The global milk chocolate market size is poised to reach USD 16.38 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 5% during the forecast period.
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Technavio has published a new market research report on the global milk chocolate market from 2019-2023. (Graphic: Business Wire)
Read the 116-page research report with TOC on "Milk Chocolate Market Analysis Report by type (bar milk chocolate and bite-size milk chocolate) and geography (APAC, Europe, MEA, North America, and South America) 2019 2023": Request Free Sample Pages
The market is driven by the rising demand for low-calorie milk chocolate from health-conscious consumers. Also, the increased spending on milk chocolates by millennials and Gen Z is anticipated to further boost the growth of the market during the forecast period.
The demand for low-calorie milk chocolate is particularly high among health-conscious consumers who avoid eating chocolates and confectionery products having high sugar content. To cater to the growing demand, market vendors are offering diverse and innovative low-calorie milk chocolate products for diet-conscious consumers.
Furthermore, Millennials and Gen Z account for a significant share of the snacks and branded food purchases. They prefer to try new flavors and variety in packaged food products. Moreover, millennials opt for convenient confectionery and snack foods, including milk chocolates as they are busy with their tight schedules. Another factor contributing to the rise in spending on milk chocolates by millennials and Gen Z is the growing preference for chocolates as a gift on special occasions such as Valentine's day, birthdays, anniversaries, festivals, and office functions. All these factors are likely to propel the demand for milk chocolates during the forecast period.
For More Information: Speak to an Analyst
The report includes detailed profiles of the leading companies prominent vendors of the market:
- Chocoladefabriken Lindt Sprüngli AG
- Mars Inc.
- Mondelez International Inc.
- Nestlé SA
- The Hershey Co.
Market Segmentation by Category and Product Types:
The Milk Chocolate Market can be broadly categorized into the following type:
- Bar milk chocolate
- Bite-size milk chocolate
Key Regions for the Milk Chocolate Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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