Saudi Arabia, UAE and Qatar set to dominate Middle East chocolate market
Arab countries love sweets, especially chocolate. The Middle East chocolate market is expected to register a CAGR of 4.2% during the period 2019-2025, and the Middle East is currently in a recovery phase, which is bound to drive the growth of the chocolate market over the forecast period, in addition to the widespread use of chocolate in confectionery and flavored food products It will also promote the development of the chocolate market in the Middle East countries.
Saudi Arabia, the UAE and Qatar will dominate the growth of the Middle East chocolate market from 2019 to 2025, mainly due to continued retail growth in the three countries, as well as upcoming global mega events such as Expo 2020 Dubai and 2022 Qatar World Cup. In addition, companies such as Mondelez International and Mars are targeting markets in the three countries and intend to further expand production. Luxury chocolate makers are also gearing up to expand in the Three Kingdoms.
Major companies in the Middle East chocolate market are Mars, Nestlé, Ferrero, Mondelez International and Hershey.
It is reported that the global chocolate market size is expected to grow at a compound annual growth rate of 3.5% during 2019-2025; however, the soaring prices of raw materials such as cocoa beans, butter, milk and sugar will hinder the chocolate market.
Source: Economic and Commercial Section of the Embassy of the Hashemite Kingdom in Jordan