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 categorychocolates, as preferred gift items. Moreover, manufacturers areincreasingly focusing onprocessing heat and moisture resistant chocolates, which would help to increase the product shelf life in the extreme climactic conditionsof the Middle East.Additionally, aconsiderable demand for chocolategift 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 portalswould 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.Thiscountryisexpected to generate significant demand for chocolatesand is anticipated to remain dominantin the region during forecast period as well owing to high tourist footfall and the high expat population in the country. GCC chocolatemarket can be broadly categorizedinto 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., aresome 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 customerswouldfurther 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 MarketBy 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.