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Addition of value-added ingredients such as high-quality milk solids, cocoa butter, and chocolate liquor along with basic ingredients such as sweeteners, dairy ingredients, and cocoa to milk chocolates is predicted to be one of the smartest strategies adopted by market players to increase their customer base.
With changing taste preference, customers are now seeking to invest in indulgence products that have been made with innovative ideas and healthier ingredients. Launch of milk chocolates in a variety of flavors and in attractive packaging is a growing trend not only in the developed market but also in emerging economies. The aforementioned reasons are anticipated to act as some of the major driving factors for the growth of the global milk chocolate market during the foreseeable years.
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Launch of new and healthy products with low sugar content is one of the prominent growth strategies of the leading market players operating in the global milk chocolate market. Furthermore, mergers, acquisitions, and collaborations are some another crucial strategies that leading market players such as Cargill Incorporated, Fuji Oil Holdings, and others are adopting in order to expand their global reach and strengthen their product portfolio. For instance, in 2015, chocolate confectionery giant Cargill acquired the global chocolate business of Archer Daniels Midland Co.
Milk chocolate is prepared by using a combination or blend of ingredients that commonly include sweeteners, dairy ingredients, milk, chocolate, and sugars. To identify and differentiate different chocolate types, the Food & Drug Administration of the U.S. has set a fixed parameter. According to the FDA, for chocolate to get recognized as milk chocolate, must contain at least 12% milk solids, 10% chocolate liquors, and 3.39% milkfat.
High demand for chocolate-based confection across developed economies, and tremendously growing demand for indulgence products across developing nations such as China, India, Korea, and others is projected to propel the market growth of global milk chocolate market crucially during the foreseeable years. Rising demand for premiumised milk chocolate due to increasing consumer willingness to get quality and sustainable chocolate products is another prominent reason that is expected to impact the milk chocolate market positively during the upcoming years. Furthermore, the growing trend of gifting chocolates during festive seasons can aid the growth of the market.
High fluctuations in the price of cocoa which is one of the primary ingredients used in the production of milk chocolates is anticipated to hinder the global milk chocolate market growth during the upcoming years. Furthermore, the high price of organic milk chocolate, coupled with growing consumer inclination towards dark chocolate products can also act as restraining factor for the growth of the market.
Some of the major companies that are present in the global milk chocolate market are Nestle S.A., Mars Incorporated, Barry Callebaut, Mondelez International, GODIVA Chocolates, Meiji Co. Ltd., Blommer Chocolate Company, Moonstruck Chocolate, Ferrero, and The Hershey Company.
By Distribution Channel
On the basis of form, the global milk chocolate market has been segmented into candies, bars, chocolate coated nuts, chocolate chips, and others. Among these, chocolate bars and candies segment is anticipated to hold the majority market share in the global market, owing to high consumer preference for chocolate bars and candies. Easy availability of these aforementioned milk chocolate forms in the market, coupled with their wide popularity across developed as well as developing economies is further projected to drive the growth of the segments.
By nature, the global milk chocolate market has been classified as conventional milk chocolate and organic milk chocolate. Conventional milk chocolate segment is anticipated to dominate the global market, due to their budget-friendly nature and high production across the globe. However, the demand for organic milk chocolate is anticipated to grow at a rapid pace during the upcoming years, especially in developed regions due to growing organic food trend in the regions, attributable to health benefits offered by them along with leaving least environmental footprint. According to the International Cocoa Organization (ICCO), the demand for organic cocoa products is growing rapidly, due to increasing concern of consumers towards the safety of their food as well as several other environmental effects or impacts.
Europe currently holds the major market share in the global milk chocolate market, followed by North America and is anticipated to maintain its dominance throughout the forecast years, due to high production and consumption of milk chocolate across the region. Presence of leading global milk chocolate manufacturers in Europe and North America such as Mondelez International, Cargill, Nestle S.A., and others is another prominent reason for the growth of the region. The milk chocolate market in Asia Pacific is anticipated to rise crucially over the upcoming years attributed to a considerable increase in discretionary spending habits of consumers based in the region.
Rising awareness about several health benefits offered by cocoa-based edibles is further expected to fuel the growth of Asia Pacific milk chocolate market. Furthermore, increasing interest of international market players in prominent Asian countries, such as India and China, and adoption of fair trade cocoa sourcing practices by Asian players is anticipated to aid the market growth of the region.
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