MINI PROJECT REPORT - 2

ON

“Confectionary Product Industry”

Towards the partial fulfillment of the requirement

For the award degree of
MASTER OF BUSINESS ADMINISTRATION (MBA)
Dr. A.P.J. Abdul Kalam Technical University, Lucknow

FACULTY GUIDE: SUBMITTED BY:

Dr. PANKAJ DUTTA VISHNU SINGH RAJAWAT
(MBA 1st year)
Acknowledgement

To list who all helped me is difficult because they are so numerous and the depth is so
enormous. I would like to acknowledge the following as being the idealistic channeland fresh
dimension in the completion of the project. I also acknowledge my gratitude to Dr. Vandana
Arora Sethi Director, Lloyd Institute of Management and Technology who motivated me a
lot in carrying out this project.

I would also like to express my sincere gratitude towards my project guide Dr.Pankaj Dutta
whose guidance and care made the project successful.

I would like to thank my college library, for having provided various reference books and
magazines related to my project. Lastly, I would like to thank each and every person who
directly or indirectly helped me in completion of the project, especially my parents and my
peers who supported me throughout my project.

VISHNU SINGH RAJAWAT

MBA 2nd SEMESTER
 CERTIFICATE

This is to certify that VISHNU SINGH RAJAWAT student of

Master of Business Administration (MBA) Programme, (Batch 2023-
25), at this institute has conducted a Mini Project report on
“Confectionary Product Industry”under my guidance during 2nd
semester. The mini project has been prepared towards partial
fulfillment for the award of MBA degree from Dr. A.P.J,
ABDUL KALAM TECHNICAL
UNIVERSITY. The Mini Project report is the original contribution of
the student.
The Mini Project report is hereby recommended and forwarded for
evaluation.

Dr. PANKAJ DUTTA

 Content Table

Chapter1 Description Page No

Certificate of project Guide

Acknowledgement

Executive Summary

Content Table

Chapter 1 a Confectionary Product

IndustryOverview

Chapter 1 b History of Confectionary

Product Industry

Chapter 1 c Major Manufacturer & their

Product or Services of
Confectionary Product
Industry

Chapter 2 Recent Performance of

Confectionary Product
Industry

Chapter 3 PESTLE Analysis Of

Confectionary Product
Industry

Chapter 4 SWOT Analysis Confectionary

Product Industry

Chapter 5 New Technology Use In

Confectionary Product
Industry

Chapter 6 Role Of Confectionary

Product IndustryIn Indian
Economy

Chapter7 Future Prospects of

Confectionary Product
Industry

Reference
Industry Overview
The global confectionery market size was valued at USD 298.23 billion in 2021 and is
projected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2028.
The growing food and beverage industry across the globe and the rising per capita
consumption of these products are expected to promote market growth. Moreover,
consumers’ inclination toward gifting these products coupled with rising disposable income
and rapid urbanization across the globe are the major driving factors of the market. In
addition, the continuous development and attractive packaging increase the demand for
confectionery products in emerging economies. Continuous changing consumer behavior and
dietary habit are propelling the growth of the market. The growing trends toward consumers
buying confectionery products made with natural ingredients are gathering popularity in
recent years. According to Döhler, approximately 50% of confectionery products consumers
want, asks for healthier options with at least 60% natural ingredients. Moreover, the
increasing popularity and demand for sugar-free confectionery products across the developed
economies have led to significant market demand over the forecast period. The manufacturers
of confectionery products are offering a wide range of products such as chocolate, chewing
gum and sweets, toffee, marshmallow, cookies, ice cream, and other products. Moreover, the
rising investment by the key market players in advertising campaigns, promotional activity,
and social media marketing is accelerating market growth. However, government guidelines
in countries such as the U.S., Germany, U.K., China, and India are expected to maintain the
quality of these products. The published federal guidelines and rules ensure the quality of
products up to the hygienic standards for consumption. The lockdown announced during the
COVID-19 pandemic disturbed transportation and suspended the supply of raw materials for
a short duration. The increasing demand for organic chocolate and products with natural
ingredients after the pandemic will create opportunities for the market players. Thus, the
market is expected to witness a healthy market growth rate in the upcoming years.
The Sweet History of Sweets

The earliest sweet that people have eaten since prehistoric times was honey. The origins of
confectionery can be traced back to about 2000BC to the ancient Egyptians who made sweets
by combining fruits and nuts with honey. The Romans, Greeks, and Chinese made sweets
with sesame seeds. The Aztecs in Mexico used cocoa beans to make a bitter drink over
3000 years ago. This drink was sweetened with sugar after 1500 years.
In the middle Ages, sugar candies became very popular. Only the rich could pay for sweet
food as the price of sugar was very high. At that time, rich people ate desserts like
preserved, jelly and dried fruit, and wafers made from batter.
In the Middle Ages, doctors learned how to mask the bad taste of medicines. They have been
mixed with sugar and from the beginning of the twentieth century, many lozenges, gums, and
pastillas that served as throat soothers, stomach warmers, or healthy energy givers were made
Eventually, the combination of sugar and cocoa set the confectionery story
alight. Chocolate was drunk in Central America before 500 AD. In 1502, Cortez, the Spanish
conqueror of Mexico, brought cocoa and chocolate drink back to Spain. The addition of sugar
in this drink made it more palatable, but it took almost another hundred years for the new
drink to reach the rest of Europe. The first shop for selling drinking chocolate was opened in
London in 1657. In the late 17th century the rich began eating chocolate ice cream. Until the
19th-century chocolate was only for drinking not for eating. Joseph Fray made the first
chocolate bar in 1847. Then, in 1875, Henry Nestle and Daniel Peter invented milk
chocolate.
Candy history and its development took off in the 1800s. The cheaper price of sugar and
advancement in mechanization made it easier to mass manufacture the confections and for
the first time, they were available to all people. By the 1850s, there were hundreds
of confectionery factories in the United States. The very first sweets included boiled sweets
and marshmallows, and one of the very earliest was Turkish delight. The first candy bar
was introduced in Britain by Joseph Fry in 1847. In 1900 Milton S. Hershey invented
Hershey's Milk Chocolate. In the 20th century, many new kinds of sweets were introduced,
such as Tablerone (1908), Milky Way (1923), Snickers (1930), Mars
bar (1932), Bounty (1951), Twix (1967)
TOP 10 CONFECTIONERY COMPANIES IN INDIA 2021-22

