ALBANY, New York, Aug. 21, 2019 /PRNewswire/ -- Transparency Market Research has published a new research report that talks about the global milk chocolate market and gives detailed insights about the overall dynamics of the market. According to this research report, the global milk chocolate market will develop with a CAGR of 6.2% over the course of the given forecast period of 2017 to 2026. With such a high rate of growth, the global market will cross valuation worth US$95 Bn by the end of 2026.
Milk chocolates have been around for more than 200 years. This history of milk chocolates spans over two centuries and is highly fascinating. It is among the most indulgent food product of the dairy and chocolate vertical. Currently, the European lifestyle shows a considerable presence of milk chocolate in their diet. The popularity of these chocolates has surpassed the boundaries of matured customer market places across the globe.
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The authentic formula for making milk chocolate needs a unique blend of sweeteners, dairy ingredients, sugars, cocoa, and milk sweeteners. Recently, milk chocolate production has undergone huge changes and the producers have come up with new ingredients. Some of the new ingredients are milk solids, chocolate liquor, cocoa butter, and lecithin.
Growing Popularity of Chocolates with Less Milk Fat Drives Market Growth
The key driving factor for the growth of the global milk chocolate market is the changing taste of consumers across the globe. This is encouraging chocolate producers to come up with new varieties and tastes in their milk chocolate products. In addition to this, to target the more health-conscious audience, the producers are developing products that have an equal quantity of milk solids and chocolate liquor. These products have less than 4% of milk fats, making them attractive for such a new audience. Furthermore, due to economic developments across the globe, people are ready to pay more for exotic milk chocolate products. This is also seen as an upcoming trend to fuel market growth.
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France and Germany to Contribute to Domination of Europe Market
From a geographical point of view, the global milk chocolate market is divided into five key regions viz. The Asia Pacific excluding Japan, North America, Europe, South America, and the Middle East and Africa. The global market is primarily dominated the Europe region. Next in line are North America and Asia Pacific excluding Japan. According to the research report, the Europe milk chocolate market will grow at a strong CAGR of 6.8% over the course of the given forecast period of 2017 to 2026. Such a high growth rate is mainly due to the high consumption in France and Germany. It is estimated that the collective market share of these two nations will be around 55% of the entire Europe milk chocolate market.
North America and the Asia Pacific excluding Japan regions are also on course to witness high growth rates in the near future. In 2017, around 18% of the overall consumption of milk chocolates was in the US alone. On the other hand, the development of the Asia Pacific excluding Japan segment is characterized by the high consumption of these products in densely populated countries such as India and China. These two countries are projected to form about 70% of the overall market share of the region.
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The vendor landscape of the global milk chocolate market is a highly fragmented one due to the presence of several leading brands. Product innovations, developing products with a variety of tastes, and highly targeted marketing campaigns are some of the key strategies adopted by the leading players in the global milk chocolate market. Some prominent names in the market are Ezaki Glico, Ferrero SpA, Unilever, Nestle SA, and Hershey Co. among others.
This review is based on a TMR report bearing title "Milk Chocolate Market (Product Type - Conventional Milk Chocolate and Organic Milk Chocolate; Form - Bar, Candies, Chocolate Coated Nuts, Chocolate Chips, and Other Forms; Applications - Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Other Applications; Sales Channels - Modern Trade, Specialty Stores, Departmental Stores, Pharmaceutical & Confectionary Stores, Online Stores, and Other Sales Channels) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2026."
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The global milk chocolate market is segmented based on:
- Conventional Milk Chocolate
- Organic Milk Chocolate
- Chocolate Coated Nuts
- Chocolate Chips
- Other Forms
- Food & Beverages
- Personal Care
- Other Applications
- Modern Trade
- Specialty Stores
- Departmental Stores
- Pharmaceutical & Confectionary Stores
- Online Stores
- Other Sales Channels
- North America
- Asia Pacific excluding Japan
- Middle East and Africa
- South America
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