Chocolate Milk Market - Growth, Trends, and Forecast (2020 - 2025)

Global Chocolate Milk Market Segmented by Type into Dairy-Based and Non-Dairy Based Chocolate Milk; By Distribution Channel as Supermarket/ Hypermarkets, Convenience Stores, Other Distribution Channels; & Geography

Market Snapshot

Study Period:

2016-2024

Base Year:

2019

Fastest Growing Market:

Middle East and Africa

Largest Market:

Asia Pacific

CAGR:

3.6 %

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Market Overview

Chocolate Milk Market is projected to reach  USD 9.31 billion by 2024, registering a CAGR of  3.6% during the forecast period (2019 - 2024)

  • 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 world. The changing lifestyle of consumers and inclination toward a healthy lifestyle is boosting the growth of the market. Hence, chocolate milk, being the healthier and nutritional option, is witnessing increasing demand.
  • Dairy-based beverages are naturally high in calcium content, and hence, are perceived as a nutritional beverage option. The health benefits of probiotic drinks, especially their ability to improve digestion and immune system, are attracting consumers across all age groups. The chocolate milk market is expected to witness a CAGR of 3.6% during the forecast period (2019 - 2024).

Scope of the Report

The chocolate milk market is studied for two prominent types of chocolate milk, which includes non-dairy-based chocolate milk and dairy-based chocolate milk across the globe The scope of the chocolate milk market is segmented by distribution channel as convenience stores, hypermarkets/supermarkets, and other distribution channels. Other distribution channels include discounters, wholesale retailers, online retail stores, etc. Also, the market is studied for different countries under the respective region to give a broader perspective. 

By Type
Dairy Based Chocolate Milk
Non-Dairy Based Chocolate Milk
Distribution Channel
Supermarket/ Hypermarkets
Convenience Stores
Other Distribution Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Spain
Italy
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Colombia
Rest of South America
Middle East and Africa
South Africa
Saudi Arabia
Rest of Middle East and Africa

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Key Market Trends

Perception of Flavored Milk as a Healthy and Tasty Option over Unhealthy Beverages

For consumers who do not want to choose between health, wellness, taste, and ease, flavored milk is an increasingly accepted alternative to other beverages, like carbonated drinks, preservative infused juices, energy drinks, and others, as it is rich in proteins and vitamins. It serves as a healthy and tasty option, as it comes in innovative flavors, not only for kids and teenagers but also for the older generations who do not like the taste of plain milk and suffer from calcium deficiency. In order to widen their consumer base, companies are bringing about innovation in flavored milk by the increased focus on flavors, indulgence, and packaging renovations, which appeal to adults. Further, with the implementation of increased taxes and government regulations on sugary drinks to prevent diseases, flavored milk is becoming the new favorite of beverage producers, as it is exempted from this category, owing to its greater nutritional value. Brands that can successfully lower the sugar-level in flavored milk, without compromising on the drink’s nutritional and taste properties, are expected to be embraced by all age groups.

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Middle East and Africa Remain the Fastest Growing Markets

The chocolate milk market is facing stiff competition from the protein shakes and non-dairy drinks market, globally. Constant marketing efforts from the dairy industry have led to adults and athletes opting for chocolate milk who have previously dismissed chocolate milk as a drink for children. Factors expected to drive the demand are increasing consumer disposable income and increase in consumer awareness regarding health benefits of the flavored dairy products, such as chocolate milk, in South Africa. The increasing number of new product launches across the country is one of the key drivers in the market. Key market players across the country are increasingly focusing on increasing the number of product launches, which is likely to strengthen their position in the market. The most popular flavors under the flavored milk category in Saudi Arabia are banana, chocolate, and strawberry. These flavors are popular among the younger generation, and manufacturers are launching specific flavored milk marketed toward children.

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Competitive Landscape

The chocolate milk market is fragmented and comprises regional/local players, as well as international competitors. The market is dominated by players, like Arla Foods, Danone, and Nestle SA. The leading players in the chocolate milk market enjoy a dominant presence, worldwide. These players focus on leveraging opportunities posed by emerging markets to expand their product portfolio, so that they can cater to the requirements for milk, especially during breakfast and as a healthy drinking snacking habit. Moreover, these companies adopted innovation and partnerships as their key strategies to increase their geographical presence and customer base. For instance:

  • In January 2017, Nestle altered the sugar level and revamped its  chocolate drink. This is a market strategy to fulfill the consumer's demand for low-sugar chocolate drinks.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

    1. 3.1 Market Overview

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porters Five-Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Dairy Based Chocolate Milk

      2. 5.1.2 Non-Dairy Based Chocolate Milk

    2. 5.2 Distribution Channel

      1. 5.2.1 Supermarket/ Hypermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 UK

        3. 5.3.2.3 France

        4. 5.3.2.4 Spain

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Colombia

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Key Strategies Adopted

    2. 6.2 Most Active Analysis

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Nestle SA

      2. 6.4.2 Arla Foods

      3. 6.4.3 Dean Foods

      4. 6.4.4 Dairy Farmers of America Inc.

      5. 6.4.5 Saputo Inc.

      6. 6.4.6 Royal FrieslandCampina

      7. 6.4.7 Amul

      8. 6.4.8 Maryland & Virginia Milk Producers Cooperative Association Inc.

      9. 6.4.9 Inner Mongolia Yili Industrial Group Co.

      10. 6.4.10 Groupe Danone

      11. 6.4.11 The Hershey Company

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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