Note that I have not included milk, milk solids or nonfat milk among the ingredients because I don’t consider milk chocolate to be chocolate. It’s just candy. Milk chocolate contains so much milk and sugar that its percentage of true cacao may be as low as 10 percent, the minimum required by the FDA for calling it “chocolate” on the label. Hershey’s milk chocolate contains about 11 percent cacao. In contrast, a serious dark chocolate bar will contain anywhere from 65 percent to 85 percent cacao.