USD 18.5 billion
Report ID: SQSG30I2022 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 122 | Figures: 77
Milk Chocolate Market size was valued at USD 18.5 billion in 2021 and is poised to grow from USD 19.78 billion in 2022 to USD 32.26 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).
Chocolate is an edible substance that is created from cocoa and lipids such as cocoa butter and finely powdered sugar. Milk chocolate is prepared from a variety of milk products such as milk powder, liquid milk, and condensed milk. According to research, these milk chocolates improve memory and reduce the incidence of heart attacks and strokes. It improves the efficacy of the immune system.
Because of the health benefits provided by milk chocolate, the industry is expanding rapidly. Furthermore, many research has discovered that milk chocolate improves memory and lowers the incidence of heart attacks and strokes, which is driving market growth. Furthermore, milk chocolate effectively hydrates and smoothens skin, sharpens memory, and boosts the general effectiveness of the immune system, which fuels demand and drives market expansion. Furthermore, ravonoids, a type of antioxidant presents in cocoa, boost blood flow by eliminating free radicals, propelling market growth. Furthermore, an increase in consumer disposable income in Asia-Pacific areas is likely to complement market expansion.
US Milk Chocolate Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 18.5 billion
Organic milk chocolate
Organic milk chocolate
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Global milk chocolate market is segmented based on type, form, distribution channel, application. Based on type, market is segmented into conventional milk chocolate, organic milk chocolate, others. Based on form, market is segmented into bar, candies, chocolate coated nuts, chocolate chips, other forms. Based on distribution channel, Milk Chocolate Market is segmented into hypermarkets/supermarkets, speciality stores, convenience stores, pharmaceuticals, others. Based on application, market is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, others. Based on region, market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East& Africa.
Milk Chocolate Market Analysis by Nature Type:
Based on nature, the global milk chocolate market is divided into two categories: conventional milk chocolate and organic milk chocolate. The conventional milk chocolate category is expected to dominate the global market due to its low cost and widespread production. However, demand for organic milk chocolate is expected to expand rapidly in the next years, particularly in developed nations, due to the growing organic food trend in the regions, owing to the health benefits they provide while leaving the least environmental footprint. According to the International Cocoa Organization (ICCO), customer concern about the safety of their food, as well as a variety of other environmental implications or impacts, is driving up demand for organic cocoa products.
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Based on region, global milk chocolate market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. Europe presently maintains the largest market share in the global milk chocolate market, followed by North America, and is expected to maintain its dominance throughout the forecast years due to high milk chocolate production and consumption across the area. Another significant factor for the region's rise is the presence of key global milk chocolate makers in Europe and North America, such as Mondelez International, Cargill, Nestle S.A., and others. The milk chocolate market in Asia Pacific is expected to grow dramatically in the future years, owing to a significant growth in the region's consumers' discretionary spending habits. Rising awareness of the many health benefits provided by cocoa-based consumables is likely to further fuel the expansion of the Asia Pacific milk chocolate market. Furthermore, expanding global market players' interest in major Asian countries like as India and China, as well as Asian companies' adoption of fair-trade cocoa sourcing procedures, are expected to boost the region's market expansion.
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Milk Chocolate Market Drivers
Milk Chocolate Market Restraint
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The milk chocolate market is fragmented, with both regional/local and multinational companies. Players such as Arla Foods, Danone, and Nestle SA dominate the market. The top players in the milk chocolate market have a global presence. Other significant manufacturers, including Hershey, Saputo, and Muller, are focused on social media platforms and online distribution methods for online marketing and branding of their products in order to attract more customers.
Top Players in the Global Milk Chocolate Market
Milk Chocolate Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global milk chocolate market analysis, milk chocolate consumption has increased globally as a result of the benefits, combined with expanding consumer spending power. Milk chocolate is increasingly being utilized in the formulation of a broad range of beverages and confectionary goods, including as cakes, milkshakes, croissants, and hot chocolate, which is fuelling the worldwide milk chocolate market's rise. Due to the region's enormous popularity and large consumption of chocolate, the Asia-Pacific region dominates the milk chocolate market and will continue to do so during the projection period.
|Market size value in 2021||USD 18.5 billion|
|Market size value in 2030||USD 19.78 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Milk Chocolate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Milk Chocolate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG30I2022