In a report published by Transparency Market Research on global milk chocolate market has predicted that the market will grow by US$ 95 million by 2026. The history for milk chocolate market dates back for more than two hundred years. Europe being the largest producers for milk chocolate. The main producers in the milk chocolate industry are Ferrero SpA, Unilever, Barry Callebaut, Nestlé SA, Chocolatiers (UK) Ltd, and Chocoladefabriken Lindt & Sprüngli AG.
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Apart from food & beverages industry, milk chocolate has also made its presence in pharmaceuticals, Personal Care and Cosmetics, and in various other industries. During the forecasted period of 2017-2026 the milk chocolate market is expected to rise at 6.2% CAGR, TMR predicts. Europe is expected to be the key producer for the milk chocolate products by manufacturing world’s top most milk products. The expected growth is 6.8% CAGR for European market for milk chocolate production.
Conventional Milk Chocolate to Exceed the Sale owing to improved Taste
On the basis of product type milk chocolate is segmented into two – Organic milk chocolate and conventional milk chocolate. Due to minimal processing organic milk chocolate have seen a high demand. But with conventional techniques where preservatives offer better taste for milk chocolate, it may attain a higher demand in the forecasted period. There is paradigm shift in consumption pattern of milk chocolate due to innovative production techniques, changing regulations, and altering manufacturing standards.
Europe being the key producers for milk chocolate, the countries that contribute the most from the are Switzerland, United Kingdom, Netherlands, France, Germany, and Italy. The main countries of France and Germany will have a regional market share of 55% till 2026. Whereas North America stands on the second number for producing milk chocolate followed by Asia-Pacific excluding Japan. (APEJ) region.
Rise in Health Conscious Consumers to fuel overall Market Demand
The international milk chocolate market is expected to grow healthily in the near term. However, certain factors for organic milk chocolate such as minimal processing may hamper its demand against conventional milk chocolate.
The trend inducing the milk chocolate industry is increasing in demand by introducing multiple flavors ranging for the variety of people across the globe. But producers may standardize their formulas and make the market more competitive while minimizing newer entries. It not only makes them the main players in the market but also keep the competition low. There is benefit for health conscious customers that the concentration of milk fat will be reduced and chocolate liquor and milk solid will be at equal amount.