Saudi Arabia Chocolate Market is Forecast to Grow at a CAGR of 4.5% until 2028
Published | 30 May 2022
The Saudi Arabia chocolate market is growing at a high CAGR because of changing taste and consumption patterns of the consumers with increasing disposable income along with the launch of new products with different flavors and ranges…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia chocolate market is forecast to grow at a CAGR of 4.5% during the forecast period of 2022-2028. Saudi Arabia is the biggest market for chocolate and its products in the Middle East region. The changing taste and consumption pattern of the consumers with increasing disposable income is emerging as one of the major driving factors for the growth of the market. The increasing working-class population along with rising women workforce contribution is also influencing the growth of the market. The demand for premium chocolates registers a significant spike during festivities, which also favors the growth of the market. However, increasing the cost of production including raw materials and labor wages may act as a huge restraining factor for the market growth.
Increasing Penetration of International Chocolate Brands is Driving the Market Growth
Saudi Arabia holds great growth potential in the chocolate market. As a result, it is attracting foreign brands and multinational corporations who are increasingly launching their products in these markets. One can easily find chocolates from countries such as Swiss, German, Belgium, British, Russian, Finnish, etc., in Saudi Arabia. This gives consumers a wide range of options to choose from as well as keeps the market and price competitive. With the increasing new launching of chocolate brands, the market is projected to flourish in the forecast period.
Saudi Arabia Chocolate Market - By Distribution Channel
Based on the distribution channel, the Saudi Arabia chocolate market is segmented into retail stores, specialty retailers, and online distributors. The retail and convenience stores segment accounts for the largest market share owing to the large number of privately owned local shops that sell different types of chocolates. However, the online store segment is projected to witness the highest growth rate during the forecast period owing to the increasing popularity of online shops such as Saudi Desert Cart, Kluesa, Tamimi Markets, etc., especially among the younger demographic.
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Impact of COVID-19 on Saudi Arabia Chocolate Market
The Saudi Arabia chocolate market was negatively impacted by the sudden COVID-19 pandemic outbreak. Although Saudi Arabia did not register many casualties like other countries, the monarchy still imposed strict social distancing restrictions during the pandemic. As a result, the supply of imported chocolates was cut down despite surging demand in the market. This created a huge demand and supply gap. Furthermore, the demand for premium chocolates also registered a significant decline during this period due to a halt in the operations of other industries such as hospitality.
The leading market players of the Saudi Arabia chocolate market are La Via HandMade Chocolates, Badr Chocolate Factory, Krafts Foods, Mars Inc, Unilever Group Strauss Elite, Nestle, Ferrero Group, Hershey Foods Corporation, Shirin Asal Company, and other prominent players.
The market is fragmented with the presence of several multinational and regional industry participants. Local chocolate brands have deep penetration in the market and enjoy consumer inclination. The companies constantly launch new chocolate ranges and premium brands to attract customers and boost their sales. They also adopt competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia chocolate market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Saudi Arabia chocolate market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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