Food sector has dominating position in the market in 2018 and is likely to maintain its dominance over the forecast period. Chocolate syrups are commonly used to embellish and flavour a wide range of baking and confectionary products.
In 2018, Europe had the greatest market share of the worldwide liquid chocolates market. Chocolate events and festivals are becoming increasingly popular in Europe. For example, Eurochocolate, the ultimate chocolate event held in the Umbrian town of Perugia in central Italy, is Europe's largest chocolate festival, attracting about 900,000 visitors each year.
Several Asian countries, including Sri Lanka, Malaysia, Indonesia, the Philippines, and Papua New Guinea, are important cocoa producers. According to the International Cocoa Organization, Indonesia produced roughly 2.8 billion tonnes of cocoa between 2017 and 2018, with the rest of Asia Pacific accounting for 0.88 billion tonnes. As a result of these characteristics, liquid chocolate manufacturers in these countries have a possibility for growth.
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