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Chocolate Syrup Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global chocolate syrup products market was valued at USD 4.1 billion in 2022 and is projected to expand at a CAGR of 6.5% from 2023 to 2030. The increasing demand for convenience foods and beverages is driving the market growth. Chocolate syrup is widely used in dairy products, confectionery products, and bakery products. It is also used as an ingredient in various hot and cold beverages like ice cream shakes, smoothies, and milkshakes. Furthermore, the growing demand for vegan and plant-based products is driving the market growth. For instance, in April 2020, Hershey’s launched Hershey’s Syrup Plus, a vegan-friendly chocolate syrup.
The increasing popularity of chocolate syrup products among health-conscious consumers is expected to drive the market. For instance, in April 2021, Nestlé launched an organic chocolate syrup product under its Nesquik brand. The product does not contain any artificial colors, flavors, or preservatives and is made with organic cocoa and cane sugar. Furthermore, the introduction of new flavors and variants of chocolate syrup in the market is expected to propel the market growth. For instance, in July 2021, Hershey’s launched Hershey’s Syrup with Marshmallow; a new chocolate syrup variant with a sweet marshmallow flavor.
In addition, the growing demand for convenience foods and beverages is expected to drive the market. The introduction of new packaging formats such as single-serve sachets and bottles is significantly contributing to the growth of the market. Furthermore, innovations in packaging such as stand-up pouches and squeezable bottles are expected to further support the market growth in the coming years. For instance, in August 2021, Hershey’s launched a new 450-ml squeezable bottle in India.
Moreover, the rise in consumption of ready-to-drink (RTD) beverages and cold coffees is also contributing to the market growth. Various manufacturers are introducing chocolate syrup products for RTD beverages and cold coffees. For instance, in April 2021, Hershey’s launched a new chocolate syrup product for cold coffees. The product is made with cocoa and sugar, and does not contain any artificial colors, flavors, or preservatives.
Furthermore, the increasing demand for organic chocolate syrup products is expected to drive the market in the coming years. The growing awareness of health benefits associated with organic products is driving consumers to opt for organic products. The availability of organic chocolate syrup products for various applications is expected to increase in the coming years. For instance, in July 2020, Hershey’s launched an organic chocolate syrup product under its Nesquik brand.
Product Insights
The syrup segment accounted for the largest share of the market in 2020 and is projected to expand at the highest CAGR of 5.2% during the forecast period. Growing demand for chocolate syrup as a topping for desserts and other snacks is driving the growth of the market. Increasing consumption of frozen desserts, such as ice-cream, among consumers has further increased the demand for chocolate syrup. According to an article published by the National Center for Biotechnology Information (NCBI) in June 2020, chocolate syrup is the most preferred topping for ice cream among consumers in the U.S.
The sauce segment is projected to expand at the second highest CAGR of 4.8% from 2021 to 2027. Growing demand for chocolate syrup as a topping for desserts and other snacks is driving the growth of the market. Increasing consumption of frozen desserts, such as ice-cream, among consumers has further increased the demand for chocolate syrup. In addition, rising demand for chocolate-flavoured sauces among consumers is anticipated to fuel the market growth. Consumers are increasingly opting for flavoured sauces, such as chocolate-flavoured sauces, to enhance the flavour of their food.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 40.6% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase food and beverage products. According to a study by FoodBev.com in 2020, consumers prefer to visit supermarkets & hypermarkets to buy food and beverage products as it gives them access to a wide range of products. These establishments also provide a reasonable selection of products and assist customers in making rapid purchasing decisions.
The convenience stores segment is expected to expand at a significant CAGR of 8.2% over the forecast period. The convenience stores segment is primarily driven by the rise in the number of convenience stores in developed countries such as the US, Canada, and Europe. For instance, in 2021, Canada had around 14,000 convenience stores, which is an increase of 6.7% from 2020. Furthermore, the increase in the number of convenience stores is attributed to the rise in the number of working women, rise in disposable income, and changing lifestyles of consumers.
