Project Objective This project aims at understanding the overall Chocolate Industry in India, the product portfolios of different players in the market, various factors affecting the growth and success of chocolate industry in India, the challenges and opportunities which the market offers and the changing trends in the Indian Chocolate Industry. Industry in India The The ch choc ocol olat atee indu indust stry ry in Indi Indiaa as it stan stands ds toda todayy is do domi mina nate tedd by two two compan companies ies,, both both multi multinat nation ionals als.. The market market leader leader is Cadbur Cadburyy with with a lions lions share of !" percent. The company#s brands $%ive &tar, 'ems, (clairs, Perk, )airy *ilk+ are leaders their segments. Till the early "s,Cadbury had a market share of over -" percent, but its party was spoiled when estle appeared on the scene. The latter has introduced its international brands in the country $/it /at, 0ions+, and now commands appro1imately 23 percent market share. The 'ujarat Co4operative *ilk *arketing %ederation $'C**%+ and Central 5re canut and Cocoa *anufactures and Processors Co4operative $C5*PCO+ are the other companies operating in this segment. Competition in the segment will get keener as overseas chocolate giants 6ersheys and *ars consolidate to grab a bite of the Indian chocolate pie. Per Capita Chocolate Consumption $in lb+ of first 23 countries of the world 7ank Countries Per Capita Consumption $in lb+ 2 &wit8erland 99.:; 9 5ustria 9".2: : Ireland 2.elgium 2:.2; 5ustralia 29. 2" &weden 29." 22 =nited &tates 22.;< 29 %rance 22.:2: etherlands 2".3; 2< %inland 2".<3 23 Italy ;.2:
I)I5, stands nowhere even near to these countries when compared in terms of Per Capita Chocolate Consumption. The Indian chocolate industry is e1tremely fragm ented with a range of products catering to a variety of consumers. ?e have the bars@slabs, jellies, lollipops, toffees and sugar candies. 'iven Indias mammoth population, it comes as a surprise that per capita chocol cho colate ate consumpt consumption ion in the country country is dismally dismally low 4 a mere mere 9" gms per Indian. Compare this to over ! kgs in most developed nations. 6owe 6o weve verr, Ind ndia ians ns swal swallo lowe wedd 99 99," ,""" "" tonn tonnes es of ch choc ocol olat atee last last ye year ar an andd consumption is growing at 2"429 percent annually. The market si8e of chocolates was estimated to be around 2;,""" tonnes, valued around 7s.<.2; billion in 2-. Ao Aolume growth which was over 9"B pa in the : years preceding 2-, slowed down thereafter. >oth >oth cho chocol colate ate and sugar sugar con confec fectio tioner neries ies hav havee aby abysm small allyy low pen penetr etrati ation on levels, in fact, even lower than biscuits, which reach 3; per cent of the households. *arket growth in the chocolate segment has hovered between 2" to 9"B. In the last five years, the category has grown by 2<423B on an average and will e1pect it to continue growing at a similar rate in the ne1t five years. The market presently has close to ;"mn consumers and they are mainly located in the urban areas. 'rowth will mainly come through an increase in penetration as income levels improve. 6owever, almost all of this consumption is in the cities, and rural India is nearly Choco Chocolat late4f e4free ree#. #. >ut the fact fact is that that three three Dua Duarte rters rs of Indian Indianss live live in 7ural 7ural 5reas. “Average summertime temperatures reach 43 degrees Celsius in India. Chocolate melts at body temperature of36 degrees.” Per capita consumption of chocolates in India is minuscule at 9"gms in India as compared to around 34kgs and -42" kgs respectively in most (uropean countries. 5wareness about chocolates is very high in urban areas at over 3B. ... 5wareness 'rowth of other lifestyle foods such as malted beverages and milk food have actually declined by :.! per cent and 22.! per cent, however the C6OCO05T(& continue to grow at the rate of 29.;B. 0ow priced unit packs, increased distribution reach and new product launches can be said to have fuelled this growth. The launch of lower4priced, smaller bars of chocolate in the last two years and Positioning of chocolate as a substitute to traditional sweets during festivals, have ha ve bo boos oste tedd co cons nsum umpt ptio ion. n. This This is also also be beca caus usee ch choc ocol olat ate, e, wh whic ichh wa wass considered to be an elitist food, has caught the fancy of buyers looking for a lifestyle item at affordable cost.
