By Muaaz Ali
Riding the wave of growth in India’s burgeoning ice cream market, Hocco Ice Cream has set an ambitious target to achieve ₹400 crore in revenue by 2025. The brand, led by Founder and Managing Director Ankit Chona, is capitalizing on a rapidly expanding market driven by improved cold chain infrastructure and evolving consumer preferences.
The Indian ice cream market, valued at ₹228.6 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 17.23%, reaching ₹956 billion by 2032. “The past decade has seen tremendous growth in the ice cream market, enabled by infrastructure developments and increasing power reliability, especially in rural areas,” Chona remarked.
Hocco has tapped into changing consumer behaviors, such as the demand for premium ice creams and a growing willingness to experiment with flavors. The brand’s “Boss Bars,” a premium product line featuring unique flavors like biscotti and charcoal lychee, has been a strong performer. While traditional flavors like vanilla and butterscotch remain popular, premium offerings are steadily gaining traction.
Health-conscious consumers are also driving growth in niche segments. Hocco’s healthier ice cream range, including sugar-free options, now accounts for 2% of its portfolio, doubling from a few years ago.
Hocco boasts a portfolio of 150 SKUs, balancing classic offerings with innovative products. Recently, it launched a premium retail brand, Huber and Holly, featuring flavors like Pondicherry Vanilla and Sicilian Pistachio, set to hit shelves in February.
The brand is expanding its distribution network, with a stronghold in Gujarat and plans to scale across Rajasthan, NCR, western Uttar Pradesh, and Maharashtra. Hocco’s products are strategically positioned in regions that represent 50-60% of India’s ice cream consumption.
The brand is also strengthening its exclusive ice cream parlor network, with 100 parlors currently in operation and plans to open 100 more within the next financial year.
Acknowledging the rapid rise of at-home ice cream consumption through quick commerce platforms like Zepto and Blinkit, Hocco has tailored its operations to cater to this trend. Quick commerce now contributes 8-10% of its sales, with the potential to grow to 20%.
Internationally, Hocco is testing waters with its first outlet in the US. Encouraged by positive customer feedback, the brand plans to open 5-8 new stores in North America this year, targeting both the US and Canada.
Hocco aims to double its revenue to ₹400 crore in 2025 and has set a long-term goal of ₹1,000 crore by 2028. The company has raised ₹150 crore in funding so far and plans to secure an additional ₹100 crore to fuel its expansion.
With a strategic focus on domestic growth, international expansion, and product innovation, Hocco is poised to become a key player in India’s rapidly evolving ice cream industry. “Our goal is to establish Hocco as a pan-India brand and a global player, reflecting the bright future of the Indian ice cream market,” Chona concluded.