Interestingly, last month the segment witnessed the entry of yet another luxury chocolate brand, Schmitten, launched by the Rajhans Group, a real-estate major.
With the taste palate evolving, Indian consumers are now ready to pay extra for a premium experience. Consumers now want products that taste better and provide a different experience. Through our research we found out that there was a gap in the premium chocolate gifting segment so after two years of hard work, we are entering the segment with Cadbury Glow, said Siddhartha Mukherjee, director, chocolate category and media, Mondelez India Food Ltd.
According to market research agency AC Nielsen, the chocolate market in India is pegged at R6600 crore. Of this, the premium chocolate category has 11-12% share at about R972 crore. The premium chocolate gifting market, at R132 crore, accounts for only 2% of the R396 crore chocolate gifting market. Mondelez India currently dominates the chocolate category with nearly 70% market share followed by Nestle and Amul.
Cadbury Glow, a chocolate praline with a chocolate filling, is priced R400-600 for standard packs. The limited edition box has a R2,000 price tag. The company is targeting young consumers who buy premium products as gifts. With the festive season being round the corner, the company says it is the perfect time to launch the product. Festive season is the time when people tend to buy gifts for loved ones and as this new product is purely for gifting, it is the most suitable time to launch Cadbury Glow, said Mukherjee adding, The product will be mainly available in the top cities with Delhi being one of the most important markets as the capital is the number one festive gifting market for us.
At present Cadbury Glow is being imported from Mondelez's Bratislava facility in Slovakia.
The company claims it has invested in wizi-coolers which are installed at retail outlets to ensure that the chocolates are stored at a particular temperature. The other job that we have in our hands is to help the category grow at a faster pace and this can only be achieved with the launch of new products, apart from building a solid distribution network, said Mukherjee.
The company plans to use digital media to promote Cadbury Glow, apart from creating experiential outlets called pop-up shops inside malls and various retail outlets to drive sampling of the product. It has also launched a television commercial for the same. We would be creating the pop-up stores or the experiential zones inside 5000-1000 retail outlets including shopping malls, where shoppers will not only be allowed to enter the Cabdury Glow experiential stores, they will also be given the chocolate to taste, said Mukherjee.