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.
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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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