Till recently, chocolate consumption had been restricted by low purchasing power in the market. Chocolates and other cocoa4based snack foods were looked upon as food suitable only for the well4off. 5fter economic liberali8ation in 22, major changes have occurred in food habits, partly on account of rise in gross domestic product $')P+ growth and higher purchasing power in the hands of the middle4class representing a third of the total population. 5vailability 5vailability of chocolate products has also e1ploded. 5 study had projected that sales of the Indian chocolate industry would rise from E293@E2:" million in 2- to E2!3@E2-" million by the year 9""" and to E<3" million by the year 9""3 which 5CT=500F happened irrespective of various negative factors. Per capita chocolate consumption continues to be lo at about !""g per person, being mainly consumed in urban areas. In the middle and higher income
groups, !" per cent of children, <: per cent of young adults and 2; per cent of adults consume chocolate . Chocolate Consumption Structure - 2004
Children 33B 5dults 29B Foung 5dults ::B Chocolate & Confectionery Market of India - 2004
Chocolate Counts 7s. 93" Cr. 2"B Chocolate >ar 7s. :3" Cr. 2oiled Confectionery 7s. 2;"" Cr. ;:B
5C ielsen O7' *arg report estimates the Indian Chocolate Industry# worth worth at 7s 9,"""4crore $7s 9" billion+.
Types of Chocolates )epending on what is added to $or removed from+ the chocolate liDuor, different flavours and Aarieties of chocolate are produced. (ach has a different chemical make4up, the differences are not solely in the taste. 2. =nswee =nsweeten tened ed or >aking >aking cho chocol colate ate is simply simply coo cooled led,, harden hardened ed cho chocol colate ate liDuor. It It is used primarily as an ingredient in recipes, or as a garnish. 9. &emi4s &emi4swee weett cho chocol colate ate is also also used used primar primarily ily in recipe recipes. s. It has e1tra e1tra cocoa cocoa butter and sugar added. &weet cooking chocolate is basically the same, with more sugar for taste. :. *ilk chocolate is chocolate liDuor with e1tra cocoa butter, sugar, milk and vanilla added. This is the most popular form for chocolate. It is primarily an eating chocolate. Cocoa is chocolate liDuor with much of the cocoa butter removed, creating a fine powder. It can pick up moisture and odors from other products, so you should keep cocoa in a cool, dry place, tightly covered. There are several kinds of cocoa H 0ow4fat cocoa has the most fat removed. It typically has less than ten percent cocoa butter remaining. H *edium4fat cocoa has anywhere from ten to twenty4two percent cocoa butter in it. H )rinking or >reakfast cocoa has over twenty4two percent left in it. This is the cocoa used in chocolate milk powders p owders like estles uik. H )u )utc tchh proc proces esss co coco coaa is co coco coaa wh whic ichh ha hass be been en spec specia iall llyy proc proces esse sedd to neutrali8e the natural acids in the chocolate. It is slightly darker and has a much different taste than regular cocoa. #ecorator$s chocolate or confectioner$s chocolate isnt really chocolate at all, but a sort of chocolate flavored candy used for things such as covering strawberries. It was created to melt easily and harden Duickly, but it isnt chocolate.
Categories of Chocolates Commercial Chocolates are available in the following formsJ 2. >ars or *oulded Chocolates 9. Counts :. Panned Chocolates $'ems+ <. Kclairs 3. 5ssorted Chocolates >ars or moulded chocolates $like )airy *ilk, Truffle, 5mul *ilk Chocolate, estle Premium, and estle *ilky >ar+ comprise the largest segment, accounting for :!B of the total chocolate market in volume terms. ... ?afer chocolates suc uchh as /it4/at and Perk also belong to this segme gment. Pannedchocolates accounts for 2"B of the total chocolate market. ... ?afer chocolates such as /it4/at and Perk also belong to this segment. .. Form of Consumption
a. Pure Chocolates b. Toff Toffees ees c. Cakes G Pastries d. *alted >everages e. ?afer >iscuits G >aked >iscuits f. Chocolate )esserts Chocolate Manufacturing rocess
?orkers cut the fruit of the cacao tree, or pods open and scoop out the beans. These beans are allowed to ferment and then dry. Then they are cleaned, roasted and hulled. Once the shells have been removed they are called nibs. ibs are blended much like coffee beans, to produce different colors and flavors. Then they are ground up and the cocoa butter is released. The heat from the grinding process causes this mi1ture of cocoa butter and finely ground nibs to melt and form a freeflowingsubstance known as chocolate liDuor. %rom there, different varieties of chocolate are produced. !hat is conching"
7aw unprocessed chocolate is gritty, grainy and really not suitable for eating. &wiss chocolate manufacturer 7udolph 0indt discovered a process of rolling and kneading chocolate that gives it the smoother and richer Duality that eating chocolate is known for today. The name conching comes from the shell4like shape of the rollers used. The longer chocolate is conched, the more lu1urious it will feel on your tongue.
