Milk Chocolate Market Projected to Surpass USD 100.1 billion, Anticipating a 6.6% CAGR by 2031: Transparency Market Research, Inc.
Increasing premiumization and offering artisanal milk chocolate will drive market demand
Wilmington, Delaware, United States, Feb. 05, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The milk chocolate industry was worth US$ 56.3 billion in 2022. Between 2023 and 2031, it is predicted to increase at a CAGR of 6.6%, reaching US$ 100.1 billion by 2031. Demand for healthier chocolate options is rising as people become more health-conscious. Future milk chocolate products might feature novelties like lower sugar content, the inclusion of useful components like vitamins or antioxidants, and an emphasis on clear labeling.
People will likely continue to gravitate towards fine and artisanal chocolates. Customers are prepared to pay extra for distinctive, premium, and ethically sourced chocolate experiences. Artisan chocolatiers can become more well-known with their handcrafted milk chocolates with unique flavors and textures. Customers increasingly take note of social and environmental issues. Future milk chocolate might focus more on ethical and sustainable cocoa bean sourcing. Companies may obtain a competitive advantage if they are dedicated to fair trade methods and environmentally beneficial projects.
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The chocolate business is renowned for its innovative approach to developing flavors. Future milk chocolate goods might have unique and unusual flavor combinations to suit the palates of bold and diversified consumers. Innovations in texture, including adding chewy or crunchy components, may also increase. The way that consumers access and buy milk chocolate may change as a result of the growth of direct-to-consumer and online shopping. Brands might put more money into direct-to-consumer sales channels, tailored online experiences, and e-commerce initiatives.
Key Findings of the Market Report
- In terms of form, bars will create a market for milk chocolate.
- In terms of application, the food & beverages industries are anticipated to develop a milk chocolate market.
- Hypermarkets/supermarkets are capturing the milk chocolate market.
- Based on nature, the demand for organic milk chocolate will rise in the future.
- The creamy texture is a key consideration among consumers in the dynamic milk chocolate market.
- In 2022, North America held the largest share of the milk chocolate market.
Global Milk Chocolate Market: Key Players
International and local players compete for global milk chocolate market share. Mergers and acquisitions are two of the most common strategies prominent players use.
- Nestle SA
- Mars Incorporated
- Mondelez International
- Meiji Co. Ltd.
- Hershey Company
- Blommer Chocolate Company
- Barry Callebaut
- Unilever
- Ferrero
- Ezaki Glico Co. Ltd.
- Others
Key Developments
- In September 2023, Nestlé released the ultimate perfected KitKat for its 50th anniversary in Japan. A “product renewal” has been undertaken by Nestlé Japan for the Japanese KitKat to achieve the best possible version. Several hundred prototypes were created during nearly three years while working with international product development teams.
- In January 2023, Hershey’s Kisses Milk Chocolates with Snoopy & Friends Foils featured 18 different pink and red foils that feature beloved Peanuts characters. Each bag’s Kisses treats is fun and adorned with Snoopy’s favorite characters, such as Charlie Brown, Woodstock, and Lucy.
Global Milk Chocolate Market: Growth Drivers
- The demand for milk chocolate is mostly driven by consumers’ general taste for decadent and sweet sweets. Milk chocolate is a popular and adaptable candy that appeals to a wide range of consumers in all age groups, making it the preferred option for anyone looking for a satisfying and enjoyable snack.
- A growing trend of giving chocolate gifts, especially during holidays and special occasions, is driving milk chocolate sales. Sales of chocolates, especially milk chocolate, rise over the holidays because they are frequently seen as a kind and well-received present.
- The custom of giving gifts and innovative packaging and marketing techniques employed by chocolate producers contribute to the product’s appeal and propel its market expansion.
- Product advancements and innovations in the milk chocolate area influence market dynamics. Producers constantly implement novel tastes, textures, and high-quality mixes to accommodate changing consumer tastes and set their products apart in a cutthroat industry.
- Demand for milk chocolate that is positioned as a premium, high-quality indulgence or that has additional functional ingredients may also come from health-conscious consumers.
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Global Milk Chocolate Market: Regional Landscape
- North America is expected to lead the milk chocolate market. The demand for milk chocolate is mostly driven by the region’s wide and varied consumer base. Due to the population’s diverse and rich cultural heritage and general fondness for sugary sweets, milk chocolate is a preferred option for customers of all ages.
- The demand for premium and high-quality chocolate goods among consumers has also contributed to expanding the milk chocolate market in North America.
- Many customers are willing to spend more when it comes to chocolates with high cocoa content, distinctive flavors, and ethical sourcing. As a result, gourmet and artisanal chocolate businesses have flourished, benefitting the milk chocolate sector as a whole.
- Sales of milk chocolate are greatly impacted by the gift-giving culture in North America, particularly around holidays and special events. Chocolates are frequently given as gifts. Therefore, producers use this custom by creating packaging with festive and seasonal themes and limited-edition flavors to draw customers during the busiest holiday seasons.
Global Milk Chocolate Market: Segmentation
By Nature
- Organic
- Conventional
By Form
- Bars
- Candies
- Chocolate Chips
- Others
By Application
- Food & Beverages
- Personal Care & Cosmetics
- Pharmaceuticals
- Others
By Distribution Channel
- Hypermarkets/ Supermarkets
- Convenience Stores
- Pharmacy and Confectionery Stores
- Departmental Stores
- Online Retail
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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