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.