Market Si#e $%y alue & %y olume'
The Indian chocolate market is valued at 7s. ;3" crores $i.e. 7s. ;.3" billion+ a year. The Indian chocolate ba8aar is estimated to be in the region of 99,"""4 9<,""" tonnes per annum, and is valued in e1cess of =&E -" million. Chocolate penetration in the country is a little over < percent, with Indias metros proving tobe the big draw clocking penetration in e1cess of 23 percent. e1t, comes the relatively smaller smaller cities@towns where where consumption lags at about - percent. Chocolates are a lu1ury in the rural segment, which e1plains the mere 9 percent penetration in villages. The market presently has close to ;"mn consumers and they are mainly located in the urban areas. Ma(or layers & their Market Share
The major players in the Indian Chocolate Industry areJ 2. Cadbury#s India 0imited 9. estle India :. The 'ujarat Co4operative *ilk *arketing %ederation $'C**%+ L 5*=0 5*=0 <. Cocoa *anufactures and Processors Co4operative $C5*PCO+ Top To p Chocolate )rands in India
Chocolates are not just meant for kids but for everyone. If you look at the consumption scenario in India only, then you will get to know that from adolescents to young people to middle4aged people all are consumers of chocolates There have been studies proving this fact. This is the reason the chocolate industry is day4by4day growing in India. Chocolates now grace the most auspicious occasions in India, be it festivals like )iwali, a wedding, an engagement or birthday ceremonies. *ost of the chocolate brands in India produce chocolates in different si8es, shapes and designs that are priced accordingly. *ost popular chocolates like )iary *ilk and %ive &tar can be bought for just 7s. 3. googletag.cmd.push$functi googletag.cmd.push$function$+ on$+ M googletag.display$div4 gpt4ad gpt 4ad42< 42<:" :""2< "2<2<9 2<99-4 9-42+ 2+NN +N In Ind India, ia, choc chocola olates tes are tar tardil dilyy but ste steadi adily ly replacing traditional Indian sweets, or we can say *ithai#. Owing to ascending social cognisance, on festivities and functions, people choose to gift well4 wrappe wra ppedd cho chocol colate atess ove overr tra tradit dition ional al sw sweet eets. s. Cap Capita italis lising ing thi thiss si situa tuatio tion, n, top chocolate brands in India are currently concentrating more on the packaging and introducing well4packaged designer chocolates for specific occasions. 5part
from that, increasing health consciousness among the urban masses is also tempting them towards dark chocolates rather than calorie4stuffed sweets. 5d campaigns like *eethe Pe /uch *eetha 6o aye# and &hubh 5rambh# are also luring consumers towards making chocolates a part of their everyday life. L 0ist of Indias leading and popular chocolate brandsJ Cadbury Cadbury is a >ritish multinational chocolate major. It is handled by *ondele8 India $earlier Cadbu Ca dbury ry In Indi dia+ a+.. Ca Cadb dbur uryy wa wass es esta tabl blis ished hed in >i >irm rmin ingh gham am,, =. =./. /. by o ohn hn Cadbury in 2-9<. Cadbury entered India in 2<- and started its operations by importing chocolates. Today, Today, Cadbury is the most loved and most widely sold in India. 5ccording 5ccording to (uromonitor International, Cadbury accounted for 33.3B of the total chocolate sales in India during 9"2<. )airy *ilk is the flagship brand of Cadbury. 6ere are some of the most famous Cadbury variantsJ )airy *ilk 3 &tar 'ems Perk &ilk >ournville Celebrations estle %ounded in 2-;;, estle is a mu mult ltin inat atio iona nall be beve vera rage ge an andd co cons nsum umer er fo food od it item emss co com mpa pany ny ba base sedd in &wit8erland. 6enry estle founded the company in Aevey, &wit8erland. estle came to India in the late 23"s. estle was the second best4selling chocolate brand in India in 9"2< with 2!B share of the total sales volume. /it /at, a bar of crisp wafer fingers covered with chocolate layer, is estles flagship variant in India. &ome of the widely consumed estle brands are as followsJ (1tra &mooth /it /at &enses /it /at )ark &enses 5lpino /it /at >ar4One *unch %errero India %errero is an Italian food and beverage company founded in 2<; by *ichele %errero. The company started its business in India in 9""< and has gained a consi considerabl derablee ground in the Indi Indian an chocol chocolate ate industry industry withi withinn a decade decade.. It is famous for its uniDue taste defined by its main ingredients L creamy filling, a crunchy wafer and a ha8elnut centre. %errero India was the third biggest chocolate chocol ate brand in India as it held 3B market share in 9"2<. %errero %errero 7ocher is the flagship variant of %errero India. 