PUBLISHER: Grand View Research | PRODUCT CODE: 1588709
PUBLISHER: Grand View Research | PRODUCT CODE: 1588709
The global chocolate syrup market size is expected to reach USD 12.19 billion by 2030, at a CAGR of 3.2%, according to a new report by Grand View Research, Inc. The increasing snacking trend and willingness to try more sweet and salty flavors in desserts has accelerated the demand for chocolate syrups. According to The Hershey Company, about 80% of consumers say chocolate is their favorite dessert flavor and chocolate syrups from Hershey's brand appeal to them.
Increasing inclination towards healthy eating is driving the demand for dark chocolate and organic chocolate syrups. To meet customer expectations, major chocolatiers are crafting limited-edition bittersweet flavors in chocolate syrups using single-origin cocoa from major global cocoa-producing areas such as Ghana, Madagascar, Colombia, Dominican Republic, Ecuador, Sao Tome & Principe, Ivory Coast, and Venezuela. Further, market players such as Nestle and The Hershey Company are focusing on innovatinglow or no-sugar, better-for-you portfolio in chocolate syrups with 30% fewer sugar variants.
Conventional chocolate syrup accounted for a significant share of the global revenue for 2024 and is expected to maintain dominance over the forecast period. The growing availability of several flavors, such as dark chocolate and white chocolate, among others, and the taste and flavor associated with them is driving the consumption of conventional chocolate syrups. Further, dark chocolate is becoming more popular among consumers due to its high cocoa content and flavonoids known as flavanols, which are linked to a lower risk of heart disease.
The B2C distribution channel contributed much of the share to become the largest division in global revenue in 2021. The offline stores, including supermarkets, hypermarkets, specialty stores, and convenience stores, provide dedicated shelf spaces that offer different varieties of chocolate syrups. The increase in penetration of major supermarkets & hypermarkets across the globe is gaining the attention of consumers for the purchase of chocolate syrups from prominent brands, which is expected to provide significant growth opportunities in the upcoming years.
The chocolate syrup market is consolidated, with a large number of international players and few regional players. The Hershey's Company, Nestle, The Kroger Co., The J.M. Smucker Company, Torani, Bosco, Hollander Chocolate, Inc., Walder Farms, Amoretti, and Gold's Pure Foods, LLC. are among the prominent players in the global market.