“Global Chocolate Syrup Market to reach a market value of USD 24.8 Billion by 2031 growing at a CAGR of 13.8%”
The Global Chocolate Syrup Market size is expected to reach $24.8 billion by 2031, rising at a market growth of 13.8% CAGR during the forecast period. In the year 2023, the market attained a volume of 972.44 kilo tonnes, experiencing a growth of 6.8% (2020-2023).
This can be attributed to the high consumer footfall in these large retail outlets, which offer various chocolate syrup brands and flavors at competitive prices. Hypermarkets and supermarkets provide the convenience of one-stop shopping, often featuring promotions or discounts that attract price-conscious consumers. Their ability to stock a broad range of products, including conventional and organic options, ensures that they cater to diverse customer preferences, driving significant sales. Thus, the hypermarkets/supermarkets segment witnessed 44% revenue share in the chocolate syrup market in 2023. In terms of volume 609.18 kilo tonnes of chocolate syrup are expected to be sold by hypermarket/supermarket by 2031.
The versatility of chocolate syrup also contributes to its widespread appeal in various culinary applications. It can be used as a key ingredient in baked goods, such as brownies, cakes, and pastries, adding richness and depth to recipes. Its use extends to home cooking and the food service industry, where it is seen as a go-to ingredient for chefs and bakers looking to quickly and efficiently create crowd-pleasing desserts. Additionally, with the convenience of food delivery apps, consumers now expect restaurant-quality desserts and beverages to be delivered straight to their doorsteps. This has prompted restaurants to innovate and offer more appealing, customizable dessert options, often featuring chocolate syrup, such as chocolate-drenched pancakes, brownies, or personalized sundae kits. Thus, this sector's growth is propelling the market's growth.
However, despite the health benefits of cacao or chocolate, many chocolate syrups use less than 5% of chocolate compounds to render any benefits to the syrup. Moreover, artificial colors and flavors are added to the syrup to treat the lack of color caused by low cacao content. While the FDA approves colors like E150, colors like E154 and E155 are known to have some side effects and, consequently, are not approved by the FDA. Therefore, the presence of high sugar and low cacao in many syrup variants is slowing down the growth of the chocolate syrup market.
Based on type, the market is bifurcated into conventional and organic. The organic segment procured 16% revenue share in the market in 2023. In terms of volume, 173.73 kilo tonnes of organic chocolate syrup are expected to be utilized by 2031. As more consumers become conscious of the environmental and ethical implications of their purchasing decisions, organic chocolate syrup is increasingly considered a premium option.
On the basis of distribution channel, the market is classified into B2C and B2B. The B2C segment acquired 68% revenue share in the market in 2023. In terms of volume, 1,463.35 kilo tonnes of chocolate syrup is expected to be sold by hypermarket/supermarket by 2031. The increasing popularity of home cooking, baking, and dessert-making, particularly as consumers seek convenience and indulgent delights at home, can be attributed to this growth.
The B2C segment is subdivided into hypermarkets/supermarkets, convenience stores, specialty stores, and online. The convenience stores segment garnered 23% revenue share in the market in 2023. In terms of volume, 345.47 kilo tonnes of chocolate syrup are expected to be sold by convenience stores by 2031 Convenience stores, known for their accessibility and extended hours, appeal to consumers looking for quick, on-the-go purchases.
Free Valuable Insights: Global Chocolate Syrup Market size to reach USD 24.8 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment acquired 31% revenue share in the market in 2023. Thus, the Europe market is expected to utilize 348.46 kilo tonnes of chocolate syrup by 2031. Europe has a long-standing tradition of chocolate consumption, particularly in countries like Switzerland, Belgium, and Germany, where the demand for high-quality chocolate products remains robust.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 9.5 Billion |
| Market size forecast in 2031 | USD 24.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.8% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 278 |
| Number of Tables | 670 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Nestle S.A., The Hershey Company (Hershey Trust Company), The Kroger Co., The J.M Smucker Company, R. Torre & Co. (Torani), Bosco Products, Inc., Hollander Chocolate, Inc., Walden Farms, LLC (PANOS Brands), Noushig, Inc. (Amoretti) and Gold Pure Food Products Co., Inc. |
By Distribution Channel (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $24.8 billion by 2031.
Rising consumer demand for confectionery products are driving the Market in coming years, however, Volatility of raw material prices restraints the growth of the Market.
Nestle S.A., The Hershey Company (Hershey Trust Company), The Kroger Co., The J.M Smucker Company, R. Torre & Co. (Torani), Bosco Products, Inc., Hollander Chocolate, Inc., Walden Farms, LLC (PANOS Brands), Noushig, Inc. (Amoretti) and Gold Pure Food Products Co., Inc.
The expected CAGR of this Market is 13.8% from 2024 to 2031.
The Conventional segment is leading the Market by Type in 2023; thereby, achieving a market value of $20.3 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $9.3 billion by 2031.
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