According to the latest report by IMARC Group, titled “Milk Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global milk chocolate market reached a value of more than US$ 61 Billion in 2017. Made in the late 1800s by confectioners Daniel Peter and Henri Nestle, milk chocolate is currently one of the popular chocolates amongst children. It primarily contains liquid milk, condensed milk or milk powder along with ingredients like sugar, cocoa solids and chocolate liquor. This gives the milk chocolate a rich, creamy and smooth texture. In contrast to dark chocolate, milk chocolate has a lighter colour. Moreover, on account of its popularity, milk chocolate is extensively used in the preparation of food products like cakes, cookies, beverages, smoothies and syrups.
The demand for milk chocolate is witnessing a stable growth owing to numerable associated health benefits, such as improving the immune system, reducing the risk of heart attacks, enhancing the memory, and providing a smooth and hydrated skin. In addition to this, as milk chocolate comprises of flavonoids, a type of antioxidants, it assists in stimulating the blood flow by eradicating free radicals from the blood stream. Apart from this, in order to expand their consumer-base, manufacturers are introducing new variants of milk chocolates like caramel and orange. Moreover, they are presently focusing on producing bite-sized versions of white chocolates for consumers who want to monitor their calorie intake. These factors have resulted in a rise in the demand for milk chocolates worldwide. Besides this, cocoa represents a key material which is used in the manufacturing of milk chocolate, however, as it can only be grown in selected environmental conditions, this might hinder the growth of the market. Looking forward, the market value is projected to exceed US$ 76 Billion by 2023, expanding at a CAGR of around 4% during 2018-2023.
- Based on distribution channel, the market has been segregated as supermarkets and hypermarkets, convenience stores, non-grocery retailers and others. Currently, supermarkets and hypermarkets dominate the market, holding the largest share 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. Amongst these, Western Europe is the leading market, accounting for the majority of the global share due to increasing production of milk chocolate in countries like France, Italy and Germany. This can also be accredited to the rising investments which are emerging from medium-sized vendors.
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