6ere are some of the %errero variantsJ %errero 7ocher utella /inder 7affaello *on Cheri 5mul 5mul is Indias indigenous dairy cooperative primarily dealing in dairy products. It is also one of the biggest players involved in chocolate manufacturing industry of India. 5mul 5m ul is ow owne nedd by 'u 'uja jara ratt Co Co4o 4ope pera rati tive ve *i *ilk lk *a *ark rket etin ingg %e %ede dera rati tion on 0t 0td. d. $'C**%+ and was founded in 2<; by )r. Aerghese /urien. The credit of making India the largest producer of milk and dairy products by bringing about the ?hite 7evolution goes to 5mul. *ilk chocolate is 5muls most trusted brand amongst Indians. 5ccounting for 2.2B of Indias overall chocolate sales volume in 9"2<, 5mul stands fourth. &ome of its variants are as followsJ *ilk Chocolate )ark Chocolate %ruit G ut Chocolate Tropical Orange Chocolate
5lmond >ar *ars India International *ars was established in 222 by %ranc C. *ars in ?ashington, =.&.5. The first recognised brand of *ars was *ilky ?ay that was launched in 29"s. *ars has been popular in India as well. Aery recently, *ars has started its manufacturing in India. &nickers and 'ala1y are the most popular chocolates chocolates in India that are made by *ars. The company was the fifth biggest seller of chocolates in India in 9"2< as it got 2.2B share of the total sales. &ome of its products are as followsJ &nickers 'ala1y *ars *ilky ?ayy &kittles ?a &k ittles *G*s Twi1 Campco Cam Campco Campco pco $Ce $Centr ntral al 5rec recanu anutt and Coc Cocoa oa *ar *arket keting ing and Pro Proces cessin singg Coop Co oper erat ativ ivee 0t 0td. d.++ is an In Indi dian an co coop oper erat ativ ivee th that at wa wass fo foun unde dedd in 2 2!: !: in *anga *a ngalo lore re,, /a /arn rnat atak aka. a. 5re reca ca nu nutt is th thee ma main in in ingr gred edie ient nt of th thee Ca Camp mpco co chocolate products, which is mainly cultivated in Indian states of /erala, /arnataka and 5ssam. Campco processes, procures, markets and sells areca nut and cocoa. &ome of its products are as followsJ >ar /rust %un Tan *elto &nack >ar Treat Turbo )airy Cream ChocOn India ChocOn started making chocolates in 2-, but it was founded in 2< and started off with manufacturing bottled mine mi nera rall wa wate terr. Th Thee com compa pany nyss op oper erat atio ions ns we were re st stre retc tched hed to a wh whol olee ne new w manufacturing segment of sweet and the first brand was *ilk ut, which was launched in 2-. &ince then, a series of e1citing tasty chocolate brands have been launched. &ome of ChocOn#s products are as followsJ Chocolaty >ar *ilcreme Choco >ar ChocOn Coconut Parle ?orlds best4selling biscuit Parle4 ' is the flagship product of Parle, an Indian manufacturer of consumer goods, confectioneries and beverages. Parle was founded in 29 by Aile Parles Chauhan family. The company is the biggest biscuit manufacturer in India. It deals in confectionery items as well. Parle products are a rare combination of fine taste, nutrition and Duality. Chocolate variants of Parle are as followsJ /ismi >ar /ismi Toffee 94in42 (clairs 94in42 %ruit )rops 0otus The 0otus chocolate company was founded in 29 and is the maker of some of Indias finest and most e1Duisite chocolates, cocoa derivatives and cocoa products. 0otus supplies cocoa and chocolate products to local bakeries as well as multinational chocolate manufacturers. Chuckles *ilky Punch (clairs /ajoos Candyman Candyman is owned by Indian conglomerate ITC founded in 22" and based in /olkata, ?est >engal. ITC launched its confectionery brands in 9""9. ?ithin a little more than a decade of its e1istence, Candyman has launched a wide range of confectionery variants that have ruled over Indian masses. Candyman is admired by the people of India for the innovative and
uniDue taste it provides through various products. Choco )ouble (clairs (clairs Creme 0acto Toffichoo Coition .
