32% of the growth will originate from UAE for the Chocolate Market in MEA. The UAE, Saudi Arabia, and Israel are the key markets for chocolate in MEA. Market growth in this region will be faster than the growth of the market in Saudi Arabia, Israel, and the Rest of the MEA. The rise in consumption of countline chocolate in the country has accelerated market growth in the past couple of years. The UAE is one of the most emerging potential markets for chocolate in the MEA.
This is attributed to the increase in international chocolate companies and domestic players and the changing snacking preferences of customers. Additionally, the 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. This is further elevating the influx of premium global chocolate brands, such as Godiva, in the country. Technavio has been monitoring the chocolate market in MEA and it is set to grow by USD 4.66 billion from 2021 to 2026. The report projects the market to progress at a CAGR of 8.41%. In addition, the report offers a detailed analysis of the current market scenario, the latest trends and drivers, and the overall market environment.
Chocolate Market In MEA: Segmentation Analysis & Revenue Generating Segment
This market research report segments the chocolate market in MEA by Type (Milk, Dark, and White) and Geography (UAE, Saudi Arabia, Israel, South Africa, and the Rest of MEA).
The chocolate market share growth in MEA by the milk segment will be significant for revenue generation. The growth is attributed to the high demand for milk chocolate owing to several health benefits such as it helps in boosting memory, smoothening and hydrating the skin, reducing the risk of heart strokes and attacks, and improving the immune system. Furthermore, the rising purchasing power of the consumers is further expected to increase in the consumption of milk chocolate across the region in the forecast period.
Technavio report provides an accurate prediction of the contribution of all the segments to the growth of the chocolate market size in MEA and actionable market insights on each segment.
Chocolate Market in MEA: Rising awareness regarding health benefits offered by chocolate to drive growth
The key factor driving the chocolate market growth in MEA is the rising awareness regarding health benefits offered by chocolate as it is especially recommended to slow down aging and prevent certain diseases, such as cardiovascular diseases (CVDs). In addition, antioxidant-enrichment, blood pressure-suppressing character, and assumed anti-aging properties of chocolate will remain the key factors propelling the adoption of chocolate and chocolate products. Furthermore, a few recent research findings indicate that chocolate consumption aids in looking younger and relieves stress, which is expected to further push the demand for chocolate in the Middle East and African countries.
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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