1. Cadbury India Ltd. - A big multinational confectionery company that is a group of

Mondelez International.
It is named after a boy John Cadbury who holds a shop of mustard and a new side-line -
cocoa and drinking chocolate, which he prepared using a mortar and pestle at 93 bull street
Birmingham. In 1849, the first chocolate was introduced in the market which was a pure
form of cocoa unlike the one available in the market now. In later history, it was merged with
JS Fry & Sons in 1919 and Schweppes in 1969. Kraft Foods acquired the venture in 2010
which is now known as Mondelez International. It has Consumers in approx. 165 countries
across the globe, treated as the number 1 brand in Biscuits, chocolates, and Candy
Type – Public, Industry – confectionery, Net Revenue - $34 billion, Founded- 1849, Number
of Employees – 5000
2. Lotte India Co. Ltd. – It is a multinational firm with headquarters based in South Korea
and Japan. Established first in June 1948 in Tokyo by Shin Kuk-Ho, it has 60 business units
with approx. 60000 employees in subgroups like candy manufacturing, beverages, hotels, fast
food, retail, financial services, heavy chemicals, electronics, IT, construction, publishing, and
entertainment. South Korea holds the largest confectionery market of Lotto, and Japan
follows the same holding the third largest industry. Lotte India Co. Ltd. runs with a vision of
being the number 1 confectionery company in Asia by 2020.
Type – Public, Industry – confectionery, Net Revenue –$ 28 billion, Founded- 1948,
Number of Employees – 6000+
3. Nestle India Ltd. – The Company is among the leading confectionery company, being a
merger of Anglo- Swiss- Company formed in 1905, and established in 1866 by two brothers
(George Page & Charles Page) founded in 1866 by Henri Nestle. Other than a confectionery
industry it is sub-grouped into baby food, bottled water, breakfast cereals, coffee and tea,
dairy products, ice cream, frozen food, pet foods, and snacks. It is the largest food company
in the world with 447 factories, operates in 194 countries, employs around 333,000 people
globally, and has annual sales of over CHF1 billion (about US$1.1 US).
Type – Public, Industry – confectionery, Net Revenue –$ US 497 million, Founded- 1866,
Number of Employees – 10001+
4. Candice India Ltd. – The company started its operations in 1997 with the badge of one of
the largest confectionery companies in India. It operates in 19 countries with an estimated
annual turnover of US$ 2 trillion. Manufacturing units of Candice are based in India,
Tanzania, and South Africa. With 24 depots, 1500 authorized dealers, and a 250-strong sales
force, Candico’s distribution network in India has a direct or indirect reach in most towns and
cities with a population of over 25,000.
Type – Public, Industry – confectionery, Net Revenue – US$50 Million, Founded- 1997,
Number of Employees – 1000+
5. Lotus Chocolate Company Ltd. – The food processing unit deals in cocoa processing and
a chocolate manufacturing plant. The first production took place in 1992. The company has
had an association with MNCs in south-east Asian countries and has developed various
specialty chocolates that have made an identity in the Indian market. They also manufacture a
range of pure cocoa which is used in the kitchen of various hotels. Since 2008, Lotus
Chocolate Company Limited is an Indian-owned entity, as Hyderabad-based entrepreneurs,
Mr.PrakashPai and Mr.AnanthaPai took over the company as its promoters
6. Campco Ltd. - Central Arecanut and Cocoa Marketing and Processing Co-operative
Limited (CAMPCO) was introduced in Mangalore in July 1973. This organization or co-
operative venture was founded to fight against the sufferings of Arecanut and Cocoa growers
in the Indian states of Karnataka and Kerala. Starting with its Head office at Mangalore in
coastal Karnataka, the CAMPCO began with a handful of procurement centers in Karnataka
and Kerala. The management of CAMPCO vests in the board of directors consisting of 17
directors and they are elected or nominated as per the provisional by-laws.
Type – Public, Industry – confectionery, Net Revenue – Rs. 41.6 Cr, Founded- 1973,
Number of Employees – 400
7. Candicoindia - Candice began its operations in the year 1997. By the year 2002, it grew to
become the second largest Indian confectionery company. Candido is one of the only two
Indian companies to emerge as a confectionery major after the industry consolidated in the
late 90s. Moreover, it is a confectionery multinational firm headquartered in India with
operations in 12 countries and with more than 2 billion confectionery products sold every
year.
Type – Public, Industry – confectionery, Net Revenue – Rs. 10- 100 Cr, Founded- 1997,
Number of Employees – 500
8. Sample Nutrition is counted among the top 10 confectionery companies of India and has
been manufacturing quality products that include éclairs, candies, toffees, powder, etc. It has
more than 500 employees that are trained to manufacture the finest products. It is ISO
certified company and follows quality guidelines in product development.
9. WRIGLEY INDIA is a global confectionery company that has a production unit in India.
Overall more than 17000 employees are associated with the company which has net sales of
$30 billion.
10. Perfetti Van Melle India Pvt. Ltd is another prominent confectionery company that has
a global presence. It started operations in India in 1994 and has become the most selling
brand. Some of the most sold products of the company are AlpenliebeCreamfills, Alpenliebe
POP, Centre Fruit, Juzt Jelly, Mangofillz, Chlormint, Chocoliebe, Fruittella, Happydent
White, ProtexHappydent, Marbels, Mentos.
The recent performance of the Industry

