LONDON–Technavio has been monitoring the milk chocolate market and it is poised to grow by USD 16.38 billion during 2019-2023, progressing at a CAGR of about 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Chocoladefabriken Lindt & Sprüngli AG, Mars Inc., Mondelēz International Inc., Nestlé SA, and The Hershey Co. are some of the major market participants. The need of low-sugar milk chocolates will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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