GCC Chocolate Market Set to Grow at over 12% until 2023
As per a recent ‘Voice of Customer’
survey published by TechSci Research, price and brand name of chocolates have
been identified as the top influencing factors while purchasing chocolates. Growing
demand for premium chocolate products, increasing consumption of chocolate
confectionery among young population and companies expanding the brand
portfolio of chocolate confectionery is expected to drive the GCC chocolate
market. Consumers in the age bracket of 5 – 24 years accounted for a revenue
share of more than 73% in the overall chocolate market in the region in 2017.
Growing
demand for premium chocolates coupled with increasing consumption of chocolate
among young population to drive GCC chocolate market through 2023
According to TechSci Research report, “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 category chocolates, as preferred
gift items. Moreover, manufacturers are increasingly focusing on processing
heat and moisture resistant chocolates, which would help to increase the product
shelf life in the extreme climactic conditions of the Middle East. Additionally, a considerable demand for chocolate gift 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 portals would aid the growth of GCC
chocolate market in the coming years.
Browse 59 market data Table and Figures spread
through 98 Pages and an in-depth TOC on "GCC Chocolate Market" https://www.techsciresearch.com/report/gcc-chocolate-market/3666.html
Among countries, Saudi Arabia dominated the market
with a share of more than 45% in 2017. This country is expected to generate
significant demand for chocolates and is anticipated to remain dominant in the
region during forecast period as well owing to high tourist footfall and the
high expat population in the country. GCC chocolate market can be broadly categorized into
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., are some
of the leading players operating n GCC chocolate market.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=3666
Customers can also request for 10% free customization on this report.
“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 customers would
further 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
Market By 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.
About TechSci Research
TechSci Research is a
leading global market research firm publishing premium market research reports.
Serving 700 global clients with more than 600 premium market research studies, TechSci
Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research based consulting assignments in high growth and
emerging markets, leading technologies and niche applications. Our workforce of
more than 100 fulltime Analysts and Consultants employing innovative research
solutions and tracking global and country specific high growth markets helps
TechSci clients to lead rather than follow market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]