Chocolate Syrup Global Market Report 2024

The chocolate syrup market size has grown steadily in recent years. It will grow from $7.07 billion in 2023 to $7.37 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. During the historical period, the growth in chocolate syrup can be attributed to several key factors. These include the invention of chocolate syrup itself, the industrialization of production methods enabling mass manufacturing, effective marketing and branding initiatives promoting its usage, the diversification of applications for chocolate syrup across various culinary uses, and the development of a wide range of varieties and flavors to cater to diverse consumer preferences.

The chocolate syrup market size is expected to see steady growth in the next few years. It will grow to $8.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. Anticipated growth in the upcoming period within the chocolate syrup industry is expected to be influenced by several key factors. These include the increasing focus on health consciousness among consumers and ongoing product innovation efforts, expansion strategies targeting emerging markets, the impact of global economic factors on market dynamics, shifting consumer preferences and evolving demographics, and the rise of environmental sustainability initiatives within the industry. Key trends projected in the forecast period encompass the development of functional and indulgent variants of chocolate syrup, the introduction of plant-based and vegan varieties catering to specific dietary preferences, a greater emphasis on sustainable and ethical sourcing practices, the adoption of convenient on-the-go packaging options, and ongoing innovation in flavors to meet evolving consumer tastes and preferences.

The chocolate syrup market is expected to experience growth, propelled by the increasing number of coffee shops and cafes. Coffee shops and cafes, establishments offering a range of beverages, baked goods, and light meals alongside coffee, utilize chocolate syrup to add a distinct and delightful flavor to their offerings. The syrup not only sweetens and enhances the creaminess of coffee but also enriches the beverage's inherent flavor. A report by Pearl Lemon Cafe in 2023 reveals that the UK boasts over 8,000 coffee shops, with approximately 16% of customers visiting daily and around 80% at least once a week. Moreover, data from the World Coffee Portal indicates a 3.5% growth rate in the total number of coffee shops in the United Kingdom, reaching 9,540 outlets across all branded sectors in 2021. The burgeoning presence of coffee shops and cafes stands as a driving force behind the growth of the chocolate syrup market.

The growth of the chocolate syrup market is further fueled by the increasing trend of home baking and cooking. Home baking and cooking involve preparing meals and baked goods within a private residence for personal consumption. Chocolate syrup, being a versatile ingredient, finds use in home cooking and baking, allowing individuals to explore creativity and experiment with new recipes. A survey by FONA International Inc. in February 2022 indicates that 73% of customers feel successful when cooking at home. This trend of home-based culinary activities contributes to the growing demand for chocolate syrup as a key ingredient in various homemade treats.

Innovation is a pivotal trend gaining traction in the chocolate syrup market, with major companies dedicated to developing novel products to fortify their market positions. An example of this trend is evident in the product launch by Enlightened, a US-based manufacturer of light and keto ice cream, as well as other confectioneries. In August 2021, Enlightened introduced a new sugar-free chocolate syrup as a low-carb option. Sweetened with erythritol and monk fruit extract instead of sugar, the syrup aims to replicate the taste and texture of traditional chocolate syrup while containing only 1 gram of net carbs per serving, compared to the 12 grams of net carbs and 10 grams of sugar found in conventional chocolate syrup. Product innovation continues to shape the landscape of the chocolate syrup market.

Major companies in the chocolate syrup market are actively pursuing a strategic partnership approach, focusing on supplying reagent kits for cell separation. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits and success. A notable example occurred in May 2022 when Blommer Chocolate Company, a US-based chocolate product manufacturing company, announced a partnership with DouxMatok. This collaboration aims to introduce innovative products, with a particular focus on novel chocolate and confectionery coatings. Initially, the partnership centered around chocolate-flavored chips, and the product line has since expanded to include various coatings, facilitating their use in a broader range of food applications, including panning, enrobing, and molding. DouxMatok, the partner in this venture, is an Israel-based manufacturing company specializing in sugar-based goods.

In July 2021, Grupo Bimbo, a Mexico-based manufacturer and marketer of bakery products, acquired Emmy's Organics for an undisclosed amount. This strategic acquisition is aligned with Grupo Bimbo's goal to establish a strong presence in the rapidly expanding market for cookies and sweet baked items, as well as to expand its direct-to-consumer business. Emmy's Organics, based in the US, is a manufacturer of cookies and chocolate syrups. This strategic acquisition positions Grupo Bimbo to diversify its product offerings and tap into the growing consumer demand for cookies and sweet baked goods.

Major companies operating in the chocolate syrup market report are The Hershey Company, Nestlé S.A., Bosco Products Inc., The J.M. Smucker Company, Walden Farms International Inc., Amoretti Brothers LLC, Gold Pure Food Products Co., Hollander Chocolate Company, Ah!Laska Inc., Torani Inc., American Garden, Sonoma Syrup Co., Monin Inc., DaVinci Gourmet LLC, Santa Cruz Natural Incorporated, The Kroger Company, Beyond Better Foods LLC, Ghirardelli Chocolate Company, Stonewall Kitchen LLC, Fox's U-Bet Co., Sanders Candy LLC, King's Cupboard, R. Torre & Company Inc., The Wilbur Chocolate Company, The Chocolate Shoppe, Mars Inc., Cargill Inc., Blommer Chocolate Company, Puratos Group, Guittard Chocolate Company.

Asia-Pacific was the largest region in the chocolate syrup market in 2023. Asia-Pacific is expected to be the fastest-growing region in the chocolate syrup market report during the forecast period. The regions covered in the chocolate syrup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the chocolate syrup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categorizations of chocolate syrups include conventional and organic variants. Conventional chocolate syrup, made with ingredients such as unsweetened chocolate or cocoa, sugar, and water, is utilized to enrich the taste of dishes such as pancakes, waffles, and cakes as a delectable topping. These syrups find major applications in household or retail settings, food service establishments, and food processing industries. They are distributed through various channels including hypermarkets or supermarkets, convenience stores, specialty stores, online platforms, and business-to-business (B2B) channels.

The chocolate syrup market research report is one of a series of new reports that provides chocolate syrup market statistics, including the chocolate syrup industry global market size, regional shares, competitors with a chocolate syrup market share, detailed chocolate syrup market segments, market trends and opportunities, and any further data you may need to thrive in the chocolate syrup industry. This chocolate syrup market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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