Global Milk Chocolate Market, By Type (Conventional Milk Chocolate, Organic Milk Chocolate), Form (Bar, Candies, Chocolate Coated Nuts, Chocolate Chips, Other Forms), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others), Application (Food and Beverages, Personal Care and Cosmetics, Pharmaceuticals, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The milk chocolate market's growth prospects are supported by the constant desire to create, unveil, and commercialize new delicacies. Two key factors driving product development in the milk chocolate market are taste and exquisiteness.
Data Bridge Market Research analyses that the milk chocolate market was valued at USD 18.50 billion in 2021 and is expected to reach the value of USD 32.26 billion by 2029, at a CAGR of 7.2% during the forecast period of 2022 to 2029.
Market Definition
Chocolate is an edible product made from cocoa that has been combined with fats such as cocoa butter and finely powdered sugar. Milk chocolate is made from various milk sources, including milk powder, liquid milk, and condensed milk. R&D studies have revealed that these milk chocolates aid in memory enhancement and lower the risk of heart attacks and strokes. It boosts the immune system's effectiveness.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Conventional Milk Chocolate, Organic Milk Chocolate), Form (Bar, Candies, Chocolate Coated Nuts, Chocolate Chips, Other Forms), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others), Application (Food and Beverages, Personal Care and Cosmetics, Pharmaceuticals, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Ghirardelli Chocolate Company (US), Barry Callebaut (Switzerland), The Kraft Heinz Company (US), Agostoni Chocolate (US), The Hershey Company (US), GCPPL Ltd. (India), Blommer Chocolate Company (US), Chocoladefabriken Lindt & Sprüngli AG (Switzerland), Ferrero (Italy), Mondelez International (US), Chocolatiers (UK) Ltd. (UK), Nestle S.A (Switzerland), Cargill, Incorporated. (US), LOTTE SHOPPING Co., Ltd. (South Korea), Mars, Incorporated (US), Mondelez International Inc. (US), Strauss Group (Israel), Favarger SA (Switzerland), Unilever (UK), Chocolat Bernrain AG (Switzerland)
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Opportunities
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Milk Chocolate Market Dynamics
Drivers
- Rising online retails as well as expansion in supply chains
Advances in online retail are one of the key trends driving the evolution of the milk chocolate market. Large product distribution channels include convenience stores, specialty stores, supermarkets, drug stores, and hypermarkets. Retailers and manufacturers' ongoing efforts to expand their supply and distribution chains have been critical in increasing access to developments in the milk chocolate market.
- Diversification of products according to the needs
A major driving force in the milk chocolate market is the constant desire to try new ethnic flavours and tastes. The chocolate industry has shifted its focus over time to produce healthier products. This trend is being driven by a growing health-conscious population, particularly in emerging economies. Advances in organised retail in developing regions have fueled the evolution of the milk chocolate market.
Opportunity
The ease of payment for products via online channels, as well as the diverse range of chocolate flavours and textures, are key factors driving the popularity of e-commerce in the milk chocolate market. Furthermore, milk chocolate is increasingly being used in the formulation of a wide range of beverages and confectionery products, such as cakes, milkshakes, croissants, and hot chocolate, which is contributing to the growth of the global milk chocolate market..
Restraints
However, the easy availability of product substitutes, stringent government regulations on quality standardisation, and supply chain disruptions caused by the pandemic will limit the market's potential for growth. The high cost of R&D activities, as well as the volatility of raw material prices, will slow the growth rate of the milk chocolate market. Other market growth restraints include rising obesity prevalence, high blood sugar levels in patients, and an increase in the global incidence rate of diabetes..
This milk chocolate market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the milk chocolate market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Milk Chocolate Market
Low sales volumes caused by the COVID-19 epidemic, as well as supply-side concerns about quality and certification, hampered the milk chocolate market. The Fine Cacao and Chocolate Institute (FCCI) examined the impact of the COVID-19 pandemic on exports, and the results were troubling. According to Dominican Republic reports, the government imposed a strict lockdown that prevented growers and agricultural workers from travelling to the plantations for several weeks until exceptions were granted. As a result of the disruption in the raw material supply chain, followed by the lockdown, an increasing number of specialty stores remained closed for an extended period of time, resulting in lower volume consumption of premium chocolates..
Recent Development
- To commemorate All Women and Girls Month in February 2022, Hershey's created a chocolate bar. The "Celebrate SHE" bars are limited in quantity. The brand highlighted SHE in the centre of the milk chocolate bar.
- Cadbury, a Mondelez International brand, will launch the Twist Wrap packaging solution for its Duos range in January 2022, allowing consumers to munch in small pieces by twisting and sealing the box after eating half of the chocolate bar.
- In collaboration with Lagardère, Ferrero intends to relaunch the new Ferrero Rocher Tablets in the travel-retail channel in September 2021. Ferrero introduces its latest chocolate tablet in three flavours: milk, dark 55 percent cocoa, and white..
Milk Chocolate Market Scope
The milk chocolate market is segmented on the basis of type, form, distribution channel and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Conventional milk chocolate
- Organic milk chocolate
- Others
On the basis of type, the milk chocolate market is segmented into conventional milk chocolate, organic milk chocolate.
Form
- Bar
- Candies
- Chocolate Coated Nuts
- Chocolate Chips
- Other Forms
On the basis of form, the milk chocolate market is segmented into bar, candles, chocolate coated nuts, chocolate chips, other forms
Distribution channel
- Hypermarkets/supermarkets
- Specialty store
- Convenience stores
- Online store
- Other
On the basis of distribution channel, the milk chocolate market is segmented into hypermarkets/supermarkets, specialty store, convenience stores, online store, and others.
Application
- Food and beverages
- Personal care and cosmetics
- Pharmaceuticals
- Others
On the basis of distribution channel, the milk chocolate market is segmented into food and beverages, personal care and cosmetics, pharmaceuticals and others
Milk Chocolate Market Regional Analysis/Insights
The milk chocolate market is analyzed, and market size insights and trends are provided by country, type, form, distribution channel, and application.
The countries covered in the milk chocolate market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
The Asia-Pacific region dominates the milk chocolate market and will continue to do so during the forecast period due to the region's tremendous popularity and substantial consumption of chocolate, rising consumption of waffles and pitas prepared with chocolate spreads, increasing adoption of Western culture and foods that have replaced traditional foods with bread and toasts, growing population, rising lifestyle changes.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Milk Chocolate Market Share Analysis
The milk chocolate market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to milk chocolate market.
Some of the major players operating in the milk chocolate market are:
- Ghirardelli Chocolate Company (US)
- Barry Callebaut (Switzerland)
- The Kraft Heinz Company (US)
- Agostoni Chocolate (US)
- The Hershey Company (US)
- GCPPL Ltd. (India)
- Blommer Chocolate Company (US)
- Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
- Ferrero (Italy)
- Mondelez International (US)
- Chocolatiers (UK) Ltd. (UK)
- Nestle S.A (Switzerland)
- Cargill, Incorporated. (US)
- LOTTE SHOPPING Co., Ltd. (South Korea)
- Mars, Incorporated (US)
- Mondelez International Inc. (US)
- Strauss Group (Israel)
- Favarger SA (Switzerland)
- Unilever (UK)
- Chocolat Bernrain AG (Switzerland)
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