New Delhi, Nov. 2: Parle Products, the country's leading manufacturer of biscuits and confectionery, today announced its foray into the Rs 6,000-crore luxury chocolate segment with the launch of Friberg - a super-premium chocolate brand imported from Belgium and Switzerland.
The Indian chocolate market is expected to grow to Rs 12,200 crore in 2019 from Rs 5,800 crore in 2014, according to market research firm ValueNotes.
The launch is inspired by the growing demand for luxury chocolates and changing consumer preferences from traditional sweets to premium chocolates, the makers of glucose biscuit Parle-G said.
"Consumption of chocolate in India is gaining popularity and we at Parle are always looking to innovate as we understand the evolving palate and tastes of consumers who are now looking at unique, self-indulgent products," said Kaizeen Writer, brand manager of Parle Products.
The company has also launched Belgian wafer thins, a first of its kind in the Indian market. Friberg in bar form comes in three Swiss chocolate flavours - Lait Suisse Chocolat, Noir Suisse Chocolat and Lait Caramel Chocolat. A 125 gm pack of wafer thins and a 90-gm Friberg bar is priced at Rs 350 each.
The product has been launched in Mumbai, Delhi, Bangalore, Ahmedabad, Chennai and Hyderabad in select stores.
Rising disposable incomes, changing lifestyles and the younger population's growing penchant for indulgence are some of the factors responsible for transforming India into one of the world's fastest-growing chocolate markets. Till now, Cadbury (now known as Mondelez) and Nestle rule the domestic chocolate market.
In May, cigarettes-to-hotels conglomerate ITC forayed into the super-premium chocolate segment with Fabelle.
Premium chocolates now make up about 27 per cent of the chocolate market in India, according to consultancy Technopak. Parle will be competing with Ferrero, Mondelez, Nestle, Mars, Hershey and Lindt, among others.