Milk Chocolate Market by Type and Geography - Global Forecast and Analysis 2019-2023

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.

Milk Chocolate Market Report - Key Insights

Scope of the Report

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.

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Market Segmentation

Milk Chocolate Market by Type

• Bar milk chocolate
• Bite-size milk chocolate

Milk Chocolate Market by Region

• APAC
• Europe
• MEA
• North America
• South America

Market Competitive Analysis

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:

• Chocoladefabriken Lindt & Sprüngli AG
• Mars Inc.
• Mondelēz International Inc.
• Nestlé SA
• The Hershey Co.

Milk Chocolate Market: Key Drivers and Trends

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.

• Milk chocolate market trends such as the rising focus on temperature tolerant milk chocolates will also influence market growth.
• Milk chocolates melt easily at room temperatures because of the presence of cocoa butter. This is inducing consumers to refrain from consuming milk chocolates.
• Global chocolate brands are working on developing heat-resistant milk chocolate varieties that can sustain hot and humid climatic regions.
• For instance, Hershey developed heat resistant milk chocolates that are free from additives
• Such developments will benefit mass production of milk chocolates in hot climates, especially in emerging economies where high investments are made in supply chains.
• During 2019-2023, the market will register a CAGR of almost 5%.

Milk Chocolate Market: Segmentation by Region

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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.

Milk Chocolate Market: Segmentation by Type

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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.

Milk Chocolate Market: Key Highlights of the Report

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the market during the next five years
• Precise estimation of the global milk chocolate market size and its contribution to the parent market
• Accurate milk chocolate market forecast on upcoming trends and changes in consumer behavior
• The growth of the milk chocolate industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of milk chocolate market companies

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