Middle East & Africa Chocolate Market Outlook to 2027: Players Include Barry Callebaut, Ferrero, Godiva Chocolatier and Lotte Confectionery - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 19, 2022--
The “Middle East & Africa Chocolate (Milk, Dark, White) Market Outlook, 2027” report has been added to ResearchAndMarkets.com’s offering.
According to the research report, Middle East & Africa Chocolate Market Outlook, 2027, the chocolate market in the Middle East & Africa is projected to grow rapidly at a CAGR of 9.28% over the forecast period.
High potential growth and the introduction of taxes changing purchasing habits in MEA, a growing preference for a healthier lifestyle driving product innovation and modernisation are all shaping chocolate sales. Growing demand for chocolates is driving demand in this region, with several companies starting their establishments and using them to promote their brands. With the trend moving towards quality, the inherent flavour of the cocoa beans is given particular emphasis.
The products in this segment are prepared using fresh cocoa beans and carved into chocolates by small-scale chocolatiers. Chocolates are most popular among teenagers and consumers under 25 years of age, owing to their convenience factor, as they are designed to be eaten as a snack on the go.
South Africa is the fastest-growing country. Additionally, consumers in the UAE prefer to gift premium boxed chocolate, which is available in varied shapes and sizes and in attractive packaging, over traditional sweets. It is projected that seasonal or box chocolates will grow in demand rapidly over the forecast period at a CAGR of 12.38%. This is further enhancing the influx of premium global chocolate brands, such as Godiva, into the country. Rising awareness of chocolate’s health benefits will drive growth.
An increasing number of women in the workforce lead to a rise in convenience. Due to busier lifestyles, governments are boosting modern retailing infrastructure to meet such demands, with supermarkets taking the greatest share. In addition, manufacturers securing prominent shelf space have maintained their value sales in modern retailers, enabling them to introduce promotions.
Development in modern retail has also boosted the demand for chocolate in the Middle East. Furthermore, the large emigrant population in the Middle-East and African countries, such as the United Arab Emirates, Saudi Arabia, and Nigeria, due to work, contributed to the increasing demand for chocolates in the region. Hence, imported chocolates have a huge opportunity in this region, as a proper distribution network can help improve the accessibility of the market in the Middle Eastern nations.
South Africa is expected to register fastest growth of CAGR 8.39%, contributing to the overall sales of the chocolate market in Middle-East and Africa in the forecast period ending 2027. The majority of the growth in the chocolate market sales in South Africa is attributed to hypermarkets and supermarkets. The rising consumer awareness and increasing disposable incomes among middle-income consumers, along with product innovation and channel development by key players to reach a wider consumer base, are some of the major factors that are expected to bolster the sales of the chocolate market in South Africa during the forecast period.
The Middle-East and African chocolate markets are highly fragmented, with various companies from around the world holding market share in the region. Companies’ major strategies include mergers and acquisitions, new product innovations, partnerships, and expansions. New product innovations have become the most important strategy due to the rapidly developing market in the Middle East & Africa region.
The milk chocolate market share in 2021 was nearly 53%, and growth in the region by the milk segment will be significant for revenue generation in future years too. The growth is attributed to the high demand for milk chocolate owing to several health benefits, such as helping in boosting memory, smoothening and hydrating the skin, reducing the risk of heart strokes and attacks, and improving the immune system. Additionally, the rising purchasing power of consumers is further expected to increase the consumption of milk chocolate across the region in the forecast period.
The COVID-19 pandemic had an unprecedented impact on the chocolate market in the region, as its ramifications led to lower sales volumes and other problems, including supply-side issues linked to quality and certification. The UAE and most Middle Eastern countries rely on imports from foreign brands rather than domestic production. Due to disruptions in imports, followed by lockdown, an increasing number of retail outlets remained closed for an extended period of time, resulting in lower volume consumption of premium chocolates.
Considered in this report
- Geography: Middle East & Africa
- Base year: 2021
- Estimated year: 2022
- Forecast year: 2027
Key Topics Covered:
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definitions
4. Global Chocolate Market Outlook
4.1. Market Size By Value
4.2. Market Share
4.2.1. By Type
4.2.2. By Application
4.2.3. By Sales Channel
4.2.4. By Region
4.2.5. By Country
4.2.6. By Company
5. Global Dark Chocolate Market Outlook
6. Global White Chocolate Market Outlook
7. Global Milk Chocolate Market Outlook
8. Middle East & Africa Chocolate Market Outlook
9. Market Dynamics
9.1. Key Drivers
9.2. Key Challenges
10. Market Trends and Developments
11. Company Profiles
11.1. Barry Callebaut
11.3. Godiva Chocolatier, Inc.
11.4. Lindt & Sprungli AG
11.5. Lotte Confectionery
11.6. Mars Wrignery
11.7. Meiji Holdings Co. Ltd
11.8. Mondelez International
11.9. Nestle S.A
11.10. The Hershey Company
12. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/4axvgg
View source version on businesswire.com:https://www.businesswire.com/news/home/20221219005418/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: FOOD/BEVERAGE RETAIL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/19/2022 07:16 AM/DISC: 12/19/2022 07:17 AM