GCC Chocolate Market is Fueled by Milk Chocolate Product Type Segment During the Forecast Period
The rising adoption of chocolate as a gift option and shifting consumer purchasing habits are the factors expected to drive the growth of the GCC chocolate market.
According to TechSci Research report, “GCC Chocolate Market– By Region, Competition Forecast & Opportunities, 2018-2028F”. The GCC chocolate market is expected to grow during the forecast period due to different factors such as increased awareness of dark chocolates as a healthier confectionery product that aids in enhancing blood flow and lowering blood pressure, which is, in turn, driving the GCC Chocolate market in the projected period.
One of the main reasons propelling the GCC chocolate market is the rising food and beverage (F&B) industry across nations. Chocolate is a popular flavor in beverages, bakery, and confectionery items. As a result, the increasing use of chocolate in various food products and beverages is propelling the GCC chocolate market forward. Additionally, the widespread accessibility of chocolates in a variety of forms, including boxes, chocolate syrup, white chocolate, etc., is accelerating market expansion. Another important aspect driving growth is the rising demand for solid, molded chocolates in creative shapes and sizes. In addition, changing customer preferences for emerging dark chocolate varieties that incorporate extra flavors are also favoring the GCC market. A result of increasing usage of chocolate has led to an increase in the market demand in the expected years.
Consuming chocolate also reduces the release of the stress hormone cortisol. Regularly including these elements in one's diet can help to alleviate health problems and reduce the need for medication. Due to its ability to relax the mind and induce happiness, chocolate sales are expected to rise in the coming years. The market is expanding as a result of increasing consumer awareness about preventive healthcare is expected to fuel market growth over the forecast period.
The growing popularity of cocoa and chocolate confectioneries will support market growth in the coming years. Because of the emerging trend of preimmunized chocolates, the chocolate market in the region is surging due to the growing demand for customized chocolate. Aside from that, the premiumization of chocolate-based products and manufacturers' increasing adoption of innovative packaging solutions are expected to fuel the GCC dark chocolate market over the forecasted period.
Chocolates are becoming increasingly popular as a gifting option for people of all ages, which is fueling growth in the GCC chocolate market. The rising risk of cardiovascular disease, combined with increased awareness of the benefits of dark chocolate consumption, is propelling the industry forward. Furthermore, one of the key factors providing lucrative opportunities for market growth is the high number of antioxidants present in chocolates. Manufacturers' increasing introduction of innovative products such as diet and low-calorie chocolate is increasing the GCC chocolate market. To draw customers, the market player is developing their product throughout Ramadan, which has led to an increase the market.
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The GCC chocolate market is segmented based on product type, category, distribution channel, countries, and competitional landscape.
Based on product type, the market is further segmented into milk chocolate, dark chocolate, and white chocolate. Among these segments, milk chocolate is the fastest growing segment, owing to its popularity as a gift option as well as consumer purchasing power is increasing which will drive demand for the application segments during the projected period.
Based on category, the GCC chocolate market is segmented into countline, tablets, boxed chocolates, chocolate pouches & bags and others. Based on distribution channel, the market is further segmented into supermarkets/hypermarkets, independent grocery stores, convenience stores/forecourt retailers, non-store retailing, and others. The market analysis also studies the countries segmentation to devise country market segmentation, divided among Saudi Arabia, UAE, Kuwait, Qatar, Oman, Bahrain.
Key market players in the GCC chocolate market include:
- Mars GCC FZE
- Nestle Middle East FZE
- Ferrero Trading Dubai
- Chocoladefabriken Lindt & Sprüngli
- Mondelez Arabia for Trading LLC
- Patchi SAL
- Al Nassma Chocolate LLC
- Al Kazemi International Food Industries
- Sweets of Oman SAOG
- Godiva Chocolatier LLC
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“A key trend that is expected to affect the growth of the chocolate market throughout the anticipated period is new product launches with advanced features, which include it has a significant number of flavonoids, which are antioxidants that promote blood flow by removing free radicals from the body. In addition to that, rising consumer demand for premium and specialty chocolate goods, all of which are contributing to market expansion and are anticipated to accelerate industry growth throughout the projection period, is another factor.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
GCC Chocolate Market, By Product Type (Milk Chocolate, Dark Chocolate, and White Chocolate), Based on category, (Countline, Tablets, Boxed Chocolates, and Others (Chocolate Pouches & Bags etc.)), Based on Distribution Channel (Supermarkets/Hypermarkets, Independent Grocery Stores, Convenience Stores/Forecourt Retailers, Non-Store Retailing, Others), By Country, By Company, Forecast and Opportunities, 2018-2028F, has evaluated the future growth potential GCC chocolate and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide innovative market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in GCC chocolate market global.
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