Posted On: 2017-08-30
Changing lifestyle of consumers along with growing demand for chocolates especially premium chocolates are the key factors for the growth of chocolate market in Middle East. However, economic slowdown in the region has resulted in lower consumer spending, which would slowdown the growth of the market for the next few years.
According to 6Wresearch, Middle East Chocolate market is anticipated to grow at a CAGR of 4.8% during 2017-23. Countries such as Saudi Arabia, UAE and Qatar would drive the market during 2017-23 due to growing organized retail sector and upcoming global events such as Dubai World Expo 2020 and 2022 FIFA World Cup in Qatar. 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 Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch, “Milk chocolate captured majority of the share in the market due to its creamier texture and sweet flavor. 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.
“Lebanon and Jordan would be the key countries for the companies to focus during the forecast period due to growing consumer awareness and expanding retail sector,” Ravi further added.
According to Akash Jain, Research Associate, Research and Consulting, 6Wresearch, “Organized retail sector including malls, hypermarkets and supermarkets captured majority of the market in 2016 and expected to continue their dominance during the forecast period as consumers prefers to buy chocolates from malls and hypermarkets in countries such as Saudi Arabia, UAE and Qatar.
“Flexible packaging is mostly used by companies for chocolates as these are lightweight, durable and can be customized into any shape or size,” Akash Concluded.
Some of the major companies in Chocolate market are Mars, Nestle, Ferrero, Mondelez International and Hershey.
“Middle East Chocolate Market (2017–2023)” provides in-depth analysis with 115 figures and 7 tables covered in more than 207 pages. The report estimates and forecast the overall Middle East chocolate market by revenues, volume, category, distribution channel and packaging. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.