GVR Report cover Chocolate Syrup Market Size, Share & Trends Report

Chocolate Syrup Market Size, Share & Trends Analysis Report By Type (Conventional, Organic), By Distribution Channel (B2C, B2B), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68040-005-7
  • Number of Pages: 80
  • Format: Electronic (PDF)

Report Overview

The global chocolate syrup market was valued at USD 8.7 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 3.8% from 2022 to 2030. In recent years, the demand for the product as a flavor enhancer and topping in various recipes such as pancakes, cakes, and pastries has gained immense popularity among consumers across the globe. Consumers are now seeking high-quality chocolate flavors in different variants, which is driving the product demand.

 U.S. chocolate syrup market size, by type, 2020 - 2030 (USD Billion)

Even amid the COVID-19 pandemic and the global economic crisis that ensued, chocolate syrup industry sales exceeded USD 8.27 billion in 2020. This growth can largely be attributed to the growing application of the product as a topping or dessert sauce in a wide range of ice creams, pudding, dishes, and bakery & confectionery products as consumers began to cook at home. Evolving consumer patterns and panic buying during the pandemic led to a surge in demand for convenient, ready-to-eat (RTD), and packaged foods, owing to which the consumption of the product increased through B2C channels. However, the B2B channel was negatively impacted owing to the temporary closure of food service outlets, café, and restaurants.

The U.S. is among the prominent consumers of the product owing to its growing popularity, flavor, and versatility. As per The Hershey Company, in February 2021, the Hershey U.S. retail takeaway segment expanded in multi-outlets and convenience store channels. Further, the company reported that the sales of Hershey's baking items, including peanut butter, syrup, chips, and cocoa continued to remain strong, increased by 12.1%, which was largely driven by increased investment in core brands, seasonal products, and its e-commerce business.

The product comprises a prominent share sector in the flavored syrup or syrups market. Market players have been establishing health-food labeling, aggressive product line development, and exotic & creative variants in the product to attract a larger consumer base. For instance, in August 2021, Beyond Better Foods, LLC launched an ‘Enlightened’ lineup of low-sugar treats with new ‘Sugar-free Chocolate Syrup’. Market players have been extending their offerings in no or low-zero sugar options in syrups catering to the growing demand for healthier products. The product is sold through Whole Foods Market, Sprouts Farmers Market, Pavilions, Albertsons, Fresh Thyme, and other offline retailers.

APAC is a prominent market for product growth. Further, the vegan and plant-based food & beverages industry within the APAC region is growing at a rapid rate owing to which the inclination towards organic beverages and foods is rapidly gaining momentum. Several regional players are imperatively working on enhancing the taste, flavors, and texture of the product by adding organic cocoa powders, vegetable oils, and butter for consumers to indulge in the chocolate-eating experience and expand their consumer base. Further, the demand for cocoa-based products is at an all-time high in Asia, which bodes well for market growth.

Growing demand for plant-based and organic syrups containing naturally sourced ingredients and less sugar such as allulose, and organic cocoa powder has been witnessing strong demand. Market players such as RxSugar, plant-based, USDA organic, and keto-certified organic syrups through distribution channels including traditional grocery, natural and specialty, drug and convenience, practitioners, e-commerce, and food service to make available to consumers everywhere. These organic syrups are used as the versatile product that can be used for chocolate milk, ice cream, baking, protein shakes, granola, yogurt, fruits, pancakes, waffles, and desserts.

Type Insights

The conventional segment dominated the market and accounted for a revenue share of 88.0% in 2021. The growth of the segment is characterized by an increase in interest in RTD, flavorful, and convenient syrups and sweeteners. The growing availability of several variants such as almonds, and hazelnuts in conventional products is driving the consumption of conventional ones. The product is immensely gaining popularity among countries including China and India owing to changing taste preferences and evolving demand for innovative packaged products. Millennials and younger consumers are the major consumers of conventional syrups owing to growing interest in international flavors and products such as gourmet chocolates and confectioneries.

Organic type is anticipated to witness a CAGR of 5.6% over the forecast period. The growth of the segment is characterized by a growing consumer inclination towards health-oriented syrups and sweeteners which has resulted in a surge in demand in the market. In addition, health and wellness associated with gluten-free, organically sourced, vegan, zero-sugar syrups have gained popularity in recent years. Further, market players such as Organic Midnight Moo, Wildly Organic, and Walden Farms are a few prominent manufacturers of organic products. Europe is the prominent consumer of natural and organic chocolate-flavored syrups owing to growing concerns related to overall health and the environment.