*mergence of chocolate industry in India Chocolates may be items of impulse4purchase, competing with other categories like soft drinks, snacks and beverages for a share of the consumers wallet, but modern trade and other factors like liberalisation of the economy, growing income of middle class and macro4economic conditions have had a positive impact on consumer spending. QThe per4capita consumption of chocolates has increased from <"gm in 9""3 to 22"429" gm now and there is a lot of scope to grow even further,Q says 7ajesh 7amanathan, director, 67, Cadbury /raft %oods. Increasing consumer demand has led to more and more players entering the market. Cadbury /raft %oods has been a market leader in the chocolate category since the last ;< years in India. The chocolate is worth 7s :,9"" crore in India of which Cadbury Cadbury /raft %oods has a !"B share, 9"B is held by estle by estle and and the others operate in the remaining 2"B, which forms around 7s :2"4:9" crore. QThe chocolate industry in India works at different levels that include chocolate gian giants ts like like Cadb Cadbur urys ys , )a )air iryy *ilk *ilk,, etc, etc, smal smalll ch choc ocol olat atee manuf manufac actu ture rers rs,, chocolate retailers, chocolate importers and people who make chocolates at home,Q says *ahesh oshi, oshi, head of marketing and business development, Choco a la Carte. )iversification and innovation is the need of the hour and chocolatiers are e1actly doing that to increase their client4base. Talking about some of the inno innova vati tion onss made, made, &anj &anjiv iv Ob Obhr hrai ai,, ch choc ocol olat atee de desi sign gner er,, Ch Choc ocol olat atie ierr 4 The The Chocolate >outiDue, C7 Park, says, Q0ocalising the product is important. ?e have 93 flavours and chocolates for different occasions.Q %O7(I'
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The population of India presents multiple avenues for companies to foray into India. QThe regulatory environment, too, has become conducive for foreign players to operate in the country. There is immense scope that the country
presents to players in terms terms of hiring home grown talent to grow business, given the educational boom. This clearly means that the three main factors like demand for products, conducive regulations and customised talent are abundant in India, which makes it inevitable for foreign players to ignore India,Q says 7amanathan. Patchi, a chocolate brand from 0ebanon with over :"" stores worldwide opened its franchise store in )elhi in 9""!. *eenal >abbar, manager, Patchi, )elhi, says that there is no competition between international chocolate brands and the Indian ones. QThe client4base is different for international brands. People who generally buy chocolates of an international brand have a good purchasing power and are looking for Duality,Q Duality,Q says >abbar. 5s to the challenges faced by an international brand in India, >abbar says, QThe Indian market is sensitive to the price. If the price of a product is high, it cannot be consumed by the masses. 5lso, in terms of importing, for franchises, it is a bit difficult because the price of the dollar is not fi1ed. %or e1ample, Patchi chocolates in )ubai are cheaper than the ones in )elhi.Q (T7F
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OPTIO&
>4&chool graduates, graduates specialising in food technology and engineers, marketing, managing outlets, operational management, etc C6OCO05T(
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>arry Callebaut in India, >elgium, >ra8il, Cameroon, 'hana, &ingapore, etc (cole Chocolate Professional &chool of Chocolate 5rts in Italy, >elgium, etc Chocolate 5cademy in The etherlands, =/, India, etc C6OCO05T(
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The programmes range from one day to a week and may go on till three months depending on the course. ?hile the online4part4time Professional Chocolatier Programme is a three4month course $(cole Chocolate Professional &chool of Chocolate 5rts+, the )iscovering Chocolate programme $Chocolate 5cademy + is a two4day programme.
