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Latest News & Updates on Chocolate Milk Market 2022-28 | Introspective Market Research

Global Chocolate Milk Market Overview

The Global Chocolate Milk Market was valued at USD 8.52 Billion in 2021, and it is projected to reach USD 11.76 Billion by 2028, registering an estimated CAGR of 4.70% during 2021- 2028.

The consumer demand for convenient, natural, nutritious, and healthy on-the-go snack options is the primary attribute for the sales of chocolate milk across the globe. The switching lifestyle of consumers and inclination toward a healthy lifestyle are stimulating the growth of the market. Hence, chocolate milk, being the healthier and nutritional option, is witnessing increasing demand. Dairy-based beverages are naturally rich in calcium content, and hence, are recognized as a nutritional beverage option. The health benefits of probiotic drinks, especially their ability to boost digestion and immune system, are attracting consumers of all ages of individuals. Little fat and fortified chocolate milk, with lower sugar and mixed nutritional benefits, is captured on the retail market shelf, due to the demand from consumers.

Additionally, a growing number of health problems globally, irrespective of age, people are more aware related to their health. This propelled the demand for healthy products in chocolate milk, such as low sugar content, use of dry fruits, and others. Thus, the introduction of healthy ingredients in chocolate milk is also anticipated to boost the chocolate milk market growth in the long run.

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Key Industry Developments In Chocolate Milk Market

  • In June 2019, Mondelez introduced new chocolate which has 30% less sugar in the region of North America (US) and Asia Pacific (India). The new product is designed with the focus on a consumer who is more health-conscious and prefers less sweetness in the chocolate.
  • In January 2019, the World Confectionery Group signed an agreement to acquire Natra which is a producer of a range of chocolate products. The company focused on industrial sectors such as consumers, industrial manufacturing, and business services. This accession will further support business growth and expansion.

Chocolate Milk Market

Market Segmentation

Segmentation Insights

By Type, the dairy-based chocolate milk segment held the largest market share and was valued at USD 6,856.54 million in 2020. The fastest-growing segment recorded is non-dairy-based chocolate milk. The dairy-based chocolate milk market is facing tough competition from the protein shakes and non-dairy drinks market, worldwide. Continue marketing efforts by the dairy industry have helped adults and athletes selecting for dairy-based chocolate milk who have previously dismissed chocolate milk as a drink for children. Moreover, some of the key factors anticipated to turn the demand are growing consumer disposable income and growth in consumer awareness related to the health benefits of flavored dairy products, such as chocolate milk. Such innovation in the product category is attracting a greater number of consumers and hence aiding the market growth.

The non-dairy beverage market is one of the fastest-growing categories in the whole food & beverage industry but still a largely untapped opportunity, with almost one-third of global consumers citing milk chocolate as the product they would most like to see a plant-based version. The launch in Europe follows the introduction of Nesquik GoodNes in the United States in the same year, which is also based on oats and peas. Hence, investment in the category by such market leaders is driving the market growth during the forecast period.

By Distribution Channel, the supermarkets/hypermarkets channel is projected to hold the largest share and was valued at USD 4,730.26 million in 2020. The fastest-growing segment in the distribution channel of the market studied was convenience stores. Supermarkets/hypermarkets have always maintained a strong lead in the sales share of the chocolate milk market. The proximity factor of these channels, especially in large cities and metropolitan areas, provides them with an added advantage of influencing the consumer’s decision to purchase the large variety of brands available in the market. Also, the wide retail visibility of products has resulted in an increasing share of supermarkets and hypermarkets.

Regional Insights

By geography, the Asia-Pacific is projected to hold the largest share and was valued at USD 4,312.18 million in 2020. Owing to favorable economic factors of the country, the key vendors are continuously trying to make their products differ in terms of quality, ingredients, flavors, and packaging, to gain competitive advantages. Moreover, the increasing consumption of chocolate and its related products in China is expected to drive the market further.

In the North American region, the consumption of milk has declined in the United States due to changing dietary habits of consumers. Which helps to grow for the non-dairy, plant-based product, and organic products in the market.

In Europe, the major factor driving the chocolate milk market in Germany is the increasing number of consumers demanding nutritious and healthy drinks coupled with curiosity to try new drinks in the country.

