Dark Chocolate Segment to Witness Significant Demand in GCC Premium Chocolate Market through 2024
Increasing disposable income
and growing demand for chocolate from young population to drive the premium
chocolate market of GCC during the forecast period
According
to TechSci Research report, “GCC Premium Chocolate Market By Product Type, By Distribution
Channel, By Country, Competition, Forecast & Opportunities, 2024”, the GCC premium chocolate market is expected to grow at
brisk rate on account of growing consumption of chocolate among young population.
Increasing
tourist footfall and rising trend of gifting premium chocolates as a substitute
for dry fruits and sweets is driving the growth of the market in the region. Moreover,
factors such as increasing awareness pertaining to benefits of chocolate consumption
and increasing disposable income of the population living in the region are
anticipated to positively impact the growth of GCC premium chocolate market during the study
period.
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GCC premium chocolate market can be segmented based on product type, distribution
channel, company and country. Based on the product, the market can be segmented
into white chocolate, milk chocolate and dark chocolate. Consumption of dark
chocolate is expected to increase over the coming years as dark chocolate has
numerous health benefits like improving blood flow, is equally rich in
antioxidants and is considered healthier when compared with other counterparts.
In terms of regional analysis, Saudi Arabia occupied the dominant share of
premium chocolate market owing to growing influence of western culture and
increasing tourist footfall in the country.
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Mondelez International MEA, Nestle Middle East FZE, Ferrero Gulf HQ, Godiva
Chocolatier, Barry Callebaut, Hotel Chocolat, The Hershey Company, Patchi HO
UAE, Chocoladefabriken Lindt & Sprüngli, among others are the leading
players operating in the GCC Premium Chocolate market. The companies operating
in the market are using different techniques to elongate the shelf life of
chocolates and expanding to various countries as brand image plays crucial role
among customers.
“Demand for premium chocolate is
expected to witness a surge during the forecast period on account of changing
taste & preferences of young population and rising per capita expenditure. Moreover,
availability of premium chocolates on online gift portals is further expected
to boost the market through 2024.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“GCC Premium Chocolate Market By Product Type, By
Distribution Channel, By Country, By Company, Competition, Forecast &
Opportunities, 2024” has
evaluated the future growth potential of GCC premium 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 take sound investment decision. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the GCC premium chocolate market.
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