The Global Chocolate Spreads and Syrups Market was $4.7 Bn in 2019, and it is expected to reach $7.3 Bn by 2026. It is eventually growing at a commendable high compound of annual growth rate CAGR of 6.9% between 2020-2026. However, due to current pandemic, consumption from restaurants had taken a great hit due to lockdown in all major countries. But, domestic consumption of chocolate syrup and spreads is increased due to increased home food consumption and easy adaptability. The market is majorly driven by the rising demand for Chocolate Spreads and Syrups among domestic consumers regardless of age group. Moreover, rising awareness among consumers about the health benefits associated with the consumption of chocolates is a significant factor supporting the market growth of Chocolate Spreads and Syrups Market. In addition, changing individual lifestyle and rising demand for ready to eat products have accelerated the adoption of readymade Chocolate Spreads and Syrups. This also expected to boost the market growth in the forecast period.
Global Jars Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The global Chocolate Spreads and Syrups Market has been segmented into packaging type, and distribution channel. By packaging type, the global Chocolate Spreads and Syrups Market is divided into Jars, Pouches, Cups, and Others. By distribution channel, the global Chocolate Spreads and Syrups Market is divided into Supermarkets/Hypermarkets, Convenience Stores, Online Retail Stores, Specialist Stores, and Others. Jars Segment is expected to witness remarkable growth over the forecast period due to its safe packaging advantage.
By Region, Europe is Holding the Major Market Share
The global Chocolate Spreads and Syrups Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, Europe Chocolate Spreads and Syrups Market is holding the largest market share currently and is estimated to show the steady compound annual growth rate in the upcoming forecast period due to the factors such as rising consumer preference for chocolate-based spreads and increasing domestic consumption due to COVID. Moreover, changing individual lifestyles and trends of a readymade food product is also responsible for the market growth in the region. North America market is expected to have a decent growth over the forecast period. Further, Asia Pacific region is projected to witness the fastest growth over the forecast period. This is attributed due to its large population base and innovation in taste. LAMEA is also anticipated to show decent growth over the forecast period due to increasing demand for ready to eat packaged food.
Major Players in Global Chocolate Spreads and Syrups Market
Some of the key players in the global Chocolate Spreads and Syrups Market include Ferrero Rocher, The Hershey Company, Hormel Foods Corporation, The J.M. Smucker Company, PASCHA Chocolate, Dr. Oetker KG., Young's (Private) Limited. Andros SAS, Date Lady, Flourish, Nature Food Company, The Hain Celestial Group, Nutkao S.R.L, Barefoot & Chocolate, and Nestle.
The Global Chocolate Spreads and Syrups Market Has Been Segmented into:
Global Chocolate Spreads and Syrups Market: By Packaging Type
Global Chocolate Spreads and Syrups Market: By End Users
Global Chocolate Spreads and Syrups Market: By Distribution Channel
Global Chocolate Spreads and Syrups Market: By Region