New York, United States, April 03, 2024 (GLOBE NEWSWIRE) -- The Global Milk Chocolate Market Size is to Grow from USD 53.6 Billion in 2023 to USD 98.79 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.31% during the projected period.
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Milk chocolate is a type of chocolate that comprises powdered milk, liquid milk, or condensed milk in its composition, giving it a creamy feel and a sweeter flavor compared to black chocolate. Milk chocolate is a renowned variety of chocolate that is often used in food goods such as candy bars, chocolate bars, and sweets. Consumers around the world have become more aware of the health benefits of milk chocolate consumption. Milk chocolate is a favorite present, especially on holidays and special occasions. People buy milk chocolate to share, enjoy, and be joyful with their family friends & relatives. Additionally, an increase in consumer wealth in the Asia-Pacific region is likely to help drive market expansion. The milk chocolate market's trajectory will be hampered by the high price of research and development activities, as well as the high cost of organic milk chocolate, as well as an increasing consumer preference for dark chocolate products, which may act as a constraint on market expansion.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global Milk Chocolate Market Size, Share, and COVID-19 Impact Analysis, By Nature (Conventional Milk Chocolate, Organic Milk Chocolate), By Form (Chocolate-Coated Nuts, Chocolate Chips, Candies & Bars, Others), By Distribution Channel (Convenience Stores, Supermarkets/Hypermarkets, Specialist Retailers, Online Channels, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The organic milk chocolate segment is expected to grow at the fastest pace in the global milk chocolate market during the forecast period.
Based on nature, the global milk chocolate market is divided into conventional milk chocolate and organic milk chocolate. Among these, the organic milk chocolate segment is expected to grow at the fastest pace in the global milk chocolate market during the forecast period. The market for organic milk chocolate is predicted to grow fast in the next years, particularly in developed countries, due to the growing organic food trend in those regions, which is linked to health benefits and minimal environmental impact. candies & bars segment is expected to grow at the fastest pace in the global milk chocolate market during the forecast period.
Based on the form, the global milk chocolate market is divided into chocolate chips, candies & bars, chocolate-coated nuts, and others. Among these, the candies & bars segment is expected to grow at the fastest pace in the global milk chocolate market during the forecast period. Chocolate bars and candies are hugely popular with consumers. The simple availability of the aforementioned milk chocolate types on the market, combined with their widespread popularity in both developed and emerging countries, is likely to drive segment growth.
The specialist retailers segment is expected to hold the largest share of the global milk chocolate market during the forecast period.
Based on distribution channels, the global milk chocolate market is divided into convenience stores, supermarkets/hypermarkets, specialist retailers, online channels, and others. Among these, the specialist retailers segment is expected to hold the largest share of the global milk chocolate market during the forecast period. The presence of a strong middle-income segment, and specialty retail stores had the biggest market share. Specialty retailers usually provide a personalized customer experience, offering professional advice and recommendations based on their tastes.
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Europe is expected to hold the largest share of the global milk chocolate market over the forecast period.
Europe is expected to hold the largest share of the global milk chocolate market over the forecast period. The growth in this region is due to reasons such as the rising popularity of chocolate consumption in European countries. Based on a study, Switzerland consumes the most chocolate per person at around 9 kg, while Germany and Austria follow closely behind with 7.9 kg and 8.1 kg per capita, respectively. Also, many European nations such as Ireland, France, and Norway, consume a large quantity of chocolate annually. The increase in chocolate consumption in these nations is due to the population's strong disposable incomes, good quality of life, established distribution channels, and the involvement of major players in the market.
Asia Pacific is predicted to grow at the fastest pace in the global milk chocolate market during the projected timeframe. The Asia Pacific milk chocolate industry is expected to experience growth due to the growing awareness of the health benefits of cocoa-based products. Additionally, the increasing interest from global market players in important Asian countries like India and China, along with the willingness of Asian businesses to adopt fair-trade cocoa sourcing practices, is expected to boost regional market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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Recent Developments
- In February 2024, Nestle released the first KitKat bar made with cocoa mass from beans grown by farmer families involved in the company's income accelerator program. This KitKat aims to connect customers with the farmers in Nestle's program and inform them about the cocoa's sustainability in the popular bars.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Milk Chocolate Market based on the below-mentioned segments:
Global Milk Chocolate Market, By Source
- Conventional Milk Chocolate
- Organic Milk Chocolate
Global Milk Chocolate Market, By Form
- Chocolate Chips
- Candies & Bars
- Chocolate-Coated Nuts
- Others
Global Milk Chocolate Market, By Distribution Channel
- Convenience stores
- Supermarket/hypermarket
- Specialist retailers
- Online channel
- Others
Global Milk Chocolate Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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