Aiming to tap into the growing chocolate market in Asia, global food supplier Cargill has partnered with a local company in India to build a new chocolate manufacturing plant. The new facility, which will be operational next year, is the company’s first chocolate manufacturing operation in the region, with plans to produce 10,000 tons of chocolate compounds.
"Asia is a key growth market for Cargill. Opening a chocolate manufacturing operation in India allows us to increase our regional footprint and capabilities in Asia. It will better support the needs of our local Indian customers as well as multi-national customers in the region," said Francesca Kleemans, managing director Cargill Cocoa & Chocolate Asia-Pacific.
According to a market report by the IMARC Group, the Indian chocolate market has reached a value of US$1.6 million in 2019 with the country currently representing one of the world's fastest-growing markets for chocolates. Findings also show that India’s strong economic growth over the past decade has catalysed the country's per capita disposable incomes resulting in the healthy growth of the chocolate industry. As a result, consumers are now buying chocolates for everyday consumption rather than just special occasions.
Cargill set up its first Asian base in Indonesia in 1995 to support trading and supply management of cocoa to the company’s processing plants in Europe and Brazil. Presently, its Asian operations include a cocoa processing plant in Indonesia, and R&D centres in Singapore, China and India. The new India-based manufacturing plant will help develop and scale up the company’s operational capabilities within the region. (Image from Unsplash)
Post a Comment