/press-centre/food-and-drink/indias-craving-for-chocolate-unwraps-business-opportunities-for-manufacturershttp://www.marketresearch.com/Netscribes-India-Pvt-Ltd-v3676/Branded-Chocolate-India-6795080/http://www.marketresearch.com/Netscribes-India-Pvt-Ltd-v3676/Branded-Chocolate-India-6795080/http://www.marketresearch.com/Netscribes-India-Pvt-Ltd-v3676/Branded-Chocolate-India-6795080/http://www.mintel.com/press-centre/food-and-drink/indias-craving-for-chocolate-unwraps-business-opportunities-for-manufacturershttp://www.marketingprofs.com/ea/qst_question.asp?qstid=13692#ixzz2mX9SLrpJhttp://makechocolatefair.org/issues/cocoa-prices-and-income-farmers-0http://www.livemint.com/Industry/dzZbXrsKi74yU2v6bHUMJK/Rising-global-cocoa-prices-to-hurt-Indian-chocolate-buyers.htmlhttp://www.livemint.com/Industry/JAAQ4OuYXMmB4m7ZsHm2SI/Nestle-to-introduce-premium-chocolate-brands-in-India.htmlhttp://www.livemint.com/Companies/xBxGxG5fHCAIDg8Brn0wyH/Nestle-expects-India-to-become-its-fourth-biggest-market-by.htm


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Nestle:

http://www.nestle.com/csv/environmental-sustainability/highlights-challenges

Nestle M&A:http://www.nestle.com/investors/mergers-and-aquisitions

Pitch on Net: http://pitchonnet.com/blog/2012/11/08/chocolate-consumption-doubles-in-india-since-2008/

Times Infomedia:

http://issuu.com/timesinfomedia/docs/beverages___food_august_issueTimes of India: http://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawat

Trade Forum:

http://www.tradeforum.org/Cadbury-Goes-Fairtrade/

UNC:http://www.unc.edu/~refisher/swot.html

http://www.nestle.com/csv/environmental-sustainability/highlights-challengeshttp://www.nestle.com/investors/mergers-and-aquisitionshttp://pitchonnet.com/blog/2012/11/08/chocolate-consumption-doubles-in-india-since-2008/http://pitchonnet.com/blog/2012/11/08/chocolate-consumption-doubles-in-india-since-2008/http://pitchonnet.com/blog/2012/11/08/chocolate-consumption-doubles-in-india-since-2008/http://issuu.com/timesinfomedia/docs/beverages___food_august_issuehttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://www.unc.edu/~refisher/swot.htmlhttp://www.unc.edu/~refisher/swot.htmlhttp://articles.timesofindia.indiatimes.com/2012-10-09/india-business/34342337_1_chocolates-traditional-sweets-d-s-rawathttp://issuu.com/timesinfomedia/docs/beverages___food_august_issuehttp://pitchonnet.com/blog/2012/11/08/chocolate-consumption-doubles-in-india-since-2008/http://www.nestle.com/investors/mergers-and-aquisitionshttp://www.nestle.com/csv/environmental-sustainability/highlights-challenges


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