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The global milk chocolate market has the potential to grow by USD 16.38 billion during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of almost 5%.
Rising demand for low-calorie milk chocolate from health-conscious consumers and increasing vendor focus on temperature tolerant milk chocolates are some of the major factors driving growth. The US, Germany, and the UK are currently the major markets for milk chocolates.
The report provides a detailed analysis of the market by type and geography. Also, the report analyzes the market’s competitive landscape and offers information on several market vendors.
Browse TOC and LoE with selected illustrations and example pages from milk chocolate market report
The milk chocolate market is fragmented, and the degree of fragmentation will remain the same during the forecast period. Consumers are increasing their preference for flavored milk chocolates in both commercial brands and crafted brands. This is encouraging vendors to introduce milk chocolates with added ingredients such as nuts, fruits, flavors, and textures to increase their revenue. Chocoladefabriken Lindt & Sprüngli AG, Mars Inc., and Mondelēz International Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the competition from dark chocolate varieties will challenge the growth of market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report provides information on the production, sustainability, and prospects of several companies, including:
Chocolates and other confectioneries have a lot of sugar content which could lead to obesity and weight gain. Milkfat accounts for nearly half of the total calories in milk chocolates. This is driving many consumers to refrain from such products. Many chocolate manufacturers are investing in introducing diverse and innovative milk chocolate products for such diet-conscious consumers. For instance, Cadbury launched a low-sugar dairy milk bar chocolate last year to target health-conscious consumers. As consumers are shifting toward the consumption of low-calorie milk chocolates, manufacturers are increasingly launching different varieties of low-sugar milk chocolates. This is expected to fuel the growth of the global milk chocolate market size during the forecast period.
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Countries such as Switzerland, Austria, Germany, Ireland, the UK, Estonia, Sweden, and Belgium are some of the major consumers of milk chocolate in Europe. Many regional and global players are making significant investments in the European market to expand their market shares.
During the forecast period, nearly 47% of the overall market growth will originate from Europe. However, market growth in the region will be slower than the growth of the market in APAC and South America.
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Vendors in the market are focusing on introducing limited edition bar chocolates with added ingredients or a new look. Several vendors are introducing premium milk chocolate bars in developing countries because of consumer inclination toward global brands.
As a result, the milk chocolate market size will steadily increase during the forecast period. However, market growth in bar milk chocolate segment will be slower than the growth of the market in bite-size milk chocolate segment.
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY TYPE
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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