Increasing disposable income and growing demand for chocolate from young population to drive the premium chocolate market of GCC during the forecast period
According to TechSci Research report, “GCC Premium Chocolate Market By Product Type, By Distribution Channel, By Country, Competition, Forecast & Opportunities, 2024”, the GCC premium chocolate market is expected to grow at brisk rate on account of growing consumption of chocolate among young population. Increasing tourist footfall and rising trend of gifting premium chocolates as a substitute for dry fruits and sweets is driving the growth of the market in the region. Moreover, factors such as increasing awareness pertaining to benefits of chocolate consumption and increasing disposable income of the population living in the region are anticipated to positively impact the growth of GCC premium chocolate market during the study period.
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GCC premium chocolate market can be segmented based on product type, distribution channel, company and country. Based on the product, the market can be segmented into white chocolate, milk chocolate and dark chocolate. Consumption of dark chocolate is expected to increase over the coming years as dark chocolate has numerous health benefits like improving blood flow, is equally rich in antioxidants and is considered healthier when compared with other counterparts. In terms of regional analysis, Saudi Arabia occupied the dominant share of premium chocolate market owing to growing influence of western culture and increasing tourist footfall in the country.
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Mondelez International MEA, Nestle Middle East FZE, Ferrero Gulf HQ, Godiva Chocolatier, Barry Callebaut, Hotel Chocolat, The Hershey Company, Patchi HO UAE, Chocoladefabriken Lindt & Sprüngli, among others are the leading players operating in the GCC Premium Chocolate market. The companies operating in the market are using different techniques to elongate the shelf life of chocolates and expanding to various countries as brand image plays crucial role among customers.
“Demand for premium chocolate is expected to witness a surge during the forecast period on account of changing taste & preferences of young population and rising per capita expenditure. Moreover, availability of premium chocolates on online gift portals is further expected to boost the market through 2024.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“GCC Premium Chocolate Market By Product Type, By Distribution Channel, By Country, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of GCC premium chocolate market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the GCC premium chocolate market.
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