INDIAN CONFECTIONERY INDUSTRY DEVELOPING A SWEET TOOTH

The confectionery industry in developing countries is still at a nascent stage since the
consumption levels are low compared to Western countries. Hence, to tap the immense future
potential of these markets, established brands are drawing up expansion plans, while several
new players are setting up bases in these countries. In India, particularly, consumption levels
have picked up and the market seems all set to surge in the future.
GeethaJayaraman examines the present state of the Indian confectionery industry and
explores various trends, opportunities and challenges.
Although India has an established confectionery industry, it still harbors immense untapped
potential as compared to the West. India was in its infancy when chocolate consumption in
the West peaked. Consumption levels in India remain low, as people still see chocolate and
some confectionery items as a luxury. While the per capita consumption of Switzerland and
Britain is around 8-11 kg of chocolate annually, Indians consume a paltry 50 gm. A major
reason for this negligible amount can be that Indians relish their traditional sweets or mithai
more than confectionery items. Be it a wedding or a birthday party, Indian sweets are a must!
Agrees Karan Gupta, executive director, Candice Ltd. “Indians still like to celebrate festivals
and special occasions with traditional sweets. However, the recent past has witnessed a slow
but steady shift towards the confectionery segment. Sweets are even more perishable as
compared to chocolates and hence, people today have begun gifting chocolates that are
packaged in special gift packs. These well-packed chocolates need not be consumed within
24 hours. moreover, being associated as a luxury item, chocolates have a certain glamour
around them. Hence, gifting these affordable delights is also well received. Western
confectionery players are banking on this change, as it would enable them to tap into this
relatively untouched market.”
Interesting Facts
· The botanical name of the chocolate plant is Theobramba Cocoa, which means ‘Food of the
Gods’
· The fruit of the cocoa tree grows directly from the trunk. They look like small melons, and
the pulp inside contains 20 to 50 seeds or beans
· It takes about 400 beans to make a pound of chocolate
· Cocoa and chocolate are rich in minerals that the body needs, including magnesium and iron
· Chocolate as properties that combat heart disease – thanks to flavonoids from the cocoa
plant
· Girl Choco is a Japanese custom that means ‘duty chocolate’. It calls for employees to give
chocolates to their managers as a token of loyalty
· The British eat 161/2 pound and the Swiss, who invented milk chocolate, consume the most
at 22 pounds per person
· The polyethylene and anandamide contained in chocolate have anti-depressant properties
Growth momentum
Today, after 50 years of relatively slow growth, the Indian confectionery Industry has finally
picked up the pace. For the past three years it has been progressing at a rate of 20 percent per
annum, thus tempting international confectionery players to set up bases in the country.
Further, according to Euromonitor International – a market research company – sales in India
have increased by 64 percent in the past five years to reach $ 393.8 million. European
chocolate sales are growing at a rate of merely 1-2 percent annually and sales in India are
showing down. “Valued at Rs 2,000 crore, the organized confectionery market in India is
growing at a rapid pace. It is dominated by various small-sized, local players and a few
national players, ”points out Nadia Chauhan, joint managing director & CMO, Parle Agro
Pvt. Ltd.
The confectionery market in Brazil, Russia, India, and China (BRIC) nations will witness
fast-paced growth in the coming years. There are already indications that the market is
progressing. Dinesh Gupta, President, Bry-Air (Asia) Pvt. Ltd, affirms, “The BRIC
confectionery market grew by 5.5 percent between 2004 and 2008 to reach a value of $ 21.2
billion. The market is forecast to have a value of $ 27 billion by 2013, a CAGR of 4.9 percent
from 2008. During the period between 2004-08, India was the fastest growing country with a
CAGR of 7.7 percent.”
European confectionery manufacturers are looking to leverage these opportunities. Some
European chocolate makers have already begun to make their mark in India and China. For
example, the Switzerland-based food giant Nestle has more than doubled its sales since 2001
in China and is eyeing high growth in India.
Nadia Chauhan, Joint Managing Director & CMO, Parle Agro Pvt. Ltd.
According to recent market research, chocolates have penetrated just 5 percent of Indian
households. On the other hand, sugar-boiled confectionery has reached 15 percent of
households. This segment is expected to remain the most lucrative category over the next five
years.

Sugar-boiled confectionery

The Indian chocolateIndustry holds a profitable position. It seems to be poised to grow by

leaps and bounds in the coming years. While the demand for chocolates is increasing in
India, sugar-boiled confectioneries (consisting of hard-boiled candy, toffees and other sugar-
based candies) are more popular in the country. Chauhan says, “According to a recent market
research, chocolates have penetrated just 5 per cent of Indian households. On the other hand,
sugar-boiled confectionery reached has 15 per cent households. This segment is expected to
remain the most lucrative category over the next five years and hence offers a high growth
opportunity.”
But though sugar-boiled confectionery is the most consumed among children, a huge market
for chocolates still exists. The Indian chocolate market holds great potential for Western
chocolate manufacturers, as it is still at a nascent stage.
Improved sales
The development of supermarkets and increase in per capita incomes of consumers has had a
The Indian chocolate Industry holds a profitable position. It seems to be poised to grow by
leaps and bounds in the coming years. While the demand for chocolates is increasing in
India, sugar-boiled confectioneries (consisting of hard-boiled candy, toffees, and other sugar-
based candies) are more popular in the country. Chauhan says, “According to recent market
research, chocolates have penetrated just 5 percent of Indian households. On the other hand,
sugar-boiled confectionery reached 15 percent of households. This segment is expected to
remain the most lucrative category over the next five years and hence offers a high growth
opportunity.”
But though sugar-boiled confectionery is the most consumed among children, a huge market
for chocolates still exists. The Indian chocolate market holds great potential for Western
chocolate manufacturers, as it is still at a nascent stage.

Challenges
However, the industry has to overcome several challenges to tap this segment’s potential to
the fullest. One of the biggest bottlenecks faced by this segment is the rising price of
ingredients like cocoa, sugar, and milk powder. Cocoa prices have gone up by one-and-a-half
times in the last year, while sugar prices have doubled. Similarly, prices of milk powder have
increased sharply in the last few months. At the same time, since consumers are not willing to
pay more for confectionery products, raising MRPs could kill sales. This is why despite the
high manufacturing cost one can still buy a premium Cadbury Dairy Milk for merely Rs 2 in
India.
This widening gap has made cost engineering difficult. “Confessionary is a highly price-
sensitive and children-specific segment. It is largely sold as individual units at retail outlets.
Also, children generally have a limited budget. Hence, confectionery brands have mostly
focused on price points of 50 paise and Rs 1. This trend continues till today because of
restrictive coinage issues,” avers Chauhan.
Also, the recent order imposing a limit on sugar stocks by the Food and Public Distribution
Ministry has adversely affected the chocolate and confectionery industry. “Sugar comprises
65 percent of raw material in the confectionery industry. The rise in sugar prices has created
a lot of pressure on the margins, as manufacturers cannot increase the cost of the retail unit,”
says B K Gurbani, chairman, of the Gurbani group, and president of, the Indian
Confectionery Manufacturers’ Association.
Seconds Chauhan, “The industry mostly comprises local players. They have not been able to
absorb the rising raw material costs, especially sugar, and have been reducing in number due
to inefficiency and inability to create economy through mass scale production or
distribution.”
Another problem faced by this industry is that chocolates are perishable in nature and
because of a poor distribution network, these goods can easily become inconsumable. Also, it
requires proper cold storage. “Chocolate has to be stored properly to increase its shelf-life.
Thus, it requires a proper cold storage facility. This is one of the main reasons why one does
not find
chocolates in small grocery shops. Also, this implies that one should have a sound
distribution channel to provide customers quality products,” says K Gupta.
An improper distribution network can reduce the shelf-life of the chocolate. Chauhan avers,
“The confectionery category is driven by volumes to sustain and justify industry presence.
With products having low margins, high volume is what brings in value and growth. The
introduction of high-value products cannot substitute the need to generate high volumes.
Only an extensive distribution network will help get the volume game right.”
Dinesh Gupta, President, Bry-Air (Asia) Pvt. Ltd.

