According to Technavio, "Global Milk Chocolate Market by type (bar milk chocolate, and bite-size milk chocolate) and geographic regions (APAC, Europe, MEA, North America, and South America) is expected to grow by USD 16.38 billion, at a CAGR of close to 5% during 2019-2023"
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Technavio has published a new market research report on the global milk chocolate market from 2019-2023. (Graphic: Business Wire)
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Global milk chocolate market: Focus toward temperature tolerant milk chocolates
Milk chocolates are highly susceptible to changes in temperature and can easily melt at room temperature. Milk chocolates need to be refrigerated to keep them in solid form. At times, consumers avoid gifting milk chocolates owing to this issue. Therefore, vendors in the market have come up with temperature tolerant chocolates to overcome the melting issue. This would benefit the market and encourage the mass production of milk chocolates in hot climates, especially in developing economies. High investments have been made in supply chain and logistics to maintain product quality without melting. Therefore, the growing focus toward temperature tolerant milk chocolates will fuel the growth of the milk chocolate market during the forecast period.
"Apart from the growing focus toward temperature tolerant milk chocolates, other factors such as the introduction of small-scale startups, rising demand from emerging markets, and the rise in flavors in milk chocolates will have a significant impact on the growth of the milk chocolate market size during the forecast period," says a senior analyst at Technavio.
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Global milk chocolate market: Segmentation analysis
This market research report segments the global milk chocolate market by type (bar milk chocolate, and bite-size milk chocolate) and geographic regions (APAC, Europe, MEA, North America, and South America).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. Europe is the leading region in terms of milk chocolate production and consumption. The majority of the global chocolate manufacturing units, as well as their supply base, are in this region. However, the APAC region is expected to witness the highest incremental growth during the forecast period.
Global milk chocolate market: Rising demand for low-calorie milk chocolate
A key factor driving the growth of the global milk chocolate market size is the rising demand for low-calorie milk chocolate from health-conscious consumers. Over the past few decades, there has been a rise in obesity across the world. Sugar is believed to be one of the biggest contributors to weight gain. Thus, a rising number of health-conscious consumers are avoiding the consumption of chocolates and related confectionery products. However, these health-conscious consumers favor the consumption of low-calorie milk chocolates. Therefore, manufacturers are introducing different varieties of low-sugar milk chocolates to meet this growing demand.
Few Major Players for the global milk chocolate market are:
- Chocoladefabriken Lindt Sprüngli AG
- Mars Inc.
- Mondelez International Inc.
- Nestlé SA
- The Hershey Co.
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