Press release
GCC Chocolate Market Set to Grow at over 12% until 2023: TechSci Research
Chocolate Market 2023
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"
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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.
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“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.
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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.
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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
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