Arab countries love sweets, especially chocolate. According to data from 6Wresearch, the compound annual growth rate of the Middle East chocolate market during 2019-25 is expected to be 4.2%. The Middle East is currently in a recovery phase, which will definitely promote the growth of the chocolate market during the forecast period. In addition, chocolate in the confectionery and flavor The widespread use in food will also promote the development of chocolate markets in Middle Eastern countries.
Sanxiong leads the Middle East chocolate market
Saudi Arabia, UAE, and Qatar will dominate the growth of the Middle East chocolate market between 2019 and 2025, mainly due to the continued growth of the three countries' retail industry and the upcoming large-scale global events such as the Expo 2020 Dubai and 2022 Qatar World Cup. In addition, companies such as Mondelez International and Mars are targeting the three countries' markets and plan to further expand production. Luxury chocolate makers are also gearing up for expansion in the Three Kingdoms.
High-end chocolates like Ferrero and Lindt
6Wresearch research consulting assistant Akshay Thakur said: Because milk chocolate has a finer taste and a sweeter taste, it occupies most of the market share in the Middle East chocolate market. A variety of milk chocolates have appeared on the Middle East market, catering to a wide range of consumers, and thus stimulating the market.
High-end chocolate companies such as Ferrero and Lindt & Sprungli continue to broaden their strong consumer base in the Middle East through retail stores and high-end chocolate boutiques.
Akshay added that the UAE and Saudi Arabia will be the key countries that global chocolate producers will focus on during the forecast period due to rising consumer awareness and the rapid expansion of the retail industry.
According to Eshita Goel, an associate researcher at research consultancy 6Wresearch, the retail industry, including shopping centers, hypermarkets, specialty stores, and boutiques, is expected to occupy the major chocolate markets in the Middle East. In recent years, chocolate makers prefer to use flexible packaging because it is lightweight, durable, and easy to make into any shape.
The major companies in the Middle East chocolate market are Mars, Nestle, Ferrero, MDLZ, and Hershey.
It is reported that the global chocolate market size is expected to grow at a compound annual growth rate of 3.5% during 2019-2025; however, the soaring prices of raw materials such as cocoa beans, butter, milk, and sugar will hinder the chocolate market.
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Media Courtesy : Finance Sina