USD 8.83 Billion
Chocolate Syrup Market Size, Share, Growth Analysis, By Type(Conventional and organic), By Distribution Channel(B2B and B2C), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2301 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
59
|Figures:
75
Chocolate Syrup Market Insights
Global Chocolate Syrup Market size was valued at USD 8.83 Billion in 2022 and is poised to grow from USD 9.17 Billion in 2023 to USD 12.46 Billion by 2031, at a CAGR of 3.9% during the forecast period (2024-2031).
The global chocolate syrup market is a rapidly growing segment of the food and beverage industry. Chocolate syrup is a versatile product that is used in a variety of applications such as ice cream toppings, baking ingredients, and flavorings for beverages. It is a popular product among consumers of all age groups and is available in various flavors, packaging sizes, and price ranges. The purpose of the global chocolate syrup market is to meet the growing demand for chocolate-flavored products in the food and beverage industry. Chocolate syrup manufacturers aim to provide high-quality products that meet the needs and preferences of consumers while also maintaining a competitive edge in the market. One of the key drivers of the global chocolate syrup market is the increasing popularity of chocolate-flavored products among consumers. As the global population continues to grow, there is a corresponding increase in demand for food and beverage products, including chocolate syrup. Additionally, the versatility of chocolate syrup makes it an attractive ingredient for use in a variety of food and beverage applications. Furthermore, chocolate syrup manufacturers are continually innovating their product offerings by introducing new flavors, packaging sizes, and product formats, further driving demand for the product. One of the primary restraints of the global market is the increasing health concerns among consumers, leading to a shift towards healthier food and beverage alternatives. Additionally, the increasing cost of raw materials used in the production of chocolate syrup can also act as a restraint for the growth of the market.
The key trends in the global market include the growing demand for organic and natural chocolate syrups, the introduction of new flavors and product formats, and the increasing popularity of online retail channels for the sale of chocolate syrup. The global chocolate syrup market offers several opportunities for manufacturers to expand their product offerings and reach new customers. For example, there is an increasing demand for chocolate syrup in developing markets, which represents a significant growth opportunity for manufacturers. In addition, there is a growing trend towards the customization of food and beverage products, which presents an opportunity for chocolate syrup manufacturers to offer tailored products to meet the specific needs and preferences of consumers.
US Chocolate Syrup Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
B2C
Fastest Growth
B2C
Growth Rate
3.9% CAGR
Global Chocolate Syrup Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Chocolate Syrup Market Segmental Analysis
Global Chocolate Syrup Market is segmented on the basis of type, distribution channel, and region. By type, the market is segmented into conventional and organic. By distribution channel, the market is segmented into B2C and B2B. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Chocolate Syrup Market Analysis by Type
The conventional segment dominated the chocolate syrup market in 2021, accounting for 88.0% of the revenue share. This growth is due to the increasing demand for ready-to-drink, flavorful, and convenient syrups and sweeteners. Conventional products are gaining popularity, particularly in countries like China and India, where consumers are interested in trying new and innovative packaged products with diverse flavors. The younger generation, especially millennials, is a major consumer group for conventional syrups due to their interest in international flavors, gourmet chocolates, and confectioneries.
The organic segment is expected to witness a CAGR of 5.6% during the forecast period, owing to the growing consumer preference for health-oriented syrups and sweeteners. There has been a surge in demand for organic and gluten-free products, and vegan, zero-sugar syrups have gained popularity in recent years. Prominent manufacturers of organic products, such as Organic Midnight Moo, Wildly Organic, and Walden Farms, are catering to this growing demand. Europe is a prominent consumer of natural and organic chocolate-flavored syrups due to increasing concerns related to overall health and the environment.