Distribution Channel Insights

The B2C channel dominated the market and accounted for a larger revenue share of 62.2% in 2021. An increasing number of offline and online retailers such as supermarkets & hypermarkets, and e-commerce platforms offer these products in different flavors and variants such as dark chocolate, and hazelnut among other formats, which propels the growth of the segment. Major supermarket chains such as Kroger are offering their lines of chocolate-flavored products through supermarket chains owing to the growing interest in syrups and additives for confectioneries. For instance, major supermarket chains such as Walmart, Kroger, Tesco, Target Brands Inc., Hy-Vee, Inc., Instacart, Ubuy, Alibaba, Safeway, Amazon, Sainsbury’s, and Asda among others offer a variety of products from international and local brands for consumers to choose from.

 Global chocolate syrup market share, by distribution channel, 2021 (%)

The B2B segment is anticipated to witness a higher CAGR of 5.1% over the forecast period. Foodservice outlets, cafés, eateries, cake shops, chocolate stores, restaurants, bakeries, and others form the B2B channels. In recent years, the segment has witnessed immense product adoption as consumers like to experience different flavors of the product on confectioneries, cakes, puddings, pastries, donuts, and desserts offered by these outlets. The segment growth was negatively impacted due to the temporary closures induced during the COVID-19 pandemic. Several food service outlets including Cruisin Coffee, Handel's Ice Cream, The Ice Cream Parlor, and The Cone of West Chester have reported using Hershey’s syrups in their products. Such instances are likely to bode well for market growth.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of 35.9% in 2021. The confectionery industry experienced rapid development, structural adjustment, and industrial upgrading in Asia Pacific in recent years. Growing consumer interest in sweet dishes and gourmet confectioneries has led to increased demand for these products. Further, the increasing penetration of major players in the Asia Pacific and increasing accessibility to such products is boding well for market growth. Younger consumers and millennials in the region are keen to try new and international sweet dishes such as donuts, cookies, gourmet sweets, and pancakes among others, which opens new avenues for market growth.

Chocolate Syrup Market Trends by Region

Middle East & Africa is expected to be the fastest-growing region during the forecast period. The availability of a wide variety of products in authentic flavors and consumers’ willingness to try new flavors in the region will bolster the market growth in the coming years. During and after the COVID-19 pandemic, the interest in baked goods that uses the product prevailed across the region and economies including South Africa. Players including The Hershey Company, Monin, and Nestlé are extending their presence in gourmet chocolate flavored products across the region which bodes well for the market growth.

Key Companies & Market Share Insights

The market is characterized by the presence of some large multinational companies with a strong presence across the globe. Key players have been implementing various expansion strategies such as mergers and acquisitions, capacity expansions, strengthening of online presence, and new product launches to gain a competitive advantage. These manufacturers are adopting various strategies, including new product launches, expansion of product portfolios, and mergers and acquisitions. For instance:

  • In September 2021, RxSugar, an organic chocolate syrup company that offers the healthiest choice versus conventional, cane sugar-soaked chocolate syrups with high calories and countless ingredients won the 2021 ‘Editors’ Pick for Best New Product.’ by a leading food and grocery industry publication. The winning products were chosen based on their innovation, functionality, and value

  • In July 2021, Dabur India expanded its honey range to spreads and syrups in chocolate and strawberry flavors. The product can be added to milk, spread on bread as well as pancakes and waffles, and used to make desserts

  • In January 2020, The Hershey's Company extended its distribution across India through the candymaker’s imprint Hershey India Pvt Ltd. As per the company, India is an important market for Hershey’s international business and the company is delighted to offer the increasingly discerning premium chocolate for multiple consumption occasions

Some of the prominent players in the chocolate syrup market include:

  • The Hershey's Company

  • Nestlé

  • The Kroger Co.

  • The J.M. Smucker Company

  • Torani

  • Bosco

  • Hollander Chocolate, Inc

  • Walder Farms

  • Amoretti

  • Gold's Pure Foods, LLC.

Chocolate Syrup Market Report Scope

Report Attribute


Market size value in 2022

USD 9.2 billion

Revenue forecast in 2030

USD 12.2 billion

Growth rate

CAGR of 3.8% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Belgium; China; Japan; India; Brazil; South Africa

Key companies profiled

The Hershey's Company; Nestlé; The Kroger Co.; The J.M. Smucker Company; Torani; Bosco; Hollander Chocolate, Inc; Walder Farms; Amoretti; Gold's Pure Foods, LLC.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Chocolate Syrup Market Segmentation

This report forecasts revenue 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 market based on type, distribution channel, and region:

Global Chocolate Syrup Market Segmentation

  • Type Outlook (Revenue, USD Million, 2017 - 2030)

    • Conventional

    • Organic

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • B2C

      • Hypermarkets/Supermarkets

      • Convenience Stores

      • Specialty Stores

      • Online

    • B2B

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Belgium

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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