Global Milk chocolate market

Milk Chocolate Market Size, Share, Growth Analysis, By Type(Conventional milk chocolate, organic milk chocolate, others), By Form(Bar, Candies, Chocolate coated nuts, Chocolate chips), By Application(Food & Beverages, Personal care & cosmetics, Pharmaceuticals, Others), By Distribution channel(Hypermarkets/Supermarkets, Speciality stores, Convenience stores, Pharmaceuticals), By Region - Industry Forecast 2024-2031


Report ID: SQMIG30I2342 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 122 |Figures: 77

Milk Chocolate Market Insights

Milk Chocolate Market size was valued at USD 18.5 billion in 2019 and is poised to grow from USD 19.78 billion in 2023 to USD 32.26 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

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.

Market Snapshot - 2024-2031

Global Market Size

USD 18.5 billion

Largest Segment

Organic milk chocolate

Fastest Growth

Organic milk chocolate

Growth Rate

7.2% CAGR

Global Milk Chocolate Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)

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Milk Chocolate Market Segmental Analysis

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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Milk Chocolate Market Regional Insights

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 Dynamics

Milk Chocolate Market Drivers

  • High demand for chocolate-based confections in Western economies and rapidly growing demand for indulgence items in developing economies like as China, India, Korea, and others are expected to drive the global milk chocolate market growth in the next years. Rising demand for preimmunised milk chocolate as a result of increased customer willingness to obtain quality and sustainable chocolate products is another significant factor that is predicted to favourably impact the milk chocolate industry in the future years. Furthermore, the increased habit of gifting chocolates throughout the holiday season can help the industry grow.

Milk Chocolate Market Restraint

  • However, the market's potential for expansion would be limited by the simple availability of product replacements, tight government rules on quality standardisation, and supply chain interruptions induced by the pandemic. The high cost of R&D activities, as well as the instability of raw material costs, may impede the milk chocolate market's growth pace. Other market growth inhibitors include increased obesity prevalence, high blood sugar levels in patients, and an increase in the global diabetes incidence rate.

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Milk Chocolate Market Competitive Landscape

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

  • Nestle
  • Mondelez International
  • Mars, Incorporated
  • Ferrero Group
  • Hershey's
  • Lindt & Sprungli
  • Cadbury
  • Godiva Chocolatier
  • Ghirardelli Chocolate Company
  • Chocoladefabriken Lindt & Sprüngli AG
  • Ferrero Rocher
  • Toblerone
  • Guylian
  • Kinder Chocolate
  • Milka
  • Ritter Sport
  • Galaxy Chocolate
  • Kit Kat
  • Snickers
  • Twix

Milk Chocolate Market Recent Developments

  • Hershey's designed a chocolate bar to mark All Women and Girls Month in February 2022. The "Celebrate SHE" bars are in limited supply. SHE was featured in the centre of the milk chocolate bar by the brand.
  • Cadbury, a Mondelez International brand, will introduce Twist Wrap packaging for its Duos range in January 2022, allowing consumers to eat the chocolate bar in small pieces by twisting and sealing the box after eating half of it.
  • Ferrero wants to release the new Ferrero Rocher Tablets in the travel-retail channel in September 2021 in conjunction with Lagardère. Ferrero announced three new chocolate tablets: milk, dark 55 percent cocoa, and white.

Milk Chocolate Key Market Trends

  • In recent years, manufacturers have begun to introduce new milk chocolate versions by combining it with other foods such as orange, caramel, cookies, and nuts. Aside from that, they've released items in a variety of shapes and sizes, including bars, chips, cubes, and wafers. The availability of these varieties has increased overall milk chocolate consumption. Furthermore, milk chocolate is increasingly being utilized in the formulation of a broad variety of beverages and confectionary products, such as cakes, milkshakes, croissants, and hot chocolate, which is contributing to the worldwide milk chocolate market's growth.

Milk Chocolate Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2019 USD 18.5 billion
Market size value in 2031 USD 32.26 billion
Growth Rate 7.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Conventional milk chocolate, organic milk chocolate, others
  • Form
    • Bar, Candies, Chocolate coated nuts, Chocolate chips, Other forms
  • Application
    • Food & Beverages, Personal care & cosmetics, Pharmaceuticals, Others
  • Distribution channel
    • Hypermarkets/Supermarkets, Speciality stores, Convenience stores, Pharmaceuticals, Others
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)
Companies covered
  • Nestle
  • Mondelez International
  • Mars, Incorporated
  • Ferrero Group
  • Hershey's
  • Lindt & Sprungli
  • Cadbury
  • Godiva Chocolatier
  • Ghirardelli Chocolate Company
  • Chocoladefabriken Lindt & Sprüngli AG
  • Ferrero Rocher
  • Toblerone
  • Guylian
  • Kinder Chocolate
  • Milka
  • Ritter Sport
  • Galaxy Chocolate
  • Kit Kat
  • Snickers
  • Twix
Customization scope

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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Milk Chocolate Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Milk Chocolate Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Milk Chocolate Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Milk Chocolate Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Milk Chocolate Market size was valued at USD 18.5 billion in 2019 and is poised to grow from USD 19.78 billion in 2023 to USD 32.26 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

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 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. 'Nestle', 'Mondelez International', 'Mars, Incorporated', 'Ferrero Group', 'Hershey's', 'Lindt & Sprungli', 'Cadbury', 'Godiva Chocolatier', 'Ghirardelli Chocolate Company', 'Chocoladefabriken Lindt & Sprüngli AG', 'Ferrero Rocher', 'Toblerone', 'Guylian', 'Kinder Chocolate', 'Milka', 'Ritter Sport', 'Galaxy Chocolate', 'Kit Kat', 'Snickers', 'Twix'

High demand for chocolate-based confections in Western economies and rapidly growing demand for indulgence items in developing economies like as China, India, Korea, and others are expected to drive the milk chocolate market growth in the next years. Rising demand for preimmunised milk chocolate as a result of increased customer willingness to obtain quality and sustainable chocolate products is another significant factor that is predicted to favourably impact the milk chocolate industry in the future years. Furthermore, the increased habit of gifting chocolates throughout the holiday season can help the industry grow.

In recent years, manufacturers have begun to introduce new milk chocolate versions by combining it with other foods such as orange, caramel, cookies, and nuts. Aside from that, they've released items in a variety of shapes and sizes, including bars, chips, cubes, and wafers. The availability of these varieties has increased overall milk chocolate consumption. Furthermore, milk chocolate is increasingly being utilized in the formulation of a broad variety of beverages and confectionary products, such as cakes, milkshakes, croissants, and hot chocolate, which is contributing to the worldwide milk chocolate market's growth.

Based on region, 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 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 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 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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Global Milk chocolate market

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