The global milk chocolate market reached a value of about USD 58.60 billion in 2021. The industry is projected to grow at a CAGR of around 3.8% in the forecast period of 2022-2027 to reach a value of about USD 73.13 billion by 2027.
The global milk chocolate industry report gives a comprehensive analysis of the industry including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The need for novel dairy products, such as chocolate milk products, is constantly strong because their ingredients are full of nutritional content. The good is a quick and accessible source of nutrition and energy popular among many consumers. In the industry report, the critical demand indicator is the highest category spender by region—Europe (Western Europe) due to the rise in milk chocolate manufacturing in France and Germany.
Milk Chocolate is solid chocolate that primarily contains cocoa, sugar, and milk. It is associated with being a nutritional snack, particularly for youngsters, while flavour and texture have been essential factors in its popularity. It is full of nutrients and helps improve memory, smoothens, and hydrates the skin, lowers the risk of cardiac strokes and attacks, and strengthens the immune system. Furthermore, it is high in flavonoids, antioxidants that remove free radicals from the bloodstream and increase blood flow. It melts quickly and has a lighter hue and creamier texture than plain or dark chocolate. The electronic manufacturing services industry report comprises segments by type (Dairy-Based Chocolate Milk, Non-Dairy Based Chocolate Milk), distribution channel (Supermarket/ Hypermarkets, Convenience Stores, Other Distribution Channels), and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America). The European milk-based chocolate holds a significant share in the global market, with North America, Eastern Europe, Asia, Latin America, the Middle East and Africa, and Australasia following Western Europe.
The product also finds application in a wide range of products like confectionery goods, including cakes, milkshakes, croissants, and hot chocolate furthering the market's potential. The launch of newer products with ingredients like orange, caramel, biscuits, and nuts is gaining traction. Changes in products to make them more appealing, like the introduction of bars, chips, cubes, and wafers, are boosting sales in the sector. Other factors like the preference of packaged foods, rise in disposable income, and expenditure on premium products are giving the market a significant thrust.
However, factors such as the shifting consumer preference towards dark chocolate due to higher health advantages, changing raw material costs, particularly cocoa, supply volatility, and political instability in cocoa-producing nations are likely to impact the market negatively.
The global milk chocolate industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global milk chocolate producing and consuming regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Milk chocolate is primarily made using cocoa, milk, and sugar. The seeds, known as beans, are extracted from the cocoa pods, and fermented before drying. After that, they're transferred to a processing factory to be cleaned and roasted. The beans are then processed in two stages, first with an impact mill to liquefy the cocoa, then with a ball mill. Cocoa liquor is liquefied and separated into cocoa mass and cocoa butter. Now, the two key elements enter the process. Excess water would impair the flowing qualities of the liquid chocolate; thus, milk is typically added in powdered form. Some industries prefer condensed milk, especially if milk production is seasonal. The final significant component, sugar, is added in a roll refiner or conche at the same time as the milk powder. Also utilised is sugar beet. They are sometimes blended separately before adding the milk and sugar to the liquid cocoa mass and cocoa butter. After that, the liquid chocolate is put into moulds and made into bars. The final product is then packaged and ready to be shipped.
The industry faces a constant challenge from healthier substitutes of the good but, growing marketing efforts and introduction of products that suit all consumer-base is propelling the market demand. With the increasing prevalence of health conditions like lactose intolerance worldwide, consumers are gravitating toward low-fat, lactose-free variants creating new market opportunities for global players. Other product variations like reduced-fat and fortified chocolate milk with low sugar and extra nutritional advantages due to consumer demand are bolstering the market's growth. Other factors like growing knowledge regarding the nutritional content in the goods, product shelf life, consumer preference for packaged and ready-to-eat goods is furthering the market's expansion.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The milk chocolate industry is being fueled by introducing new goods to expand their range and reach an unreached consumer base. Various industry companies have made significant product advancements in response to shifting consumer tastes and preferences. In addition, marketing strategies through advertisements and social media are furthering the market's expansion. The advantage of a loyal consumer base is also impacting the market positively.
1. Executive Summary
2. Milk Chocolate Market Snapshot
2.1. Milk Chocolate Market Outlook
2.2. Milk Chocolate Industry Analysis by Distribution Channel
2.2.1. Supermarkets and Hypermarkets
2.2.2. Convenience Stores
2.2.3. Non-Grocery Retailers
2.3. Region Overview
2.3.3. North America
2.3.4. Latin America
2.3.5. Middle East & Africa
3. Impact of Recent Events
4. Milk Chocolate Value Chain Analysis
5. Milk Chocolate Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Milk Chocolate Cost Structure
9. Milk Chocolate Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Milk Chocolate Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Ferrero Spa
14.2. Ezaki Glico Co., Ltd.
14.3. Nestle S.A.
14.4. Mondelez International Inc.
14.5. Barry Callebaut Group
The global milk chocolate market size was valued at USD 58.60 billion in 2021.
As per the services provided, the supermarket/hypermarket segment is anticipated to lead the market between the period 2021 – 2028.
The significant demand for goods with higher nutritional content is one of the crucial drivers of the milk chocolate market growth.
Some of the leading companies in the market are Ferrero Spa, Ezaki Glico Co., Ltd., Nestle S.A., Kinder Chocolate, Mondelez International, Blommer Chocolate Company, Lindt & Sprungli, Godiva, Barry Callebaut and Stella Bernrain.
The European region segment of the milk chocolate industry holds a significant share in the market.
The global milk chocolate market attained a value of USD 58.60 billion in 2020, driven by the rising prevalence of the application of milk chocolate in a wide range of goods like confectionery items, including cakes, milkshakes, croissants, and hot chocolate, which expands the market's potential. Furthermore, the positive response from consumers on the introduction of novel items with components such as orange, caramel, cookies, and nuts are driving the industry forward. The introduction of bars, chips, cubes, and wafers improves industry sales. Other reasons such as consumer demand for packaged goods, rising disposable income, and spending on high-end products are propelling the industry. Aided by the product innovations like low-fat, lactose-free varieties as the prevalence of health issues such as lactose intolerance rises, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 3.8%. The market is projected to reach USD 73.13 billion by 2027.
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