Firms across the country have announced plans to step-up domestic production from 10,000
to 16,000 tonnes. The country’s annual cocoa demand is estimated to be around 18,000
tonnes and is constantly increasing. Thus, India needs to catch up quickly to meet the
demand.
Cocoa issues
India produces around 12,000 tonnes of cocoa annually but it barely meets half the industry’s
requirement. Hence, the rest has to be imported. Moreover, this year, there has been a
reduction in Indian cocoa cultivation. It is down by 20 percent, while prices in London and
New York are at a 30-year high. D Gupta says, “Firms across the country have announced
plans to step-up domestic production from 10,000 to 16,000 tonnes. The country’s annual
cocoa demand is estimated to be around 18,000 tonnes and is constantly increasing. Thus,
India needs to catch up quickly to meet the demand.”
Due to this demand-supply gap, local cocoa powder prices are rising each month. And
although Indian beans are still much cheaper than imported ones, the industry is expecting
local prices to reach world market levels by March next year due to the constant increase in
demand.
A dominant player like Cadbury, which imports around 8,000 tonnes of cocoa annually,
understands the need for cocoa cultivation in India. Hence, it is aggressively promoting cocoa
cultivation, especially since India has the perfect climate for it. Cadbury is helping farmers to
grow hybrid cocoa trees in Andhra Pradesh and Tamil Nadu. It has started a new program
called “cocoa gold” which encourages farmers to grow cocoa alongside coconut to double
their income and reduce risk.
B K Gurbani, Chairman, Gurbani Group, and President, Indian Confectionery
Manufacturers’ Association
Sugar comprises 65 percent of raw-material in the confectionery industry. The rise in sugar
prices has created a lot of pressure on the margins, as manufacturers cannot increase the cost
of the retail unit.
Future Outlook

The Indian confectionery industry is and will continue to witness high growth rates.
According to a study by Euromonitor International, the Indian sugar confectionery market is
projected to expand at a CAGR of 8 percent until 2011. The forecast increase in growth rates
will be led by a rise in retail value growth, as consumers show a rising tendency for impulse
purchases of sugar confectionery products. And, with the increasing purchasing power of the
consumer, there should be no looking back for this industry.

K Gupta rightly points out, “Through the Indian chocolate and confectionery industry is
facing several hurdles, it is all set to achieve higher growth rates in the coming years.” At the
same time, companies like Bry-Air, which provides machinery to the confectionery industry,
see a bright future and are expanding their manufacturing facilities to meet the growing
demands of confectionery markets.
Major factors affecting industry performance (PESTLE Analysis)

FACTORS DESCRIPTION

PESTLE Analysis of Confectionery Industry. This PESTLE Analysis examines the

various external factors like political, economic, social, and technological (PEST) which
impact its business along with legal & environmental factors. The PESTLE Analysis
highlights the different extrinsic scenarios which impact the business of the industry.
PESTLE analysis is a framework that is imperative for companies such as Nestle, Cadbury ,
lotte india ltd. as it helps to understand market dynamics & improve its business
continuously. PESTLE analysis is also referred to as PESTEL analysis.
Let us start the confectionery industry PESTLE Analysis:
· Political Factors
· Economic Factors
· Social Factors
· Technological Factors
· Legal Factors
. Environmental Factors

Political Factors:
The political factors in the conectionery PESTLE Analysis can be explained as follows:
According to recent reports, confectionery operates across 190 countries and thus several
political factors affect the day-to-day operations of the organization are many. A major task
that the organization needs to perform is to keep a track of the various changes that are made
in the various policies related to import, export, taxation, environmental regulations, etc. in
these countries. These changes may sometimes be in favor of the organization, but sometimes
are major bottlenecks to production in certain countries. For. e.g. The change in labor laws,
which prohibit/shun the use of child labor in cocoa farms is getting stringent, which
according to reports will affect the operations of the company indirectly. Multinational
companies like Nestle, perform well when the global scenario is stable. An unstable phase
happened during the Brexit period when Nestle faced a high-pressure situation. The situation
forced the company to rethink its decision of continuing in the country, in fact, the giant even
thought of relocating to a new region such as Poland. When such a move will happen, it will
leave behind a lot of people jobless, further creating a tense environment. When certain food
regulations change, the organization must undergo rigorous brainstorming and extensive
testing to recreate the product in newer forms and still meet customer demands. This was
witnessed in the case of Maggi, which has resurfaced with the same issue of lead content
being present in it. A positive for Nestle happened when India reduced its corporate tax in its
latest budget. This gives the group an advantage to produce more and better-quality products
at a lower cost and serve society better.

Economic Factors:
Below are the economic factors in the PESTLE Analysis of Nestle:
This industry epand its buss. across multiple countries, it becomes a mandate to create
various economic policies, relating to the economic conditions prevailing in that country.
With affordability being a major factor, providing quality foods for all in a market where the
prices of the raw materials keep fluctuating due to various political and environmental factors
is a major challenge. The cost of the raw materials for Nestle has been increasing, with trade
wars continuing between China and the US creating further unrest between suppliers. The
lower rise in disposable incomes, posed by the difficulty of producing and supplying quality
food for the same price is a major hurdle. With the deflationary period continuing across
Western Europe, there was a 0.7% decline in pricing. Such situations are common when the
rate of the exchange rate of currency drops or increases or there is some political unrest in the
region. Nestle has taken various initiatives to promote local-level production of raw materials
to increase the efficiency of the various agricultural sectors across its countries of operation.
With the US and China being their major markets, improved economic activity in this region
will lead to better performance as well as higher sales and profits.

