Middle East & Africa Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Middle East & Africa Chocolate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Middle East & Africa Chocolate Market is forecasted to reach USD 6.5 billion by 2025 growing at a CAGR of 6.72% during the forecast period.

Development in modern retailing also boosted the demand for chocolate in the Middle East. Furthermore, the large expatriate population in the Middle East & African countries, such as UAE, Saudi Arabia, and Nigeria contributed to the increasing demand for chocolates in the region.

With a recovery in economic growth and appreciation of the local currency, following the recession and severe depreciation in 2016, the chocolate market witnessed significant value growth in 2017 in major African countries, such as Nigeria and South Africa.

Key Market TrendsCountlines Holds a Major Market Share

Countline chocolates are most popular among teenagers and consumers under 25 years of age, owing to their convenience factors as they are designed to be eaten as a snack and on the go. The rise in consumption for countline chocolates in the UAE region has stimulated the market growth, as the United Arab Emirates is emerging as one of the most potential markets for chocolates, due to the increase in a number of international chocolate companies, along with the domestic players coupled with changing snacking preferences of customers. This segment includes chocolate bars, generally consumed at once as snacks. It also includes products sold in diverse formats, such as multipacks or mini-fun sizes.

South Africa is the Fastest Growing Country

South Africa is a dominant market contributing to the overall growth of the chocolate market in Middle East & Africa. Majority of the sales growth in the chocolate market in South Africa is attributed to the mass merchandisers, such as hypermarkets and supermarkets. The rising consumer awareness and increasing disposable incomes among the middle-income consumers, product innovation, as well as channel development by manufacturers, in order to reach a wider consumer base are some of the major factors that are expected to boost the sales of the chocolate market in South Africa, during the forecast period.

Competitive Landscape

New product innovations, partnerships, mergers and acquisitions, and expansions are the major strategic approaches preferred by the companies in the market studied. Owing to the rapidly developing nature of the market in the Middle East & Africa region, new product innovations have become the most important strategy, among all. Mars Incorporated, Lindt & Sprungli AG, Nestle, Beyers, and Afrikoa, are the most active companies in the Middle East & Africa chocolate market. Over the last few years, expanding market presence in the emerging economies and product innovations have been a key growth strategy for the major companies.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

The Hershey Company
Ferrero Group
NESTLE
Mondelez International
Chocoladefabriken Lindt & Sprungli AG
Mars Incorporated
Tiger Brands Limited
Afrikoa

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