GCC Chocolate Market Set to Grow at over 12% until 2023: TechSci Research
As per a recent ‘Voice of Customer’ survey published by TechSci Research, price and brand name of chocolates have been identified as the top influencing factors while purchasing chocolates. Growing demand for premium chocolate products, increasing consumption of chocolate confectionery among young population and companies expanding the brand portfolio of chocolate confectionery is expected to drive the GCC chocolate market. Consumers in the age bracket of 5 – 24 years accounted for a revenue share of more than 73% in the overall chocolate market in the region in 2017.
Growing demand for premium chocolates coupled with increasing consumption of chocolate among young population to drive GCC chocolate market through 2023
According to TechSci Research report, “GCC Chocolate Market By Product Type, By Category, By Distribution Channel, By Country, Competition Forecast & Opportunities, 2013 – 2023”, GCC chocolate market is projected to register a CAGR of more than 12% during 2018 - 2023 on account of changing taste & preferences of young population coupled with growing inclination towards chocolates, especially premium category chocolates, as preferred gift items. Moreover, manufacturers are increasingly focusing on processing heat and moisture resistant chocolates, which would help to increase the product shelf life in the extreme climactic conditions of the Middle East. Additionally, a considerable demand for chocolate gift boxes, premium dark chocolates, etc., has been witnessed in GCC region on various festive occasions, particularly in countries like Qatar and Bahrain, where expenditure on chocolates has also been observed to be comparatively high. Furthermore, growing presence of chocolates across online portals would aid the growth of GCC chocolate market in the coming years.
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"GCC Chocolate Market"
Among countries, Saudi Arabia dominated the market with a share of more than 45% in 2017. This country is expected to generate significant demand for chocolates and is anticipated to remain dominant in the region during forecast period as well owing to high tourist footfall and the high expat population in the country. GCC chocolate market can be broadly categorized into chocolate pouches & bags, boxed chocolates, countline, tablets and others. Countline segment accounts for the majority share in the market as these products are high in demand and are relatively less expensive than other categories and are more of an impulse purchase. Mars GCC FZE, Mondelez Arabia for Trading LLC, Nestle Middle East FZE, Ferrero Trading Dubai, Chocoladefabriken Lindt & Sprüngli, Patchi SAL, Al Nassma Chocolate LLC, etc., are some of the leading players operating n GCC chocolate market.
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“Rising trend of using chocolate as a substitute to traditional sweets due to growing influence of the western culture, increasing tourist footfall and expatriate population, and expansion of product portfolio of chocolate manufacturers are some of the major growth drivers in GCC chocolate market. Moreover, emergence of several variants of chocolates such as, sugar free chocolate, cholesterol free chocolate, chocolate with low fat content to cater to the health-conscious customers would further steer growth in GCC chocolate market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“GCC Chocolate Market By Product Type, By Category, By Distribution Channel, By Country, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of GCC chocolate market and provides statistics and information on market structure, size, share and trends The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the GCC chocolate market.