Milk Chocolate Market, Impact of COVID-19, by Product, Company, Global Forecast by 2027
Milk chocolate is the most popular chocolate in the world. One of the most popular cocoa products is milk chocolate. It is produced with sugar, chocolate liqueur and condensed milk or whole milk powder. Milk chocolate melts instantly and has a lighter shade and creamier texture than dark or dark chocolate. Milk chocolate is a form of solid chocolate made from milk in various forms, including powdered milk, liquid milk, and condensed milk. Globally, milk chocolate is present in the market in various forms, for example canned, counting lines, molded bars, seasonal chocolates, straight lines and others. Countlines has dominated the global produce market as it is a convenient alternative to on-the-go snacks. On the other hand, the seasonal chocolate segment is expected to grow at the fastest rate during the projected period. According to Renub Research, the global milk chocolate market will be 69.42 billion US dollars through 2027.
Based on distribution channel
The global chocolate industry has been segmented into convenience stores, specialty retailers, online channels, supermarkets / hypermarkets, and others. Due to the presence of a high middle income group, the specialty retail store led in terms of market share. Besides traditional retailers, e-commerce is the next promising area for the growth of the chocolate industry. The market is driven by the rise in online chocolate sales and the increased demand for luxury chocolates.
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Globally, the milk chocolate market is booming with factors like consumption of milk chocolate improves memory, smoothies hydrate skin, reduce risk of strokes and heart attacks and strengthen the immune system. Plus, it’s rich in flavonoids, which are antioxidants that scavenge free radicals from the bloodstream and increase blood flow. The consumption of milk chocolate has increased worldwide due to these benefits, as well as the increased purchasing power of consumers. According to our analysis, the global milk chocolate market size is expected to grow at a 3.70% CAGR during 2020-2027.
Globally, due to the presence of well-known brands and the growing consumption of chocolate, the North American chocolate market holds a significant share. Festivals like Christmas, Good Friday and others are expected to increase demand for chocolates and improve sales. One of the main causes of the growing demand for chocolates is the increase in disposable income of customers in developing Asia-Pacific countries. The presence of a large population, combined with increased urbanization, is expected to increase the demand for chocolate in countries like South Korea, Japan, India and China. According to our research results, the global milk chocolate industry was US $ 53.83 billion in 2020.
However, the major challenge in which the decelerating market fluctuates the costs of raw materials, especially cocoa, supply instability and political instability in cocoa producing countries, is expected to pose a challenge for growth. of the market throughout 2020-2027. Factors like changing flavor preferences of customers from time to time are also a growing obstacle.
Impact of COVID-19 on the milk chocolate industry
COVID-19 impacted the chocolate market when it emerged in 2020. However, after easing limitations in importing and exporting countries, the market has become more stable. During confinement, the consumption of milk chocolate at home increased significantly.
Renub search last report “Global Milk Chocolate Market by Product Type (Box, Counting Lines, Molded Bars, Seasonal Chocolates, Straight Lines, Others), Distribution Chain (Supermarket / Hypermarket, Specialty Retailers, Convenience Stores, Online Chain, Other Channels) distribution), region (North America, Europe, Asia-Pacific, Latin America, ROW), Business analysis (Nestlé SA, The Hershey Company, Mondelez International, Inc., Amul, Meiji Holdings Company, Ltd.) “ provides complete details on the global Milk Chocolate industry.
Follow the link for the full report with detailed table of contents and list of figures and tables: https://www.renub.com/milk-chocolate-market-p.php
Product – Market split from 6 points of view
1. Box2. Count lines 3. Molded bars 4. Seasonal chocolates 5. Straight lines 6. Others
Distribution – Market breakdown according to 5 points of view
1. Supermarket / Hypermarket 2. Specialized retailers 3. Local shops 4. Online channel 5. Other distribution channels
Region – Market breakdown from 5 points of view
1. North America 2. Europe3. Asia-Pacific 4. Latin America 5. Rest of the world
All key players were covered from 3 points of view
• Overview • Recent development • Financial information
1. Nestlé SA2. The Hershey Company 3. Mondelez International, Inc. 4. Amul5. Meiji Holdings Company, Ltd.
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