Middle East & Africa Chocolate (Milk, Dark, White) Market Research Report, 2027

Middle East & Africa Chocolate (Milk, Dark, White) Market Research Report, 2027

Actual Market Research 30-08-2022 57 Pages Figures : 15 Tables : 22 Region : MEA Category : Food & Beverages Food

1. Lindt & Sprungli Group

2. Lotte Confectionery Co., Limited

3. Mars Incorporated

4. Meiji Holdings Co., Limited

5. Nestle SA


Despite the Middle East and Africa being smaller markets in value terms for chocolates when compared to other regions, there is a lot of potential due to a growing population and manufacturing innovation through product diversification. The economic crisis during the past years in the region, along with the implementation of VAT, has led consumers to opt for affordable products. Nevertheless, as chocolates are perceived as popular by some, growth has remained constant. Product diversification, product affordability, and the traditional culture of snacking among millennials are factors driving the need for chocolates. This has driven consumers to shift from milk chocolate to dark chocolate due to the higher cocoa content of the latter. Consumers have also increased organic chocolate consumption while manufacturers focus more on health claims and ethical labelling such as "100%-certified sustainable cocoa" and "reduced-sugar" by underlining fewer calories. According to the research report, "Middle East & Africa Chocolate Market Research Report, 2027," published by Actual Market Research, 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 Aspects covered in this report • Middle East & Africa chocolate market with its value and forecast along with its segments • Country-wise chocolate market analysis • Various divers and challenges • Ongoing trends and developments • Five force models • Top profiled companies • Strategic recommendation Countries covered in the report • UAE • Saudi Arabia • Israel • South Africa Types of chocolates in the report • Milk chocolate • Dark chocolate • White chocolate Application of chocolates in the report • Everyday • Seasonal/ Box • Premium • Gourmet Sales Channel of chocolates in the report • Supermarkets & Hypermarkets • Convenience Stores • Online • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to chocolate industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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