Chocolate Syrup Market Analysis by Distribution Channel
The B2C channel dominated the chocolate syrup market in 2021, accounting for 62.2% of the revenue share. This growth can be attributed to the increasing availability of these products in different flavors and variants, such as dark chocolate and hazelnut, through offline and online retailers like supermarkets, hypermarkets, and e-commerce platforms. Major supermarket chains, such as Kroger, are offering their own lines of chocolate-flavored products due to the growing interest in syrups and additives for confectioneries. Moreover, a variety of products from international and local brands are offered by prominent retailers like Walmart, Tesco, Target Brands Inc., and Amazon, among others, providing a range of options for consumers.
The B2B segment is expected to witness a higher CAGR of 5.1% over the forecast period. This segment includes food service outlets, cafes, eateries, cake shops, chocolate stores, restaurants, and bakeries, among others. In recent years, the segment has witnessed significant product adoption, as consumers enjoy experiencing different flavors of syrups and sweeteners in confectioneries, cakes, puddings, pastries, donuts, and desserts offered by these outlets. Nonetheless, several food service outlets, including Cruisin Coffee, Handel's Ice Cream, The Ice Cream Parlor, and The Cone of West Chester, have reported using Hershey's syrups in their products, which is likely to contribute positively to market growth.
Global Chocolate Syrup Market Size By Distribution Channel 2021(%)
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Chocolate Syrup Market Regional Insights
In 2021, Asia Pacific dominated the global market, accounting for the largest revenue share of 35.9%. The region has experienced rapid development and industrial upgrading in the confectionery industry, leading to increased demand for chocolate-flavored syrups and sweeteners. Moreover, the rising accessibility of these products and the growing presence of major market players in the region are contributing to the market's growth. Younger consumers and millennials in the Asia Pacific are interested in trying out new and international sweet dishes, such as gourmet sweets, donuts, cookies, and pancakes, among others, which further drives market growth.
The Middle East & Africa region is expected to witness the fastest growth rate. This can be attributed to the availability of a wide range of products in authentic flavors and consumers' willingness to experiment with new flavors. Additionally, the interest in baked goods that use chocolate-flavored syrups and sweeteners has increased during and after the COVID-19 pandemic, especially in economies like South Africa. Prominent players such as The Hershey Company, Monin, and Nestlé are expanding their presence in gourmet chocolate-flavored products across the region, which is expected to fuel market growth.
Global Chocolate Syrup Market Size By Geography, 2021-2030
- Largest
- Fastest
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Chocolate Syrup Market Dynamics
Chocolate Syrup Market Drivers
Growing consumer demand for convenience and flavor diversity
- The global chocolate syrup market is being driven by the increasing consumer demand for convenient and versatile food products that offer a wide range of flavors. Chocolate syrups are used as toppings or additives in various food products such as cakes, ice creams, pancakes, and waffles, among others. As such, chocolate syrups offer a simple and quick way to add flavor and sweetness to a variety of dishes, which appeals to busy consumers who seek convenience.
Health consciousness and demand for natural ingredients
- The growing trend toward health and wellness has led to increased consumer demand for natural and organic chocolate syrups. Consumers are increasingly conscious of the negative health effects of artificial sweeteners, preservatives, and additives commonly found in processed foods. As a result, they are seeking out natural and organic products that contain no harmful ingredients. This trend is driving the demand for chocolate syrups made from natural ingredients, such as pure cocoa, and natural sweeteners like honey and maple syrup.
Chocolate Syrup Market Restraints
Fluctuating raw material prices
- The price of cocoa, a key raw material used in the production of chocolate syrups, is subject to frequent fluctuations. These fluctuations can have a significant impact on the cost of manufacturing chocolate syrups, which can lead to price instability and decreased profit margins for manufacturers. Moreover, the price fluctuations of cocoa can also lead to supply chain disruptions, which can further hamper the growth of the chocolate syrup market.
Rising health concerns and competition from substitutes
- As health concerns continue to rise, consumers are becoming increasingly wary of consuming products high in sugar and calories, including chocolate syrups. This trend is driving demand for healthier alternatives, such as sugar-free and low-calorie chocolate syrups. Additionally, competition from other sweeteners, such as honey, agave, and stevia, is further limiting the growth of the chocolate syrup market.
