Want To Step Up Your Milk Chocolate Market? You Need To Read This First

The global milk chocolate market size will grow by USD 16.38 billion during 2019-2023. The milk chocolate industry research report provides a detailed analysis of the market based on type (bar milk chocolate and bite-size milk chocolate) and geography (APAC, Europe, MEA, North America, and South America). The report analyzes the market's competitive landscape and offers information on several milk chocolate companies including Chocoladefabriken Lindt & Sprüngli AG, Mars Inc., Mondelēz International Inc., Nestlé SA, and The Hershey Co. The global milk chocolate market expected to witness a CAGR of almost 5% during the forecast period. Certain factors that are driving the market growth include increased spending on milk chocolates by millennials and Gen Z, rising demand for milk chocolates from emerging markets, and rising demand for low-calorie milk chocolate from health-conscious consumers. 

The global milk chocolate market is expected to witness a CAGR of 4.69% during the forecast period. Certain factors that are driving the market growth include increased spending on milk chocolates by millennials and Gen Z, rising demand for milk chocolates from emerging markets, and rising demand for low-calorie milk chocolate from health-conscious consumers.

The emerging markets accounts for about 80% of the total world economy. Most of these countries have high cocoa production and consumption. For instance, about 366,150 tons of cocoa beans were produced in 2017 in Africa, which is 70.4% of global production. The rise in affluent middle-class consumers is expected to contribute highly to the demand of milk chocolate in APAC. This growth is mainly contributed by the countries such as China and India. The rise in disposable income and middle-class population in emerging markets is expected to drive the consumption, which is expected to drive the growth of the milk chocolate market during the global forecast period. 

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Milk chocolates belong to temperamental food category as they melt easily at room temperature. Hence, to keep it in solid form the chocolates need to be refrigerated and this happens due to the presence of cocoa butter. Due to the melting issue consumers at times avoid gifting milk chocolates. To overcome this melting issue, vendors have come up with temperature tolerant chocolates. Key vendors are filing patents for introducing temperature tolerant product lines. Hence, the growing focus toward temperature tolerant milk chocolates is expected to be a key trend contributing to the milk chocolate market Industry growth. 

Market Segmentation

Milk Chocolate Market Forecast by Type

The bar milk chocolate segment held the largest milk chocolate market share in 2018 because of the increasing production of limited-edition bar chocolates with added ingredients and new look. 

Although the market share of the segment will decrease, it will continue to dominate the market throughout the next five years.

Milk Chocolate Market Analysis by Region

Europe accounted for the largest milk chocolate market share in 2018 because of the high consumption of chocolate and rising investments by regional and global players.

Europe's contribution to the growth of the milk chocolate market size will decrease, but it will remain the market leader throughout the forecast period.

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