Social Factors:
Following are the social factors impacting Confectionery PESTLE Analysis:
Any company that works on such a large scale, gets affected by even the slightest change in
trends created by the consumers. Working towards trends related to improved health, the
group has decided to work on products with low sugar, sodium, and saturated fats. The Group
has policies, processes, controls, and regular monitoring systems that ensure high-quality
products thus preventing health risks arising from handling, preparation, and storage
throughout their value chain. The success of the industry depends on its ability to anticipate
the needs of the customer, and be able to offer a high-quality, competitive, relevant, and
innovative product. In the context of growing awareness among the millennial generation
regarding sustainability, the group has inaugurated the largest ground-mounted solar plant in
UAE. With increasing concerns regarding the consumption of canned and precooked food,
the company has strived to eradicate these beliefs by investing in research and development,
so that a scientific basis can be created through which the public can be convinced. In context
to satisfying the growing customer demand, the group decided to roll out custom-made
Nestle KitKat in the UK market. With continuous efforts like these to keep everything and
everyone covered, Nestle is working towards a brighter, more profitable, and innovative
future.

Technological Factors:
The technological factors in the PESTLE Analysis of confectionery industry are mentioned
below:
This industry believes in the integration of digital solutions, services, and models, both
internal and external. With increasing cyber-attacks disrupting the reliability, security, and
privacy of data, a contingency plan needs to be developed to avoid major mishaps while
trying to expand into the digital segment. With real-time data being proposed for water
quality, the company has invested in a start-up to turn this dream into reality. With real-time
data on its water use, its operations will become more efficient in terms of water
consumption. With trials undertaken in using blockchain for better transparency between the
consumers and the group's supply chain, This industry is willing to change the way the game
is being played. Implementation of various portals, to check the nutritional information of its
various products, industry has joined the SmartLabel® transparency initiative, and provides
online information about nutrition, ingredients, and allergens for around 87% of its products.
With such innovative ideas and dedication to making life better for people, This industry is
proving to be a trendsetter as well as a go-getter in the field of technological advancement.

Legal Factors:
Following are the legal factors in the Confectionery PESTLE Analysis:
The legal requirements across various countries need to be analyzed and complied with
accordingly. A team of experts needs to be in constant check for compliance related to the
changes brought about. The laws related to the health and safety of the employees, quality,
and hygiene of its products, and labor laws established in different countries need to be
followed. Apart from these, trademark and IPO rules need to be kept under constant watch,
along with environmental laws. A major issue that the company has faced over the years, is
preventing its unique chocolate designs from other competitors. A case that surfaced was
when Nestle was denied legal protection in Europe for its one-of-a-kind wafer chocolate
KitKat. Though not in Europe, Nestle has managed to secure a trademark for the KitKat
shape in countries including Australia, Canada, and France. Nestle has been facing the heat in
India for supporting research for breast milk substitutes which is proclaimed to be against
local as well as international laws. These cases make it very critical a segment that Nestle
needs to keep a tab on. Once legal compliance is violated, the entire group faces the shame of
it.

Environmental Factors:
In the confectionery industry PESTLE Analysis, the environmental elements affecting its
business are as below:
industry believes in creating shared value and strives for zero environmental impact via its
operations. The group's efforts to reduce the use of plastic in its products and its target to
make 100% recyclable plastic in all its packaging material is a major feat toward
environmental sustainability since its one of the four major groups that are responsible for the
production of 6 million metric tons every year. With major countries moving towards
sustainability, the need to keep a track of all these changes across their various countries of
operations is primal. If any of these policy changes are missed the group faces major
setbacks. This fact was evident when Nestle was suspended by RSPO when it failed to
submit palm oil sustainability reports. Nestle group's efforts, though not completely bleak are
seen as a part of their annual review.
The resort boasts a 2.6% reduction in indirect greenhouse gas emissions per tonne of product
produced, along with 293 companies claiming zero-waste production. The group proposes to
be developing plant-based offerings and promoting sustainable nutrition worldwide. A major
project that they have undertaken is to promote water efficiency and sustainability across the
various operations as well as promote these policies and stewardship.
To conclude,
the above PESTLE Analysis of confectionery industry highlights the various elements
which impact its business performance. This understanding helps to evaluate the criticality of
external business factors for any brand.

PESTLE Analysis of Cadbury

Cadbury is synonymous with chocolate consumption worldwide. Opening shop in the early
19th century, Cadbury has emerged as a global brand with factories and offices in the United
Kingdom and North America, and a notable presence in Asia and Africa as well. In 2008, the
Schweppes brand was sold to the Dr. Pepper Group, and in 2010, Cadbury was acquired by
Kraft Foods in the US. Hence, Cadbury and its range of products are now owned by the
American confectionary giant.
The following is a PEST analysis of Cadbury which also will help to shed light on various
external factors that affect the chocolate industry. We will make special emphasis on
Cadbury UK, as this is where the company originally began.

Contents
· Political
· Economic
· Social
· Technology

Political
In the context of India, the change of government from the Labor party to the
Conservative/Liberal Democrat is bound to influence Cadbury’s operations. By last
estimates, the 8 Cadbury factories in the UK had employed 3,000 workers. However, the
stringent restrictions on the entry of skilled workers from the rest of others can affect
Cadbury’s hiring decisions in the future.
The imposition of taxes is yet another political factor that will determine how Cadbury
manages its investment and payment to shareholders. For example, Value-added Tax rose by
2.5% in 2010 and increased chocolate prices and reduced sales. And even before that in 2007,
Cadbury Schweppes decided to outsource a major portion of its accounting and HR to an
Indian firm in the face of increasing operational expenses and reducing margins. If other
business units follow suit, this can result in the loss of hundreds of jobs across the globe. But
conversely, it will also create new employment opportunities in countries like India.

Economic
Even though the global economic downturn did affect Cadbury’s expansion plans (owing to a
reduction in disposable income of customers and other stakeholders), sales remained quite
steady.
Cadbury was able to gain a 30% increase in its annual profits, predominantly from the sales
of Dairy Milk and Trident. But even then, the recession did play its part as the company
managed only to hit the lower end of its 4%-6% revenue for 2009, the peak of the recession.
And while Dairy Milk chocolate and Trident Gum sold well, other brands like Halls also saw
a rise in their annual sales.

