Global Milk Chocolate Market: About this market
Milk chocolate contains chocolate liquor, milk solids, and milk fat. Technavio’s milk chocolate market considers the sales of bar milk chocolate and bite-size milk chocolate. Our milk chocolate market analysis also considers the sales of milk chocolate in APAC, Europe, MEA, North America, and South America. In 2018, the bar milk chocolate segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as premiumization of milk chocolate bars will play a significant role in the bar milk chocolate segment to maintain its market position. Also, our global milk chocolate market looks at factors such as increased spending on milk chocolates by millennials and Gen Z, rising demand for milk chocolates from emerging markets, and rising demand for low-calorie milk chocolate from health-conscious consumers. However, uncertainties in the key raw materials market, rising dairy allergen cases among consumers and the competition from dark chocolate varieties may hamper the growth of the milk chocolate industry over the forecast period.
Global Milk Chocolate Market: Overview
Rising demand for low-calorie milk chocolate from health-conscious consumers
Consumers are increasingly becoming aware of the health risks associated with the consumption of high-calorie food products, including milk chocolates. To capitalize on this growing trend among consumers, milk chocolate manufacturers are offering low-calorie milk chocolates. Several companies are investing in developing such innovative milk chocolate products for diet-conscious consumers. The growing demand for such low-calorie milk chocolates is one of the major factors driving the growth of the global milk chocolate market size at a CAGR of almost 5% during the forecast period.
Rise in flavors in milk chocolates
The growing shift toward flavored milk chocolates among consumers has encouraged milk chocolate manufacturers to include several ingredients such as nuts, fruits, added flavors, and textures. Some vendors in the market are offering new flavors such as ginger lime to expand their product portfolios. The introduction of flavored milk chocolates will have a positive impact on the growth of the global milk chocolate market size.
For the detailed list of factors that will drive the global milk chocolate market size during the forecast period 2019-2023, click here.
With the presence of several players, the global milk chocolate market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several milk chocolate manufacturers, that include Chocoladefabriken Lindt & Sprüngli AG, Mars Inc., Mondelēz International Inc., Nestlé SA, and The Hershey Co.
Also, the milk chocolate market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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