Milk Chocolate Market Research Report, Upcoming Trends, Demand, Regional Analysis and Forecast 2024
Sheridan, Wyoming, USA, March 06, 2020 (Wired Release) IMARC Group According to the latest report by IMARC Group, titled Milk Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023, the global milk chocolate market reached a value of more than US$ 61 Billion in 2017.
Milk chocolate is one of the widely consumed confectionery items around the world, which is produced using milk solids, milk fat, cocoa butter and sugar. It offers health benefits, such as boosting memory, reducing the risk of heart attacks and strokes, strengthening the immune system, and hydrating and smoothening the skin. Moreover, it contains flavonoids that aid in removing free radicals and stimulating the flow of the blood.
The rising awareness among individuals about the health benefits offered by milk chocolate represents one of the major factors bolstering the market growth across the globe. Furthermore, leading manufacturers in the industry are introducing innovative products, such as low-sugar milk chocolate bars, to cater to the need of the growing health-conscious population. In addition to this, they are focusing on the production of temperature tolerant milk chocolate bars as they melt easily at room temperature due to the presence of cocoa butter. This is expected to fuel the market growth in the coming years.
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Based on distribution channel, the market has been segregated as supermarkets and hypermarkets, convenience stores, non-grocery retailers and others. Currently, supermarkets and hypermarkets dominate the market, holding the largest share as they serve a wide range of affordable as well as premium milk chocolates.Region-wise, the market has been segmented into Western Europe, North America, Eastern Europe, Asia, Latin America, Middle East and Africa, and Australasia. Amongst these, Western Europe is the leading market, accounting for the majority of the global share due to increasing production of milk chocolate in countries like France, Italy and Germany. This can also be accredited to the rising investments which are emerging from medium-sized vendors.
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