Social
In one respect, Cadbury was born as a result of social factors. Being run by a Quaker family,
their opposition to alcohol served as the basis for running a business that sold tea, coffee,
cocoa, and liquid chocolate. But while chocolate and other products sold by the company are
socially acceptable worldwide, Cadbury has been on the receiving end of controversies, the
recent one involving Cadbury products being ‘Halal Certified’ to cater to Muslim markets
around the world.
In addition, there are also concerns in the western world owing to rising cases of obesity,
especially among children. Many nutritionists recommend people reduce their consumption
of chocolate and candy, which is likely to affect Cadbury sales in the future.

Technology
Finally, technology has changed Cadbury’s production and packing process over the years,
starting with the introduction of new brew machines to blend coffee and cocoa gains. Recent
moves in this regard include the use of pathogen testing systems and filing patents for heat-
resistant chocolate.
Conclusion
In this PESTLE analysis of Cadbury, we saw how this leading chocolate company has dealt
with external factors in INDIA and many other countries as well. Of course, the format of the
presentation barred us from discussing how the acquisition of Kraft Foods will affect
company performance in the future
SWOT analysis of the Industry

SWOT Analysis of Dairy Milk

SWOT analysis is the study of the company's Internal factors – Strengths and weaknesses
and external factors – Opportunities and Threats. A SWOT analysis is a powerful tool that
has useful applications in almost every field of research.
Let’s start digging into its SWOT analysis by starting with the Strengths of Dairy Milk.

Strengths of Dairy Milk

Strengths are favorable variables that provide a firm with a competitive advantage over rival
brands. Dairy Milk’s strengths are as follows:
· Global name – Cadbury’s Dairy Milk is one of the most well-known brand names in
the world. Because Cadbury and Dairy Milk have been around for 100 years, consumers have
associated chocolate with Cadbury and Dairy Milk in particular.
· Robust Distribution – Cadbury has properly understood the demands of diverse
markets and, as a result, has set up large distribution, which has helped it achieve a
significant competitive advantage in both urban and rural areas of various nations.
· Financial Backing – Cadbury, as one of the world’s leading candy businesses, has a
substantial presence in many nations. It has a strong network infrastructure all around the
world and is financially stable.
· High Brand Loyalty – Dairy Milk is a product of the confectionary business, which is
based on impulsive purchases. Customers in this market are prone to switching brands at no
cost, making it a challenge to sustain client loyalty. Dairy Milk, on the other hand, can
sustain strong brand loyalty.
· Strong Advertising – Dairy Milk has long positioned the brand as a family product
that is especially significant to its target group of 10 to 25-year-olds. It has used strong social
media marketing strategies to draw the customer toward it. It is the best skill to learn in this
digital era where almost all companies need to manage their social accounts. If you wish to
learn the latest skills in marketing, check out IIDE’s Social Media Marketing Course now.
· Product Diversity – Dairy Milk is available in many different flavors like chocolate,
fruit and nut, roast almond, crackle, oreo, red velvet, etc. Thus this draws a diverse group of
customers and aids in revenue growth.

Weaknesses of Dairy Milk

Weaknesses are those aspects that limit the growth of a company and prevent it from meeting
its goals. Dairy Milk has a few flaws that must be addressed.
· Cocoa content is lower than competitors – The cocoa content in Cadbury Dairy Milk
is approximately 2.58 percent (w/w), which indicates the degree of chocolate in the product.
Other rivals, such as Amul and Schmitten, had cocoa content of over 3%. This can impact its
flavor.
· Cadbury contains high levels of sugar – According to food net India, Cadbury Dairy
Milk has a very high sugar level; Cadbury Dairy Milk has more than 50% (w/w) sugar
content. The current worldwide trend is toward healthier products therefore this is a
drawback.
· Scandals and Controversies – Cadbury has been involved in several issues. Cadbury’s
worm problem in India had a significant influence on its brand credibility, and Cadbury
needed to put in a lot of marketing effort to overcome it. Such scandals harm brand trust.
· Single Website – Dairy Milk has only one site for all its international users. It needs to
create specific sites to cater to different audiences in different countries. Engaging customers
in tier own language is essential and a separate website is needed by every business in this
growing digital era. If you wish to learn the latest skills in website building, check out
IIDE’s WordPress Course now.

Opportunities for Dairy Milk

Opportunities are the potential skills and accessible resources that a company may use to
expand its business. The following are some of the best prospects for Dairy Milk.
· Brand engagement and advertising – Cadbury controls different confectionary
marketplaces across the world. As an impulsive market, it is critical to keep clients engaged
and to roll out intriguing advertisements.
· Low sugar/ sugar-free variants – Cadbury Dairy Milk may develop products with low
or no sugar content as health awareness grows throughout the world and customers shift
toward sugar-free goods.
· Healthy chocolates – In keeping with the trend of releasing new variants, a market for
nutritional chocolate is growing, and Dairy Milk should release a variety with a high
nutritional value.
· Untapped rural markets – Chocolate is still not an in-demand product in the rural
areas of India. With almost 2/3rd of the Indian population living in rural spaces, Cadbury
could work on improving its distribution channels and thereby increase its market share.

Threats to Dairy Milk

Threats are external forces that may have an impact on the company. These concerns must be
addressed as soon as possible to avoid serious harm to the organization. The following are the
threats to Dairy Milk:
1. Low Switching Cost – Due to the low switching cost, Dairy Milk’s marketing
expenditures are greater because it comes within the impulse purchasing bracket.
2. Rising health consciousness – As health awareness grows throughout the world, people
are shifting away from high-fat goods toward healthier alternatives.
3. Intense Competition – Dairy Milk competes with numerous brands throughout the
world, including Nestle, Ferrero, Amul, Hershey’s, and Mars, among others. This type of
competition decreases market share
New technology enhances chocolate production

Emerging technology plays a vital role in the development of chocolate production facilities
and equipment, and the latest generation of intelligent factories in Industry 4.0. Baker Perkins
recently announced it has integrated this technology into its machinery and explained how
this will improve efficiency and intelligent communication.