Type Insights
The mass segment accounted for the largest revenue share of 63.7% in the year 2022. The growing demand for chocolate syrup products in the mass segment is driven by the increasing consumer preference for convenience, affordability, and accessibility. In addition, the growing health and wellness trend among consumers is driving the demand for healthier chocolate syrup products in the mass segment. For instance, Hershey’s, a brand of The Hershey Company, launched a new line of chocolate syrup products in April 2022 that are made with natural ingredients such as cocoa, cane sugar, and non-GMO ingredients.
The premium segment is anticipated to register the highest CAGR of 10.2% over the forecast period. The increasing disposable incomes of consumers, especially in the developed regions, is driving the demand for premium chocolate syrup products. Also, the increasing number of retail stores such as supermarkets and hypermarkets, which offer premium chocolate syrup products, has enabled consumers to buy premium products at competitive prices. For instance, in July 2022, Nestle launched its premium range of chocolate syrup products, which are made with natural ingredients and are free from preservatives.
Regional Insights
North America dominated the market and accounted for the largest revenue share of over 38.6% in 2022. This is mainly due to the presence of a large number of manufacturers of chocolate syrup in the region. In addition, the increasing demand for convenience food, such as shakes and smoothies, is expected to drive the growth of the market in the region. For instance, in April 2022, Hershey’s launched the Hershey’s Sugar Free Chocolate Syrup in the U.S.
The Asia Pacific is expected to witness the fastest growth over the forecast period. This can be attributed to the increasing number of chocolate syrup manufacturers in the region, especially in countries such as India, China, and Japan. In addition, the growing demand for convenience food in the region is expected to drive the growth of the market. For instance, in 2021, Ferrero launched its chocolate syrup in India.
Financial Projections
In this part of the chocolate syrup products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your chocolate syrup products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a chocolate syrup products business comes from the sale of products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the chocolate syrup products business running will be described. The list of operating expenses includes wages, maintenance and repairs, utilities, insurance policies, advertising, packaging supplies and materials, raw ingredients, and others.
Key companies & market share insights
Some of the major companies operating in the chocolate syrup market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Hershey’s launched a new line of chocolate syrups designed to be used as toppings for desserts and beverages.
– In August 2022, Nestle launched the Nesquik line of chocolate syrup, which is available in a variety of flavors.
– In October 2022, Ghirardelli Chocolate Company launched a line of sugar-free chocolate syrups.
Some of the prominent players in the chocolate syrup market include:
– Hershey’s
– Nestle
– Ghirardelli Chocolate Company
– Scharffen Berger Chocolate Maker, Inc.
– Mars Inc.
– Cadbury Schweppes
– J.M. Smucker Co.
– Kraft Foods Group, Inc.
– The Hershey Company
– Ferrero Group
Global Chocolate Syrup Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global chocolate syrup products market based on product type, distribution channel, type, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Dark Chocolate Syrup
– Milk Chocolate Syrup
– White Chocolate Syrup
– Flavored Chocolate Syrup
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Chocolate Syrup Market?
[A]: The increasing demand for convenient, healthy, and affordable food products is driving the growth of the global chocolate syrup market. The growing demand for unique flavors in syrups and the rising popularity of flavored sauces among the youth population are also driving the market growth. Moreover, the increasing number of health-conscious consumers and their preference for organic products are expected to further fuel the growth of the chocolate syrup market.
[Q]: Who are the Major Players in the Chocolate Syrup Market?
[A]: The major players in the global chocolate syrup market include The Hershey Company, Mondelēz International, Nestle S.A, Barry Callebaut, Ghirardelli Chocolate Company, Mars Inc., and Archer Daniels Midland Company.
[Q]: What are the Key Regions of the Chocolate Syrup Market?
[A]: The key regions of the global chocolate syrup market are North America, Latin America, Europe, and Asia Pacific. North America is expected to hold the largest market share in terms of revenue, owing to the presence of a large number of consumers preferring indulging in chocolate-based products.
[Q]: What are the Potential Opportunities in the Chocolate Syrup Market?
[A]: The potential opportunities in the global chocolate syrup market include the increasing demand for vegan and organic chocolate syrups, rising popularity of flavored syrups and sauces, and the development of innovative products. Additionally, the increasing demand for healthy food products and the growing number of health-conscious consumers are expected to offer potential growth opportunities for market players.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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