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Chocolate Syrup Market Competitive Landscape
The Global Chocolate Syrup Market is highly competitive, with the presence of both multinational corporations and regional players. The key players in the market focus on developing innovative products to cater to changing consumer preferences and expand their customer base. They also invest in marketing and advertising activities to increase their brand visibility and engage with customers. Additionally, companies strive to expand their distribution channels and strengthen their supply chain to ensure the timely delivery of products.
Chocolate Syrup Market Top Player’s Company Profiles
- Amoretti (US)
- The J.M. Smucker Company (US)
- Torani (US)
- DaVinci Gourmet (US)
- Bosco Products, Inc. (US)
- Tate & Lyle PLC (UK)
- Kerry Group (Ireland)
- Bosco's Pizza Co. (US)
- Ghirardelli Chocolate Company (US)
- Bosco Beverages, LLC (US)
- Walden Farms, Inc. (US)
- SweetLeaf Stevia (US)
- W. R. Grace & Co. (US)
- Orkla ASA (Norway)
- Sensient Technologies Corporation (US)
- Archer Daniels Midland Company (US)
- 1883 de Philibert Routin (France)
Chocolate Syrup Market Recent Developments
- Nestle India invested about USD 719 million to upgrade its manufacturing facilities in February 2024.
- In collaboration with Advent International, Nestle purchased Grupo CRM, a high-end chocolate manufacturer, in September 2023 to increase its footprint in Brazil. Nestle's position in the Brazilian market is strengthened by this calculated action.
- Enlightened announced the release of their new brand of sugar-free chocolate syrup in December 2021. The syrup is composed of corn fiber, cocoa, water, salt, citric acid, and natural flavor. Erythritol and monk fruit are used as sweeteners. Compared to regular chocolate syrups, which can have up to 10 g of sugar and 12 g of net carbohydrates, one tablespoon of this syrup only has 20 calories, 9 g of fiber, 1 g of new carbohydrates, and no sugar.
Chocolate Syrup Key Market Trends
- Growing popularity of premium and artisanal chocolate syrups: The demand for premium and artisanal chocolate syrups is on the rise, driven by consumers' growing interest in gourmet and high-quality food products. Manufacturers are responding to this trend by introducing new and innovative chocolate syrup flavors and packaging options, such as small-batch, handcrafted, and organic chocolate syrups.
- Increasing popularity of e-commerce platforms: The rising popularity of e-commerce platforms is contributing to the growth of the chocolate syrup market. Consumers are increasingly turning to online shopping for convenience and accessibility, which has led to the emergence of new online retailers specializing in food and beverage products, including chocolate syrups. E-commerce platforms are also providing manufacturers with new opportunities to reach consumers directly, which is driving the growth of the market.
Chocolate Syrup Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Chocolate Syrup Market analysis, the market has experienced steady growth in recent years, driven by the increasing demand for chocolate-flavored beverages and desserts. The market is highly competitive, with several large and small players operating globally. One of the major drivers of the market is the growing popularity of chocolate-flavored drinks, such as hot chocolate, chocolate milk, and chocolate smoothies. These beverages are consumed by people of all age groups, and the demand for them is expected to rise in the coming years. Another driver of the market is the increasing demand for chocolate-based desserts, such as cakes, ice creams, and pastries. The use of chocolate syrup as a topping or filling enhances the flavor of these desserts, making them more appealing to consumers. However, there are also some challenges faced by the market, such as rising health concerns among consumers. Chocolate syrup contains high levels of sugar and calories, which can lead to health issues such as obesity and diabetes. This has led to a shift in consumer preference towards healthier food options, which could impact the demand for chocolate syrup in the long term.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.83 Billion |
| Market size value in 2031 | USD 12.46 Billion |
| Growth Rate | 3.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Chocolate Syrup Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Chocolate Syrup Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Chocolate Syrup Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chocolate Syrup Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chocolate Syrup Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Chocolate Syrup Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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