GCC Chocolate Market:
Growth opportunities in the GCC chocolate market look promising over the next six years. This is mainly due to the continuous production of new flavors by key producers and the increasing preference for sugar confectionary.
GCC Chocolate Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The most prominent driver contributing to the growth of the GCC chocolate market includes the augmenting consciousness about the health benefits of dark chocolates which include a powerful source of antioxidants, help in improving the blood flow, and reduced blood pressure. Also, the increasing preference favor of chocolates across youngsters and millennials, further strengthens the chocolate market size. Moreover, they have become the premium snack option because of the growing prominence of confectionary snacks.
Furthermore, the surging consumption of count line chocolates has promoted market growth, especially in the UAE. This is because the UAE is an emanating economy in terms of the major chocolate market. The GCC regions are experiencing a rise in sugar confectionery over the last few years. Enormous international companies are involved in establishing their factories in these countries to meet the increasing demand for luxury and standard chocolates, progressively used for collections of personal or luxury gifting. Additionally, the leading market players focus on producing new chocolate flavors to encounter the increasing customer demand. Nestle SA, in 2019, launched a limited edition of green team matcha KitKat in the selected GCC countries, which included Kuwait, Saudi Arabia, and the UAE. This product is a blend of white chocolates with sweet and fragrant flavors and without any additional color, flavor, or preservatives. The product is serving the consumer’s demand and bringing out a new market trend.
The rising prominence of cocoa and chocolate confectioneries is encouraging market growth over the coming years. The filled chocolate covers a considerable share of the cocoa and chocolate market owing to the evolving trend of preimmunized chocolates. Moreover, the progressive application in the food & beverage sector, which is further driving the market growth. Chocolate is one of the most preferred flavour in beverages, bakery, and confectionery products. Thus, their rising usage in food products and beverages is bolstering the chocolate market share.
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