Market Size of Chocolate Milk Industry
| Study Period | 2018 - 2029 |
| Market Size (2024) | USD 9.24 Billion |
| Market Size (2029) | USD 11.85 Billion |
| CAGR (2024 - 2029) | 5.11 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Chocolate Milk Market Analysis
The Chocolate Milk Market size is estimated at USD 9.24 billion in 2024, and is expected to reach USD 11.85 billion by 2029, growing at a CAGR of 5.11% during the forecast period (2024-2029).
The increasing consumer disposable income, rising demand for flavored dairy products, and easy access to retail outlets are a few drivers aiding the market growth. Various attractive packing options and innovative and functional products with added essential nutrients launched by different players worldwide are major factors supporting the market's growth. Additionally, chocolate milk has been a quick meal option for many in urban areas as the working population with less time to cook worldwide is increasing.
Furthermore, the chocolate flavor is one of the most loved flavors globally, also boosting product sales. According to BCZ (Belgian Dairy Industry Confederation), in 2021, on average, roughly 3.4 liters of chocolate milk were consumed per capita, an increase from 3.21 liters in 2018 in Belgium.
Moreover, the rise of the non-dairy chocolate milk industry is being driven by rising vegan trends and consumer desire for plant-based milk products, which provide an authentic dairy feel. Lactose-intolerant people can enjoy non-dairy chocolate milk products, which are also frequently thought to have fewer calories. An increase in the vegan population coupled with its taste drives the sales of nondairy chocolate milk products like vegan milk. Chocolate milk made from a non-dairy basis is reduced in sugar and fortified with protein, vitamins, and minerals. It is a delectable and wholesome substitute for cow's milk. It is low in saturated fat and cholesterol and abundant in protein and vitamin C.
Furthermore, The growth of supermarkets/hypermarkets across most of the Tire 1 and Tire 2 cities worldwide is also aiding the Chocolate Milk Market to penetrate deeper, thus increasing the market size.
Chocolate Milk Industry Segmentation
Chocolate milk is sweetened chocolate-flavored milk. Chocolate milk is made by mixing chocolate syrup with milk.
The Chocolate Milk Market is segmented by type, distribution channel, and geography. By type, the market is segmented into dairy and non-dairy-based chocolate milk. By distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retail stores, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East, and Africa. For each segment, market sizing and forecast is based on value (USD million).
| Type | |
| Dairy Based Chocolate Milk | |
| Non-Dairy Based Chocolate Milk |
| Distribution Channel | |
| Supermarket/Hypermarkets | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |||||||||
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Chocolate Milk Market Size Summary
The chocolate milk market is experiencing significant growth, driven by factors such as increasing disposable incomes, a rising demand for flavored dairy products, and the convenience of retail accessibility. The market is further bolstered by innovative packaging and the introduction of functional products enriched with essential nutrients. Chocolate milk's popularity as a quick meal option, particularly among urban dwellers with busy lifestyles, contributes to its expanding market presence. The global love for chocolate flavor enhances product sales, while the emergence of non-dairy chocolate milk options caters to the growing vegan population and those seeking plant-based alternatives. These non-dairy products are often perceived as healthier, with reduced sugar content and added nutritional benefits, appealing to a broader consumer base.
In addition to these trends, the chocolate milk market is witnessing a shift towards organic and sugar-free variants, driven by increased health consciousness post-pandemic. Consumers are increasingly avoiding artificial ingredients, leading to a surge in demand for organic chocolate milk. This trend presents lucrative opportunities for manufacturers to explore potential markets and introduce innovative organic and flavored chocolate drinks. The Asia-Pacific region leads the market, fueled by a demand for convenient and nutritious snack options, particularly in countries like China and India. The market is characterized by a fragmented landscape with both regional and international players, such as Arla Foods, Danone, and Nestlé, who are leveraging online marketing and product innovation to expand their reach and cater to evolving consumer preferences.
Chocolate Milk Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Dairy Based Chocolate Milk
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2.1.2 Non-Dairy Based Chocolate Milk
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2.2 Distribution Channel
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2.2.1 Supermarket/Hypermarkets
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2.2.2 Convenience Stores
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2.2.3 Online Retail Stores
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2.2.4 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 Spain
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East & Africa
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Chocolate Milk Market Size FAQs
How big is the Chocolate Milk Market?
The Chocolate Milk Market size is expected to reach USD 9.24 billion in 2024 and grow at a CAGR of 5.11% to reach USD 11.85 billion by 2029.
What is the current Chocolate Milk Market size?
In 2024, the Chocolate Milk Market size is expected to reach USD 9.24 billion.
