Saudi Arabia Chocolate Market to Grow with a CAGR of 4.96% through 2028
Saudi Arabia Chocolate Market is being propelled by
increasing popularity of premium chocolate and the growing demand for dark
chocolate.
According to TechSci Research report, “Saudi Arabia
Chocolate Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2029”, the Saudi Arabia Chocolate Market stood at USD
989.76 million in 2022 and is anticipated to grow with a CAGR of 4.96% in the
forecast period, 2024-2028. The chocolate industry in Saudi Arabia has
witnessed remarkable growth, driven by economic development, changing consumer
preferences, and government initiatives to diversify the economy. This
once-import-dependent market now boasts a thriving domestic chocolate
manufacturing sector. Saudi consumers, particularly the youth, exhibit a
penchant for premium and artisanal chocolates, reflecting a globalized palate.
Chocolate plays a vital role in Saudi culture, as a symbol of hospitality,
celebration, and gifting. However, challenges like high temperatures, import
regulations, competition, and health concerns need to be addressed. As the
market embraces trends like health-conscious choices, sustainability, and
e-commerce, it continues to offer a sweet spot for innovation and expansion.
One of the primary drivers behind the growth of the
Saudi chocolate market is the country's economic prosperity. The government's
Vision 2030 initiative, aimed at diversifying the economy, has led to increased
job opportunities, urbanization, and higher disposable incomes among the
population. As a result, the average Saudi consumer has more purchasing power,
leading to an increased demand for indulgent products like chocolates. This
rise in disposable income has not only spurred local consumption but also
attracted international chocolate brands to invest and establish a presence in
the country.
Chocolate holds significant cultural importance in
Saudi Arabia. It is intricately woven into the fabric of hospitality,
celebrations, and gifting traditions. Offering sweets, including chocolates, to
guests is a time-honored gesture of welcome and generosity. Moreover,
chocolates are exchanged during special occasions, such as weddings,
engagements, and religious festivals like Eid al-Fitr and Eid al-Adha. The
tradition of gifting chocolates has elevated the demand for exquisitely
packaged and premium-quality products, making it a lucrative market segment.
Corporate gifting also plays a vital role in the chocolate industry, with
businesses often presenting branded chocolates to clients and partners,
emphasizing the role of chocolates in fostering relationships and expressing
gratitude.
The Saudi consumer landscape has experienced a
significant shift, driven by globalization and exposure to international
trends. With the rise of social media and increased travel opportunities,
Saudis, especially the youth, have become more cosmopolitan and open to diverse
cultural influences. This openness has led to a growing interest in different
cuisines, including desserts and confectionery items. As a result, the demand
for unique and exotic chocolate flavors has surged. Local chocolatiers have responded
by infusing traditional Arabic ingredients and flavors into their products,
creating a fusion of global and local tastes. Additionally, the influx of
international chocolate brands and the availability of a wide range of imported
chocolates have exposed consumers to diverse options, leading to a broader
palate and heightened expectations regarding quality and innovation.
The Saudi consumer landscape has experienced a
significant shift, driven by globalization and exposure to international
trends. With the rise of social media and increased travel opportunities,
Saudis, especially the youth, have become more cosmopolitan and open to diverse
cultural influences. This openness has led to a growing interest in different
cuisines, including desserts and confectionery items. As a result, the demand
for unique and exotic chocolate flavors has surged. Local chocolatiers have responded
by infusing traditional Arabic ingredients and flavors into their products,
creating a fusion of global and local tastes. Additionally, the influx of
international chocolate brands and the availability of a wide range of imported
chocolates have exposed consumers to diverse options, leading to a broader
palate and heightened expectations regarding quality and innovation.
Browse over XX market data Figures
spread through 83 Pages and an in-depth TOC on "Saudi Arabia Chocolate Market.”
Saudi Arabia Chocolate market is segmented into type, category,
end user, sales channel, and region.
Based on category, the market is segmented into countline,
tablet, boxed, others.
Boxed chocolates are emerging as a rapidly growing
segment in the Saudi Arabia chocolate market. This category, which includes
assortments of chocolates in decorative packaging, has gained popularity as an
ideal gift choice for various occasions and celebrations. The appeal of boxed
chocolates lies in their elegant presentation, making them suitable for gifting
during weddings, festivals, and corporate events. Both local and international
chocolatiers are expanding their offerings in this segment, creating diverse
and visually appealing assortments to cater to the discerning tastes of Saudi
consumers. The demand for boxed chocolates is expected to continue to rise,
reflecting the importance of cultural traditions and the growing emphasis on
gifting in the region.
Major companies operating in Saudi Arabia Chocolate market
are:
- Krafts Foods
- Mars Inc.
- Nestle
- Bateel
- Hershey Foods
Corporation
- Shirin Asal
Company
- Ferrero Group
- Meiji Co., Ltd.
- Mondelez
International Inc.
- Unilever Group
Strauss Elite
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“ The Saudi Arabia
Chocolate market has seen significant growth and transformation. Economic prosperity,
urbanization, and changing consumer preferences have driven demand. Key trends
include a shift towards health-conscious choices, a demand for premium and
artisanal chocolates, emphasis on sustainability, and the growing influence of
e-commerce. However, the market faces challenges due to extreme weather
conditions, import regulations, competition, and dietary concerns. Despite
these challenges, dark chocolate and premium offerings are thriving. The
Western region, including major cities like Riyadh and Jeddah, dominates the
market due to its high population density and modern retail infrastructure.
Overall, the Saudi chocolate market continues to evolve, offering diverse and
sophisticated choices to consumers.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Saudi Arabia Chocolate Market By Type (Milk
Chocolate, White Chocolate, Dark Chocolate, Others), By Category (Countline,
Tablet, Boxed, Others), By End User (Retail, Food Processing, Food Service
Industry), By Sales Channel (Supermarkets/Hypermarkets, Grocery Stores,
Discount Stores, Online, Others) By Region, By
Competition Forecast & Opportunities, 2018-2028F, has evaluated
the future growth potential of Saudi Arabia Chocolate market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia Chocolate market.
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