Technology ensuring equipment is Industry 4.0 ready is being fitted as standard to all new
Baker Perkins machinery. Industry 4.0 harnesses data from all the machines, devices, and
sensors in any manufacturing operation and enables them to communicate with each other via
the Internet to make informed and timely decisions.
Baker Perkins’ policy is to provide all machines ‘Industry 4.0 Ready’ to a level that allows
interconnection with other systems via the Internet. The key unit is an EWON Flexy Gateway
– a modular router and data gateway allowing linkage to remote devices with benefits based
on data acquisition, handling, and transmission.
All systems will now sample and upload all data from the process equipment to a secure
cloud or server, where it will be available to facilitate improved decision-making. The major
advantage of simpler control systems is that analysis is being carried out on the process as a
whole, rather than in discrete sections. Real-time OEE (Overall Equipment Effectiveness),
trending, and basic maintenance are all included.
Innovative features include a unique Baker Perkins machine center-lining system allowing
operating parameters to be compared with previous settings, and alerting supervisors to
potential problems caused either by operator changes or impending equipment failure.

Traditional coating machines

Pan made of stainless steel or copper, with a capacity of up to 500 kg per batch, most users
are equipped with these inexpensive machines but only usable by experts. The drying or
cooling is usually quite poor and the process becomes extremely long and difficult to repeat.

Belt coating
Reserved exclusively for chocolate coating (varnishing is not possible), it is economically
viable for small production (max 400 kg/batch). But remains very manual, an expert is
necessary to have a reasonable consistency. Industrial cleanability remains an issue.

Automatic pan
Reserved for larger production capacities (250 to 3000 kg/batch), but all types of processes.
Fully automatic saves a lot of energy but requires a larger initial investment. Generally, the
chocolate coating helps to improve the overall appearance, texture, taste, and longevity of
foods. It also helps to enhance your brand image while increasing product sales. These are
enough reasons to want to include chocolate coating in your manufacturing, and be able to
stay ahead of the competition with the latest technology to incorporate efficiency,
communication, sustainability, and the ability to keep on top of confectionery trends.
CASE STUDY: DT&G introduces chocolate manufacturing to the Indian
market

Ever since its arrival into Europe during the 16th Century, chocolate has long been a staple
commodity within modern society with confectionery production heavily influenced by the
introduction of industrial processes.
DT&G Ltd has 50 years of experience in manufacturing Finn Chocolate Coaters and
Polishers and has relocated due to increased production and development to its factory in
Bromborough, Wirral. The company’s Finn name encapsulates the very highest standards in
the coating and polishing of chocolate dragées – a bite-sized form of confectionery
comprising nuts, raisins, coffee beans, ginger, marshmallows, seeds or cereals, and many
other products that are coated in a hard outer shell. Today, with hundreds of Finn Belt
Coaters and Polishers in reliable and daily operation globally, the company continues to set
the industry standard in belt-coating technology, with machines able to increase production
and lower the man hours required within panning environments.
When an inquiry came through from a world-leading chocolate manufacturer regarding their
Indian manufacturing facility, DT&G welcomed the opportunity. Through their long-standing
relationship with UKTI, DT&G benefits from the various services and advice on hand,
helping them grow their exports to 80% of their overall turnover. Initially, DT&G sought
advice from its UKTI International Trade Adviser and was then introduced to the UK India
Business Council to establish the potential opportunity in the market and to obtain advice on
how to do business in a country that the company had not previously engaged with.
Lyn Pitt, Managing Director at DT&G, took advantage of an upcoming trade mission
organized by UKTI North West to make an exploratory visit to India. She commissioned the
UK India Business Council to undertake further research to ascertain interest from other
chocolate manufacturers as well as identify key contacts in the industry. As a result, a full
program was organized in advance with clear objectives set for the visit.
The trade mission was a success and Pitt has since made two follow-up trips to secure orders
and solidify the company’s ongoing working relationship with customers. The company has
also received visits from Indian companies to their UK factory to collaborate further on
future projects. Sales to India have so far reached over £750,000, with more orders now in
the pipeline.

ROLE OF THE CONFECTIONERY INDUSTRY IN THE INDIAN

ECONOMY

The Confectionery Store Market in India is expected to increase by USD 4.32 billion from
2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.59%.
Also, the market will record a 12.54% Y-O-Y growth rate in 2022 as per the latest market
report by Technavio. The confectionery store market share growth in India by the offline
segment will be significant for revenue generation. Rapid urbanization and the consequent
changes in lifestyles, with consumers looking for more on-the-go products and shorter
queuing times at shop counters, are increasing the preference for convenience stores in India.
Thus, the overall sales of health and nutrition confectionery products such as gluten-free food
products are increasing at a high rate in convenience stores. Independent retailers are private
owners that have built their retail stores by assessing businesses' needs, including staffing,
marketing, merchandising, and sales.
Vendor Insights

The Confectionery Store Market in India is fragmented, and the vendors are deploying
growth strategies such as focusing on product delivery through multiple distribution channels
to compete in the market. Avenue E-Commerce Ltd. - The company owns a licensed
confectionery store across India. Burgundy Hospitality Pvt. Ltd - The company owns a
licensed confectionery store and offers products such as chocolates. India is the most
attractive Confectionery Store market in the world. The Confectionery Store market is
maturing in India over the years but still, it is highly fragmented and has high scope for
development. There are around 3-5 million Confectionery stores in the country making it a
US$ 197 billion market. In the past 5 years, the Confectionery Store market witnessed a
growth of 19.49% from 2018 to 2022, which is higher than the Indian GDP growth. The
Confectionery Store market is expected to grow with a CAGR of 24.67% till 2025. The
growing youth segment and working women population, rising incomes and rising
purchasing power, higher brand consciousness, changing consumer preference, growing
urbanization, increase in the number of the upper middle class, and rising internet penetration
are the biggest drivers in the growth of the Confectionery Store industry of India. Also, rapid
real estate infrastructure development, easy access to credit, the wave of new shopping mall
projects increased efficiency due to development in the supply chain and the growing interest
of investors are also helping the Confectionery Store sector to grow in India. Confectionery
Store Industry in India unlike other emerging economies is still very traditional in nature and
is largely controlled by Cooperatives and Independent Confectionery Store companies. Street
markets play an important role in the Confectionery Store industry of India as most of the
population does their shopping here. Before the liberalization and globalization in 1991,
western apparel, foods, etc. were not available in the Indian market, and the brand awareness
and recall among the local population were negligible but after 1991 the awareness steadily
increased. This has allowed international brands to flourish. Apart from normal brick-and-
mortar stores e-commerce is the next big sector in India and is poised for a boom. India has
all the necessary conditions like moderate per capita GDP, rising internet connections, a large
number of engineering graduates, etc. which are required for the success of E-commerce.
Currently, the E-commerce Market is worth more than billions of dollars but that is just the
tip of the iceberg. The retail industry of India is hugely untapped and investors can massive
returns when they decide to enter India’s retail sector. The Retail Market in India is expected
to grow at a CAGR of XX.XX% till 2025