Top +0 )est Selling Chocolate )rands in the !orld in 20+, There have been many chocolate varieties that are known for their superb taste and high Duality ingredients. 6ave you ever tried to know how your favorite chocolate reach you and how is it preparedR ?ell, the famous chocolate manufacturers try their best to come up with only health4friendly chocolate bars and other such items. They are never ready to compromise with Duality because this can risk their repute. The chocolates made of cream, milk, brown sugar, and cocoa are the loveliest. 0et us see which are the top 2" bestselling 2" bestselling chocolate brands in the world in 9"23. +0 To%lerone
*any of us adore the distinctive prism like fine chocolates. This brand has the repute to make the ones. It packs its chocolates with finest and hygienic ingredients, so that you can enjoy the delicious taste and flavors. Toblerone was established in 2"- as a premium royalty dessert manufacturer, but not it also deals in chocolate bars made of ougat, almonds, honey and rich cocoa. The shapes of its chocolates are very uniDue and attractive, making the brand one of the bestselling.
. /indt & Sprngli
The chocolates of 0indt G &prungli come flavors like Plain#, ?hite#, Pralines, %ruit uts#, 6oney Comb#. I don#t think any other company manufactures this much high Duality of chocolates and brownies. It was established in 2-<3 in Surich, by )avid &prungli G 7odolphe 0indt. This brand has one of the biggest chocolate factories in the world. It takes special care of the ingredients to be used in its desserts, and uses only milk and granular ingredients, mi1ed with flavors of fruits.
1 hirardelli
This is an Italian chocolatier, owned by )omingo 'hirardelli. It was founded in 2-39. Today, 'hirardelli has become one of the finest chocolate manufacturers. The irresistible taste and uniDue styles of its chocolates tend to be everyone#s favorite. These Italian craftsmen use milk, and cocoa in their chocolates, along with caramel and fresh cream. This brand is currently headDuartered in =&5.
3 Ferrero ocher
&aving the last for the best is what the motto of %errero 7ocher is. This is another Italian brand that sells the chocolates worldwide with great pride. It is one of the oldest chocolate companies, founded originally in 2-2 by %errero &p5. (very bite of its wafers and chocolates is filled with so much taste and rich ingredients. The brand#s wafer4filled chocolates with milk constituents are the best and widely loved.
5 atchi
Patchi is yet another chocolate manufacturing company. It uses the fine Duality cocoa and fresh milk as its core ingredients. (stablished in 2!<, by chocolatier i8ar, this brand now deals in attractive and magnificent chocolates and wafers that are sold in great packages. The tastes depict mi1ed flavors of &wiss and >elgian origins.
, uylian
'uylian has its retail stores in over <" countries worldwide. This brand is known for its richly designed chocolates and other eatables. It also deals in brownies, pastries, and pancakes. The premium Duality cocoa bars of this company are right in taste, and shaped very well. In 9""3, it received the title of >est Chocolate *anufacturer with (ggs#.
4 Mars
The famous majestic *ars bars are known for their yummy taste and Duality ingredients. This brand has its roots from =/, and was founded in 2:9. The magical taste of *ars#s chocolates and pancakes has absolutely no alternate. It packs its items in perfect bo1es, and add nougat, minced almonds, caramel topping, and honey to make them rich in flavor.
6 Cad%ury
Cadbury is yet another famous chocolate manufacturing company. it is one of the major outselling brand, founded by ohn Cadbury in 2-9< in 0ondon. The company deals in flavorful chocolates, milk bars, fruity nuts, crunches, and delicious wafersall made of milk, cocoa, sugar, cream, and honey like fresh ingredients. One of its major varieties is delightful special Cadbury flakes.
2 7it 7at
/it /at, a brand of trust, was established in 2:3. It is a famous confectionery company. One One of the very first /it /at products was named /it Cat# which was actually the finger bars made of wheat, milk, and sugar. 0ater on, the brand continued the manufacturing of hot chocolates, wafers, milky bars, and other eatables that come in flavors like fruits, honey, and caramel.
+ ala8y
'ala1y is the best selling chocolate company of the era. This brand is owned by the team of *ars#. Currently, itit has its outlets across 5merica, (urope, Canada, and other nations. It was originally established in 2-;, and is headDuartered in =/. &ome of the best varieties of its chocolate are 'ala1y ewels, Caramel#, %ruitia#, and )ove#.
