The Global Chocolate Syrup Market size is expected to reach $11.1 billion by 2028, rising at a market growth of 4.0% CAGR during the forecast period.
Chocolate syrup is a sweet condiment prepared from concentrated chocolate solution. The syrup is used extensively in a number of food products as a topping, dressing, or sauce. Chocolate syrup is also used in preparing a number of drinks like chocolate milk, milkshakes, and smoothies. It is produced and sold in differing consistencies.
Based on the use, the chocolate syrup can be sold in thin consistencies that can be drizzled and thick sauces that can be spooned. Chocolate syrup is also used to top cakes and puddings. Such syrup is marketed as chocolate milk syrup or ice cream sundae toppings. Public eateries like restaurants, cafes, and bakeries use chocolate syrup by drizzling to showcase artistic details.
More creative designs are created using chocolate shavings, powdered sugar, or cocoa powder with chocolate syrup. Essentially, chocolate syrup is made from unsweetened cocoa powder, water, and a sweetener. Other syrups like malt or corn syrup can sometimes substitute sweeteners and water. When explicitly prepared for any recipe, flavor enhancers such as vanilla extract can also be found as a constituent in many chocolate syrups.
Since industries are always cost-aware, many industrial recipes include additional ingredients like high fructose corn syrup, salt, potassium sorbate, polysorbate, xanthan gum, and mono and diglycerides. These ingredients help in giving the syrup the desired taste, color, texture, and flow.
The changing consumer eating patterns and busy lifestyles have propelled the emergence of packaged and ready-to-eat foods, a large proportion of which include frozen desserts utilizing chocolate syrup. This increased the demand for chocolate syrup in the B2C categories. However, the closure of public places and lockdown regulations affected eateries like restaurants, cafes, and bake, which adversely affected the B2B sector. But, when the overall performance was observed, the pandemic positively affected the chocolate syrup market.
The rising need to develop quality products that render a health benefit as well has become a necessity of the present times for consumers. This implies that the quantity of a product is overlooked when health benefits are more. As a result, manufacturers are incorporating better methods that offer better variants of the existing chocolate syrup options. For example, they are unveiling better products with mineral fortification, which increases the overall nutrition ratio of syrup. Hence, these factors are anticipated to propel the growth of the overall chocolate syrup market during the forecasting period.
Chocolate syrup is primarily consumed and connected with seasonal festivities throughout the world, like the consumption of hot chocolate during December in many western countries. Consequently, it has become a favorite sweet drink and dessert accompaniment during the festive season. This has also propelled innovation of the product as consumers demand more inventive chocolate syrup flavors. Seasonal launches are already a peculiar trend in developed countries, but they have also gained momentum in developing economies. This factor is augmenting the growth of the chocolate syrup market.
Chocolate can be regarded as one of the most prominent ingredients in the food and food service industry. For every drink and food that exists, a chocolate variant of it exists as well. Luxury chocolates, dark chocolates, chocolates with regional-specific ingredients, chocolates with liquor, and craft chocolates are some common examples that nullify the benefits of chocolate syrup and increase market competition altogether. As a result, numerous chocolate product brands are now competing. Therefore, high competition is playing an important role in disrupting the growth of the chocolate syrup market.
Based on type, the chocolate syrup market is categorized into conventional and organic. The conventional segment garnered the highest revenue share in the chocolate syrup market in 2021. The rise of ready-to-eat (RTD) and ready-to-consume (RTC) food products was responsible for the growth of the segment. In addition, chocolate syrup is extensively used with nuts, and dry fruits as its flavorful taste enhance their flavor as well.
On the basis of distribution channel, the chocolate syrup market is divided into B2C and B2B. The B2B segment recorded a significant revenue share in the chocolate syrup market in 2021. Places like cafes, cake shops, bakeries, restaurants, food service outlets, and other eateries buy chocolate syrup in bulk directly from the manufacturer. This helps these places to manage their inventories in a financially optimal way.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 8.5 Billion |
| Market size forecast in 2028 | USD 11.1 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 4% from 2022 to 2028 |
| Number of Pages | 174 |
| Number of Tables | 340 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the chocolate syrup market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered the maximum revenue share in the chocolate syrup market in 2021. Due to growing urbanization and western influence, the food service industry in this region has been widening to encompass cafes, continental restaurants, and fine dining. All of this helps in the expansion of the increased use of chocolate syrup.
Free Valuable Insights: Global Chocolate Syrup Market size to reach USD 11.1 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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 Type
By Distribution Channel
By Geography
The global Chocolate Syrup Market size is expected to reach $11.1 billion by 2028.
Improvement Of Chocolate Syrup Products By Major Companies are driving the market in coming years, however, High Competition From Other Chocolate-Based Products 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 the Chocolate Syrup Market is 4.0% from 2022 to 2028.
The B2C segment acquired maximum revenue share in the Global Chocolate Syrup Market by Distribution Channel in 2021 thereby, achieving a market value of $6.8 billion by 2028.
The Asia Pacific market dominated the Global Chocolate Syrup Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4 billion by 2028.
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