The latest report by IMARC Group, titled “Milk Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global milk chocolate market size reached US$ 58.6 Billion in 2021. Milk chocolate refers to a popular confectionery product that primarily contains sugar, cocoa, chocolate liquor, and condensed or whole milk. It has a lighter color, with a creamy and smoother texture as compared to dark chocolate. Nowadays, milk chocolate is available in various shapes and sizes like bars, chips, cubes and wafers. It is a rich source of flavonoids, a type of antioxidant, which aids in eliminating free radicals from the bloodstream. Moderate milk chocolate consumption also helps enhance memory, smoothen and hydrate the skin, reduce the risk of heart strokes, and improve the immune system.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Milk Chocolate Market Trends:
The global milk chocolate market is primarily driven by the increasing purchasing power of consumers. Besides this, with the rising health awareness among individuals, the leading manufacturers are focusing on producing bite-sized versions of milk chocolates for health-conscious consumers who want to monitor their calorie intake. They are also introducing new milk chocolate variants containing orange, caramel, cookies, and nuts to expand their product portfolio and attract a broader consumer base. The sales of premium milk chocolate are also influenced seasonally around various occasions and festivals, such as Christmas and Easter. Furthermore, due to the numerous functional properties of milk chocolates, they are extensively used in the preparation of food products like cakes, cookies, beverages, smoothies, and syrups. On account of these factors, the market value is expected to reach US$ 72.7 Billion by 2027, exhibiting a CAGR of 3.76% during the forecast period (2022-2027).
- Based on the distribution channel, the market has been segmented into supermarkets and hypermarkets, convenience stores, non-grocery retailers, and others. Among these, supermarkets and hypermarkets dominate the market, as they serve a wide range of affordable as well as premium milk chocolates.
- Region-wise, the market has been segmented into Western Europe, North America, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia. At present, Western Europe is the leading market for milk chocolate due to the high production across countries like France, Italy and Germany.
- The competitive landscape of the market has been examined with the detailed profiles of the key players operative in the industry.
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