Posted On: 2020-01-31
Milk chocolate captured majority of the market share in the Middle East chocolate market in 2018 – 6Wresearch
Economic slowdown in the Middle East region due to oil market crash in 2016 has resulted in lower consumer spending in the region. Right now, Middle East is going through the recovery stage which would definitely propel the growth of chocolate market during the forecast period.
According to 6Wresearch, Middle East chocolate market is anticipated to grow at a CAGR of 4.2% during 2019-25. Countries such as Saudi Arabia, UAE and Qatar would drive the growth of chocolate market during 2019-25, due to growing organized retail sector and upcoming global events such as Dubai World Expo 2020 and 2022 FIFA World Cup in Qatar. Additionally, companies such as Mondelez International and Mars are targeting local markets by expanding their production facilities in the region. Luxury chocolate manufacturers are also growing their presence in the region.
According to Akshay Thakur, Assistant Manager, Research and Consulting, 6Wresearch, “Milk chocolate captured majority of the market share in the overall chocolate market in 2018 due to its creamier texture and sweet flavour. Variety of milk chocolates are present in the market catering wide range of consumers, thus spurring the market ahead. Premium chocolate companies such as Ferrero and Lindt & Sprungli are constantly developing strong consumer base in Middle East by offering their products through specialized retailers and chocolate boutiques.“UAE and Saudi Arabia would be the key countries for the companies to focus during the forecast period due to growing consumer awareness and expanding retail sector,” Akshay further added.
According to Eshita Goel, Research Associate, Research and Consulting, 6Wresearch, “Organized retail sector including malls, hypermarkets and supermarkets captured majority of the market in 2018 and is expected to continue their dominance during the forecast period.”
“Usually chocolate manufacturers prefer flexible packaging as they are lightweight, durable and can be customized into any shape or size,” Eshita concluded.
Some of the major companies in Chocolate market are Mars, Nestle, Ferrero, Mondelez International and Hershey.
“Middle East Chocolate Market (2019-2025)" report provides an in-depth analysis with 15 figures with 9tables, covered in 200 pages. The report estimates and forecast the overall Middle East chocolate market by product type, by distribution channels, by chocolate type and by key countries including Saudi Arabia, Turkey, UAE and Rest of Middle East. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.