Chocolate has been traditionally used as a flavoring ingredient in various food products such as cakes, ice-creams, milk shakes and others. Chocolate syrup also known as chocolate flavored condiments, is a concentrated solution of chocolate primarily used as a topping or dessert sauce in various desserts.
Cocoa powdered, sweetener such as sugar, corn syrup and others are some of the key ingredients for chocolate syrup. Increased usage of chocolate syrup as a flavor enhancer in coffee, tea, milkshakes, cakes and others is expected to support the market growth over the forecast period.
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Chocolate Syrup Market Segmentation
Chocolate syrup is segmented on the basis of type which includes organic and conventional. Among both of these segments conventional chocolate syrup has been estimated to account for major share in terms of value and expected to be remain dominant over the forecast period. Organic chocolate syrup is expected to create relatively higher CAGR over the forecast period.
Due to increasing awareness among the consumers towards healthy lifestyle they are continuously switching towards organic products which is expected to fuel the segment growth over the forecast period.
Chocolate Syrup market is further segmented on the basis of distribution channel which includes hypermarket/supermarket, convenience stores, specialty outlet, grocery stores and online retailing. Among all these segments hypermarket/supermarket is expected to account for major market share during the forecast period.
Increasing penetration of retail industry especially in developing regions such as Asia Pacific, Middle East and others is expected to support the hypermarket/supermarket segment growth in chocolate syrup market during the forecast period. Online retailing segment in chocolate syrup market is expected represent favorable growth in the near future. Increasing internet penetration level and rising consumer influence towards online shopping is expected to support the segment growth over the forecast period.
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Geographically in chocolate syrup market Western Europe is expected to account for the major market share followed by North America during the forecast period. Western Europe is one of the largest consumers for chocolate, which is expected to support of the market growth in the region.
However these region is expected to account for moderate growth due to mature market. Among North American region U.S. is expected to be the major contributor in terms of revenue followed by Canada. Moreover Asia pacific is expected to show the favorable growth during the forecast period followed by Latin America.
In Asia pacific region China and India is expected to account for the substantial growth due to increased demand for chocolate based or chocolate flavored products. Moreover in Latin America Brazil is expected to be the major contributor in terms of revenue followed by Mexico.
Chocolate Syrup Market Drivers & Restraints
Increased used of chocolate syrup as a toppings or flavor enhancer in desserts such as ice-cream, pan cakes, coffee, pastries and others is expected to support the market growth over the forecast period. Coffee shops or cafes are of the largest consumer for chocolate syrup, thus increasing penetration of coffee shops in developing countries such as India, China, Brazil and others is further expected to fuel the market growth in the near future.
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However, increased lifestyle disorders such as obesity, diabetes and others in developed economies are leading to various health problems which may include respiratory disorders, heart ailments, anxiety and others. All these factors has led consumers to get inclined towards healthier food options and products containing low calorie or sugar level. Thus, this may restrain the market growth in the near future.
Chocolate Syrup Market: Key Players
Some of the major key players operating in chocolate syrup market includes Santa Cruz Natural Incorporated, AH!LASKA, THE HERSHEY COMPANY, The J. M. Smucker Company, Bosco Products, Inc, Walden Farms, and Nestle S.A.among others.
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Sugarless Chocolate Market Share : The global sugarless chocolate market is projected to record a CAGR of 6% from 2022-2032.
Premium Chocolate Market Size : The global premium chocolate market is estimated at USD 29.2 Bn in 2022 and is projected to reach USD 67.8 Bn by 2032
Low-calorie Chocolate Market Growth : The global low-calorie chocolate market is expected to reach a market valuation of US$ 1 Bn in 2022. Expanding at a CAGR of 9.9% over the forecast period, the low-calorie chocolate market size will reach US$ 2.8 Bn by 2032.
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