The US-based food giant, Cargill, announced to enter the chocolate manufacturing market in India on June 23rd to meet the growing demand for chocolate products in the Asia market.
Cargill is partnering with a local firm in western India, to launch its first chocolate plant. The plant is expected to start operation in mid-2021 and initially produce 10,000 tonnes of chocolate products. This partnership will create an additional 100 manufacturing jobs to support the local economy.
The demand for chocolate continues growing steadily in the Asian market, and the Indian chocolate market is growing at a rate of 13-14% a year, making it the world’s fastest-growing chocolate market. “India is a key growth market for Cargill. This new partnership reinforces our commitment to increasing our regional footprint and capabilities in Asia and to better support the needs of our local Indian customers as well as multi-national customers in the region,” said Mrs. Francesca Kleeans, Managing Director, Cargill Cocoa & Chocolate Asia-Pacific.
Although the per capita consumption of chocolate is low in India compared to the global market, it has a huge potential for growth. Cargill will combine its local insights from its experience and long term presence as a food ingredient supplier in India to bring premium chocolate compound products to the Indian market faster through the local partner.
Cargill has offices in 70 countries with 160,00 employees. It started operation in India in 1987 and established its cocoa presence in Asia in 1995 in Makassar, Indonesia. Before Cargill entered the chocolate market in India, the company opened a cocoa processing plant in 2014 in Gresik, Indonesia, to make cocoa-based products. With the new chocolate plant in India, Cargill is well prepared to develop and scale up operational capabilities quickly and support future growth for the customers locally, regionally, and globally.