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Chocolate Milk Market - Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)

The Global Chocolate Milk Market Segmented by Type (Dairy-Based Chocolate Milk and Non-Dairy Based Chocolate Milk), Distribution Channel (Supermarket/ Hypermarkets, Convenience Stores, and Other Distribution Channels), and Geography (North America, Europe, Asia-Pacific, South America, and the Middle-East and Africa). The Report Offers Market Size and Forecast for the Chocolate Milk in Value (USD million) for the Above-mentioned Segments.

Market Snapshot

chocolate milk market
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Middle East and Africa
Largest Market: Asia Pacific
CAGR: 4.67 %

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Market Overview

The global chocolate milk market was valued at USD 7,784.41 million in 2020, and it is projected to register a CAGR of 4.67% during the forecast period (2021-2026).

The COVID-19 pandemic 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. The demand for innovative dairy products, including chocolate milk products, is consistently high in the developed countries, as these beverage snacks are a quick and convenient source of nutrition and energy.

The demand for packed and trusted snack food brands increased during the lockdown, which is likely to impact the chocolate milk market growth in a positive manner. As a result of the coronavirus outbreak in the United States, 27% said that they were snacking more (as per Food Insight), further supporting the market studied.

Health and wellness trends led to the inclination of consumers toward low-fat, lactose-free variants, owing to the rising incidences of lactose intolerance in the world, and calcium-rich variants of chocolate milk, which encourages manufacturers to innovate in the dairy-free chocolate milk category to gain a competitive edge over other market players.

Low fat and fortified chocolate milk, with low sugar and added nutritional benefits, is occupying the retail market shelf, owing to the demand from consumers.

Scope of the Report

Chocolate milk is sweetened chocolate-flavored milk. Chocolate milk is made by mixing chocolate syrup with milk. The global chocolate milk market is segmented by type into dairy-based chocolate milk and non-dairy-based chocolate milk. By distribution channel, the market is segmented into supermarket/ hypermarkets, convenience 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 have been done on the basis of value (USD million).

By Type
Dairy Based Chocolate Milk
Non-Dairy Based Chocolate Milk
By Distribution Channel
Supermarket/ Hypermarkets
Convenience Stores
Other Distribution Channels
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
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

Dairy-Based Chocolate Milk Holds Major Share Globally

The dairy-based chocolate milk market faces stiff competition from the protein shakes and non-dairy drinks market globally. However, constant marketing efforts from the dairy industry led to adults and athletes opting for dairy-based chocolate milk who previously dismissed chocolate milk as a drink for children. Some of the major factors expected to drive the demand are increasing consumer disposable income and consumer awareness regarding the health benefits of flavored dairy products such as chocolate milk.

Due to the rising concerns over sugar content in dairy drinks and the growing obese population worldwide, the leading players are innovating organic and sugar-free chocolate drinks to sustain their position in the market. For instance, in 2017, Nestle altered the sugar level and revamped its chocolate drink to fulfill the consumers’ demand for low-sugar chocolate drinks. In 2019, Nestle launched a low sugar product, Nesquik All Natural, packaged in recyclable paper packaging, with more cocoa. Such innovations in the product category are attracting more consumers, aiding the market growth.

Chocolate Milk Market 1

Asia-Pacific Leading Tte Global Chocolate Milk Market

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 Asia-Pacific. The changing lifestyle of consumers and inclination toward a healthy lifestyle are 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 thus, they 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. A shift in the food consumption pattern of consumers and increasing demand for chocolate drinks are supporting the growth of organic chocolate drinks across Asia-Pacific.

In Asia-Pacific, India is projected to witness the fastest growth during the forecast period due to the growing urban population in the country and the booming demand for convenience food, driving the chocolate milk market in India. However, major consumers, such as China and Japan, witnessed a declining trend in the consumption of chocolate milk, as people are reducing the intake of high sugar-based beverages.

Chocolate Milk Market 2

Competitive Landscape

The chocolate milk market is fragmented, comprising of regional/local players and 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 globally. Other key players, such as the Hershey Company, Saputo Inc., and Muller, are focusing on social media platforms and online distribution channels for the online marketing and branding of their products to attract more customers. Thus, they are collaborating with the entertainment and sports industries to inculcate a healthy milk-drinking habit, especially among children.

Recent Developments

  • In September 2020, Nestlé expanded its range of dairy alternatives with the launch of a plant-based Nesquik drink in Europe. The new ready-to-drink beverage was launched first in Spain, Portugal, and Hungary and then in other European countries. It consists of oats and peas with sustainably sourced cocoa, and it is lower in sugar than regular milk-based Nesquik.
  • In July 2019, FrieslandCampina launched Chocomel, a Dutch brand of chocolate-flavored milk, into the United Kingdom in a single-serving ‘to-go 250ml can.
  • In November 2018, Saputo launched the Joyya brand of ultra-filtered milk in Canada, claiming that milk in the range contains approximately 75% more protein and 25% less sugar than regular milk. Joyya products were made available in four different varieties: Skim milk, partially skimmed milk, whole milk, and a partly skimmed chocolate milk beverage, which contains 50% less sugar than conventional chocolate milk beverages.
  • In August 2016, Arla expanded its Milk-Based portfolio with the launch of protein-packed, energy, fruit, and tea lines. The drinks include new flavors of Arla protein milkshakes with 20g of protein in each bottle, new Pucko chocolate milk from the Cocio joint venture, Matilde fruit-flavored milkshakes, and sport energy drinks with 40% extra protein. They are all milk-based with natural ingredients.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 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 By 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 United Kingdom

        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

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

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Chocolate Milk Market market is studied from 2016 - 2026.

The Chocolate Milk Market is growing at a CAGR of 4.67% over the next 5 years.

Middle East and Africa is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Nestle SA, Arla Foods AMBA, Dean Foods, Dairy Maid Dairy, Saputo Inc. are the major companies operating in Chocolate Milk Market.

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