New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Chocolate Syrup Global Market Report 2023" - https://www.reportlinker.com/p06466453/?utm_source=GNW
, AH!LASKA, Torani, American Garden, Sonoma Syrup Co., Monin Inc., DaVinci Gourmet, and Santa Cruz Natural Incorporated.
The global chocolate syrup market is expected to grow from $6.77 billion in 2022 to $7.07 billion in 2023 at a compound annual growth rate (CAGR) of 4,4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chocolate syrup market is expected to reach $8.28 billion in 2027 at a CAGR of 4.0%.
The chocolate syrup market consists of sales of commercial syrups, natural syrups, organic syrups, and vegan chocolate syrups.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Chocolate syrup refers to a sweet condiment with a chocolate flavor and it is made with unsweetened cocoa, sugar, and water. It is used as a sauce or topping in different desserts to enhance flavor.
Asia-Pacific was the largest region in the chocolate syrup market in 2022.Asia-Pacific is expected to be the fastest-growing region in 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 and Africa.
The main types of chocolate syrups are conventional and organic.Conventional chocolate syrup refers to a sauce made with unsweetened chocolate or cocoa, sugar, and water and it is used to enhance the flavor of the dishes such as pancakes, waffles, and pieces of cake as a topping.
Major applications are household or retail, food service and food processing and are distributed using different channels such as hypermarkets or supermarkets, convenience stores, specialty stores, online and business-to-business (B2B).
The increased number of coffee shops and cafes is expected to boost the growth of the chocolate syrup market going forward.Coffee shops and cafes refer to eateries that serve baked goods, light meals, and other beverages in addition to coffee.
Chocolate syrup is used in coffee shops and cafes to give the beverage a delightful and distinctive flavor such as coffee.Additionally, chocolate syrup sweetens and enhance creaminess of a cup of coffee, and its rich flavor enhances the beverage’s inherent flavor.
For instance, according to a report published by Pearl Lemon Cafe, a UK-based coffee shop, in 2023, in the UK, there are more than 8,000 coffee shops and approximately 16% of customers visit a coffee shop every day, and around 80% at least once a week. Furthermore, according to the World Coffee Portal, a UK-based information platform for the global coffee industry, the total number of coffee shops in the United Kingdom totalled 9,540 outlets across all branded sectors in 2021, with a 3.5% growth rate. Therefore, the increased number of coffee shops and cafes is driving the growth of the chocolate syrup market.
Product innovation is the key trend gaining popularity in the chocolate syrup market.Major companies operating in the chocolate syrup market are focusing on developing innovative products to strengthen their market position.
For instance, in August 2021, Enlightened, a US-based manufacturer of light ice cream, keto ice cream, no-sugar-added cheesecakes and cookie dough, launched a new sugar-free chocolate syrup as a low-carb syrup option. Enlightened’s low-carb chocolate syrup is sweetened with erythritol and monk fruit extract rather than sugar, which is intended to taste and feel the same as regular chocolate syrup and contains 1 gram of net carbs per serving as compared to 12 grams of net carbs and 10 grams of sugar in traditional chocolate syrup.
In July 2021, Grupo Bimbo, a Mexico-based manufacturer and marketer of bakery products acquired Emmy’s Organics for an undisclosed amount.Through this acquisition, Grupo Bimbo aims to foothold in the swiftly expanding market in cookies and sweet baked items and also to expand its direct-to-consumer business.
Emmy’s Organics is a US-based manufacturer of cookies and chocolate syrups.
The countries covered in the chocolate syrup market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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.
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