Players Covered in Chocolate Milk Market are:

  • Nestle SA
  • Arla Foods amba
  • Dairy Farmers of America Inc.
  • Saputo Inc.
  • Royal FrieslandCampina NV
  • Maryland & Virginia Milk Producers Cooperative Association Inc.
  • Inner Mongolia Yili Industrial Group Co. Ltd
  • Danone SA
  • The Hershey Company
  • The Coca-Cola Company
  • Unternehmensgruppe Theo Müller
  • Mars Incorporated and other major players.

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COVID-19 Impact Analysis of Chocolate Milk Market

The COVID-19 pandemic placed unprecedented stresses on food supply chains, with bottlenecks in farm labor, processing, transport, and logistics, as well as momentous shifts in demand. Food and beverage supply chains have demonstrated remarkable resilience in the face of these stresses. During March-April 2020, consumers all around the world stockpiled on essential items to get through the pandemic. As a result of the COVID-19 pandemic, exports of dairy products were reduced in the first quarter, particularly cheese and flavored milk products, including chocolate milk. In addition, the lockdown nearly halted the revenue growth of the milk industry because of weak sales of value-added products, like cheese, flavored milk, curd, and yogurt, which indirectly impacted the sales of chocolate milk in the region.

COVID-19 also resulted in the generation of opportunities for many dairy snack food and beverage private players to emerge in the markets to cater to the inflated demand. Also, the demand for innovative dairy products, including chocolate milk products, is consistently high in the developed countries because these beverage snacks are a quick and convenient source of nutrition and energy.

Market Dynamics And Factors of Chocolate Milk Market

Drivers:

Demand For Originally Nutrient-Rich And On-The-Go Dairy Beverages

Milk drinks are linked to the modern urban lifestyle, which led to more consumers snacking outside the home and wanting healthy and convenient alternatives. Furthermore, the on-the-go beverage segment is gaining a deeper foothold at a time when fortified dairy products and convenience are taking center stage for consumers and retailers. Therefore, this factor is increasing the demand for an on-the-go beverage globally.

In addition, the demand for dairy snacks such as chocolate milk, yogurt, and others is increasing at a faster pace, and they are becoming extremely popular, especially among working-class people, teenage children, and bachelors. Some of the famous snack items, such as chips, candy, and snack mixes, are high in calories, fat, and surplus sugar. Healthy alternatives, such as chocolate milk, are convenient to grab on-the-go, but are also nutrient-dense, providing vitamins, minerals, and energy that fuel the body.

On the other hand, people actively involved in physical activities are opting for RTD chocolate milk over traditional RTD sports drinks, as the products contain water, protein, and simple carbohydrates that replenish the body post grueling physical exercise. Health professionals recommend carbohydrate and protein-rich drinks, such as chocolate milk flavor, to individuals undergoing intense workout activities, hence propelling the market growth.

Strategic Investments By Manufacturers

The key players operating in the chocolate milk market are continuously differentiating their products, in terms of flavors, functionality, ingredients, size, and packaging, to gain a competitive advantage. Furthermore, rising health consciousness among consumers has led to the introduction of new products with some extra health benefits, particularly plant-based chocolate milk.

With the growing demand, players are focusing on expanding their product portfolio to reach a larger consumer base and to achieve a competitive advantage in the market. Therefore, companies are expanding their products, which are innovated as per the consumers changing tastes and preferences and experimenting with new products.

Restraints:

High competition from dark chocolate and fluctuating cost of raw materials such as cocoa are hindering the market growth in the projected period.

Opportunities:

Surge For Low Sugar Chocolate-Flavored Milk

As consumers are focused on functional food and beverage products, and they are inclined towards ready-to-drink beverages with low/ no sugar and sodium content. Thus, companies are increasing their investments in R&D and marketing to offer innovative and healthy chocolate milk to reach a wider group of consumers. For Instance, in 2017, Nestle altered the sugar level and revamped its chocolate milk drink. This is a market strategy to fulfill the consumers’ demand for low-sugar chocolate drinks. In 2019, it launched a low sugar product, Nesquik All Natural, in specially made recyclable paper packaging, with more cocoa.

Sustainable Packaging- An On-Going Trend In The Global Market

The increasing public awareness about environmental concerns resulted in higher demand for sustainable packaging and processing operations. Sustainability initiatives advanced considerably, with leading manufacturers across the food and beverage domain, including chocolate-flavored milk to create recyclable/ biodegradable packaging. For instance, in 2018, Friesland Campina launched “innovative plant material” cardboard for its chocolate milk brand, Chrome, across Europe.

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