Global Milk Chocolate Market Propelled by Rising Product Innovations

Chocolate, made from the fruit of a tropical tree called Theobroma cacao, is one of the most popular sweet treats consumed across the globe. Currently, there are different types of chocolates available to the consumers differentiated on the basis of cocoa content present in them, such as milk chocolate, white chocolate and dark chocolate. Amongst these, milk chocolate first came into recognition in the later-1800s when confectioners Daniel Peter and Henri Nestle used condensed milk to develop the first solid milk chocolate. It is prepared by adding liquid milk, condensed milk or milk powder along with sugar, chocolate liquor, and cocoa solids.

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According to IMARC Group, the global milk chocolate market reached a value of US$ 61.4 Billion in 2017. Looking forward, the milk chocolate market is further expected to reach a value of more than US$ 76 Billion by 2023, at a projected CAGR of nearly 4% during 2018-2023.

Health Benefits Offered by Milk Chocolates to Drive the Market

Over the years, it has been discovered that milk chocolate offers numerous health benefits including smooth skin, improved immune system, enhanced memory as well as reduced risk of strokes and heart attacks. This is one of the major factors which has been driving the growth of the milk chocolate market. Apart from this, manufacturers have started introducing new flavours of milk chocolate such as caramel, orange, etc. They have also shifted their focus towards producing bite-sized versions of these chocolates particularly for consumers who want to track their calorie intake. These factors have, in turn, contributed towards an augmented demand for milk chocolate across the globe. Moreover, the high festive and seasonal sales represent another major milk chocolate market trend which has been witnessed during the recent years. However, cocoa, the main raw material used for the production of milk chocolate, can only be grown in specific environmental conditions which acts as a hindrance for the growth of the market.

Full Toc Report Milk Chocolate Market

Distribution Channel Insights

According to the milk chocolate market analysis, there are various means through which consumers can purchase milk chocolates, such as supermarkets and hypermarkets, convenience stores, and non-grocery retailers. Currently, supermarkets and hypermarkets represent the most popular distribution channel as they offer a wide collection of both affordable and premium products. These stores also cater to the demand for organic products which has been escalating over the years owing to an increase in disposable income levels and a rise in health consciousness among the consumers.

Further, the consumers prefer convenience stores on account of rapid urbanisation, rising global consumption of chocolate, lifestyle changes and the 24-hour format of these stores. On the other hand, a positive growth in the non-grocery retailer segment can be attributed to flourishing consumer market and rising influence of online retailing across the globe.

Regional Insights

As per the findings of the milk chocolate market research report, Western Europe represents the largest region followed by North America, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia. The market for milk chocolate has been growing in Western Europe on account of rising production in several nations including France, Germany and Italy. This can also be attributed to increasing investments from medium-sized vendors which has led to a boost in the confectionery sector across the region. Apart from this, the market in North America has been witnessing an upsurge on account of rising number of chocolate manufacturers. Whereas, the demand for milk chocolate has been increasing in Asia-Pacific due to a rise in the use of milk chocolate in the food and beverage sector, particularly in developing nations like India and China.

The nature of the market is concentrated with few large players accounting for the majority of the milk chocolate market share. This has made it difficult for new producers to enter the market.

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