Published: Mar, 2018
Since its inception in the late 1800s, milk chocolate continues to be a favorite among consumers, reflecting two centuries of rich European indulgence and high production quality. Swiss food giant Nestlé SA is dubbed to have pioneered the art of making quality milk chocolates from its unique formulas that contained specific amounts of milk solids, chocolate liquor, cocoa butter, and milk fats. In the recent past, European companies namely Lindt AG, Barry Callebaut, Unilever, Chocolatiers (UK) Ltd., and Ferrero have also gained recognition as key contributors to global milk chocolate production. Prominent chocolate producers in the world – Mars, Inc., Hershey Co., Mondel?z International, Blommer Chocolate Company, Ezaki Glico and Meiji Co Ltd – are also being observed as the key players in the global milk chocolate market.
Transparency Market Research has observed the concentered presence of prominent milk chocolate companies across Europe, which has influenced its insights on the region being highly lucrative in the global milk chocolate landscape. According to the forecast study, the global market for milk chocolate will be worth over US$ 95 billion by the end of 2026. The report further observes that the global market for milk chocolate will reflect a robust CAGR of 6.2% in terms of value over the forecast period, 2017-2026. During this period, Europe will represent the largest market for milk chocolates, in terms of production as well as consumption.
European consumers will be responsible for the sales of more than 38% of milk chocolate products worldwide
Regional insights from the report indicate milk chocolate as a staple dairy derivative in European countries such as Germany, Italy, the UK, Switzerland and France. Significant percentage of milk chocolate produced in Europe is exported for being high in quality and consumption safety. Germany and France will account for more than half of Europe’s milk chocolate market value throughout the forecast period. North America and the Asia-Pacific excluding Japan (APEJ) region will also showcase high value growth through 2026. It has been estimated that by 2026-end, milk chocolate sold in North America and APEJ together will be merely 4% more than Europe’s estimated milk chocolate market value for the same forecast year.
Consumers to stay inclined towards conventional milk chocolate; Milk chocolate bars and candies will reflect top consumer choices
In the coming years, the ratio of conventional products to organic products in the global milk chocolate consumption landscape will be around 3:1 correspondingly. By the end of 2026, more than US$ 73 billion worth of conventional milk chocolate products will be sold worldwide. High prices of organic milk chocolate products will constrain their consumption over conventional milk chocolate products. These products will be offered across a range of forms, wherein bars and candies will be top-sellers. Over the forecast period, milk chocolate sold in the form of bars and candies will collectively represent a global market value share of nearly 65%.
In 2018 and beyond, milk chocolate will be predominantly used in food & beverage applications
The report further reveals that throughout the forecast period, more than three-fourth of milk chocolate products sold in the world will be manufactured through food & beverage applications. Almost every other milk chocolate product consumed in the world will be either in the form of food items such as cake and confections or as shakes, liquid desserts and other types of beverages. Market players will also remain focused upon driving their sales through modern trade outlets. Throughout the forecast period, modern trade outlets will represent the largest channel for milk chocolate in the world. The study also foresees highest value growth for milk chocolate sales through online stores in the coming years.
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