Prospects of industry
India is the most attractive Confectionery Store market in the world. The Confectionery
Store market is maturing in India over the years but still, it is highly fragmented and has high
scope for development. There are around 3-5 million Confectionery stores in the country
making it a US$ 197 billion market. In the past 5 years, the Confectionery Store market
witnessed a growth of 19.49% from 2018to 2022, which is higher than the Indian GDP
growth. The Confectionery Store market is expected to grow with a CAGR of 24.67% till
2020. Growing youth segment and working women population, rising incomes and rising
purchasing power, higher brand consciousness, changing consumer preference, growing
urbanization, increase in the number of the upper middle class, and rising internet penetration
are the biggest drivers in the growth of the Confectionery Store industry of India. Also, rapid
real estate infrastructure development, easy access to credit, the wave of new shopping mall
projects increased efficiency due to development in the supply chain and the growing interest
of investors are also helping the Confectionery Store sector to grow in India. Confectionery
Store Industry in India unlike other emerging economies is still very traditional in nature and
is largely controlled by Cooperatives and Independent Confectionery Store companies. Street
markets play an important role in the Confectionery Store industry of India as most of the
population does their shopping here. Before the liberalization and globalization in 1991,
western apparel, foods, etc. were not available in the Indian market, and the brand awareness
and recall among the local population were negligible but after 1991 the awareness steadily
increased. This has allowed international brands to flourish. Apart from normal brick-and-
mortar stores e-commerce is the next big sector in India and is poised for a boom. India has
all the necessary conditions like moderate per capita GDP, rising internet connections, a large
number of engineering graduates, etc. which are required for the success of E-commerce.
Currently, the E-commerce Market is worth more than billions of dollars but that is just the
tip of the iceberg. The retail industry of India is hugely untapped and investors can massive
returns when they decide to enter India’s retail sector. The Retail Market in India is expected
to grow at a CAGR of XX.XX% till 2022.India’s craving for chocolate unwraps
opportunities for manufacturers While India celebrates Diwali, the latest research by Mintel
into the Indian Chocolate confectionery market highlights that India’s love of chocolate is
booming. Indeed, when it comes to chocolate, India is the fastest growing market globally,
posting the largest increase in volume sales with 21% growth between 2008 and 2011.
Chocolate consumption in India has almost doubled since 2008, with sales of chocolate
increasing from $418 million in 2008 to $857 million in 2011. Volume has grown strongly
too in the past few years, to reach 88 thousand tonnes in 2011 – up from 50 thousand tonnes
in 2008. This equates to a per capita consumption of 70 grams in 2011 – up from 40 grams in
2008. While domestic consumption in India is currently low if compared with other more
mature markets, such as Germany at 8kg per head, or the United Kingdom and France at 6kg
respectively, there is huge potential for the Indian chocolate market to grow even further.
Deepa Dsouza, trend and innovation consultant – India at Mintel, says, “Chocolate
consumption in India has seen an incredible growth rate in the past few years, especially in
urban and semi-urban areas. Until a few years ago, chocolate confectionery was considered a
premium in comparison to sugar and gum confectionery, but major players in the market
have found channels to manufacture and distribute their products at more affordable prices
than before. This has given the Indian consumer an array of choices whilst giving
manufacturers a level game field to compete, especially in the Premium and Affordable
Premium segments. Local companies are much smaller in volumes and operate at more
regional levels.” The chocolate confectionery industry has been quick to respond to this
untapped market opportunity. Looking at new product launches in India, Premiumisation as a
claim has seen a 100% growth over the last three years, from 4% of launches in 2008 to 6%
in 2011. Also, seasonal launches have proved to be particularly dynamic across the market,
with a 300% increase between 2008 and 2011, accounting for 7% of total launches in 2011 vs
2% in 2008. “Consumers are trading up to luxury and premium chocolate, which has allowed
international brands to enter the Indian market and increase their penetration by creating an
affordable Premium space for the aspirers. Many Indian consumers consider chocolate
assortment boxes to be premium and to be more hygienic and longer-lasting than traditional
Indian sweets. This mindset has contributed to increased sales as the popularity of seasonal
gifting of chocolate, particularly during Diwali, has grown in recent years,” Dsouza explains.
However, all is not as sweet as it appears. The chocolate confectionery market in India is
facing challenges, such as keeping costs low for mass markets and health issues. “The key
challenges that the chocolate market is facing in India are inflationary pressures on raw
material prices, lack of government initiative, high entry barriers due to duopolistic market
and price-sensitive consumer. Rising sugar and cocoa prices are putting pressure on
companies to innovate with ingredients and packaging to offer better prices for the mass
market,” Dsouza concludes. Moreover, as the chocolate confectionery category suffers from
being associated with negative health, brands are working to manage this perception and
introduce elements of enhanced health messaging. Indeed, according to Mintel’s research,
new product development with antioxidant claims grew 400% in the past four years
(2008/2011) and low/no/reduced trans fat, low/no/reduced calorie, and diabetic claims all
posted 200% growth in the same period, suggesting that the prospects for market growth in
this segment are very positive. While the Indian chocolate confectionery industry is thriving,
more mature chocolate markets across Europe are experiencing a slowdown. For example, in
Germany volume consumption declined from 770 thousand tonnes in 2008 to 700 thousand
tonnes in 2011, and in the UK it fell from 362 thousand tonnes in 2008 to 350 thousand
tonnes in 2011. Other key markets for the chocolate confectionery industry posted steady but
slow growth, for example in Italy where the market grew from 98 thousand tonnes in 2008 to
104 thousand tonnes in 2011. Marcia Mogelonsky, Director of Insight at Mintel Food and
Drink, says “India is a major focus of interest for chocolate confectionery manufacturers as
the more mature western markets begin to slow. Major players, including Mondelez, Nestle,
and Mars, are making efforts to establish a strong presence in the Indian market
 References

Sweet History - Who Invented Sweets (candyhistory.net)

http://www.companiesinindia.net/top-10-confectionary-companies-in-india.htm
https://iide.co/case-studies/swot-analysis-of-dairy-milk/
https://in-confectionery.com/new-technology-enhances-chocolate-production/
https://www.google.com/search?q=cadbury+pestle+analysis+2022&rl