Chocolate Milk Market - Growth, Trends, and Forecast (2019 - 2024)
NEW YORK, Jan. 13, 2020 /PRNewswire/ --
Market Overview
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 the 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 global chocolate milk market is forecasted to grow at a CAGR of 3.6% during the forecast period (2019 - 2024)
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Scope of the Report
The scope of global chocolate milk market is segmented by distribution channel as Convenience Stores, hypermarkets/supermarkets and others. Other distribution channels include discounters, whole sale retailers, online retail stores, etc.
Key Market Trends
Surge in Demand for Fortified Beverages in Developing Countries
There has been a considerable shift in the lifestyles and diet habits of people over the past two decades. Consumers are becoming aware of these problems and, as a result, gradually moving toward functional food and beverage, which are promoted as being beneficial beyond basic nutrition. Promotion of fortified foods and beverages by China's Ministry of Health, coupled with growing health concerns related to age, myopia in adults, and other diseases, are expected to drive the market. he key chocolate milk producers launched fortified chocolate milk drinks to maintain strong position in the competitive market. In Brazil, the presence of local players such as Laticínios Latco Ltda., are catering to the market growth by offering chocolate milk. The fortification of theses flavored milk is done with omega-3, omega-6, vitamin C, and vitamin E, by using liposomes is expected to drive the chocolate milk market.
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 healthy 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 will 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 younger generation and manufacturers are launching specific flavored milk marketed towards children's.
Competitive Landscape
The global chocolate milk market is a fragmented market and comprises regional/local players and international competitors. The market is dominated by players like Arla Foods, and 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 their chocolate drink. This is a market strategy to fulfill the consumers demand for low-sugar chocolate drinks.
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