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

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

The Middle-East and Africa Compound Chocolate Market is projected to register a CAGR of 8.2 % during the forecast period, 2022-2027.

There is a high demand for compound chocolate in the Middle East and Africa region which can be attributed to the increasing demand for chocolate-coated dry fruits, confectionary, and bakery products. This demand was further augmented over the past few years as a result of the COVID-19 pandemic which led consumers across the region to quarantine at home; this factor led to the increased consumption of chocolates and chocolate products as a snack or indulgence.

Compound chocolate is widely used in molding applications for making different confectionery and bakery products, driving the demand for high-quality chocolate coatings in the region. Moreover, the consumers in the Middle East prefer to gift high-quality boxed chocolates, on different occasions as per their traditional rituals and this has boosted the sales of compound chocolate in the Middle East.

Additionally, Middle Eastern countries have been witnessing innovations in traditional sweets and desserts such as kunafa, chocolate jallab bites, chocolate biscuit puddings, chocolate-stuffed dates, and chocolate chip cakes, among other products, which make use of compound chocolate. Further, few companies offering innovative products like ganache, chocolate syrup, chocolate candies, etc. efficiently manufacture their products with the use of compound chocolate owing to its consistency. Thus, the compound chocolate market has been fostering huge growth in the region over the review period, and is further expected to gain momentum during the forecast period.

Key Market TrendsHigh Preference of Chocolate-based Products Accelerates the Growth

Chocolate-infused snack products such as granola bars, and chocolate chip cookies, among others. These products have been enticing the millennials of the region, owing to which the demand for compound chocolate is high. Furthermore, the demand for compound chocolate has been growing as it consists of hard fat which makes it suitable for baking products at higher temperatures. The growth of the market can also be attributed to the rising consumption of frozen desserts and growing consumer expenditure on frozen desserts such as ice cream and on chocolate-based beverages, such as chocolate milkshakes, among others. The trend of veganism and plant-based food and beverage products has boosted the sales of plant-based milk compound chocolate. The survey conducted by the well-known confectionary producer Barry Callebaut depicts that in 2022, 45% of people prefer having plant-based milk chocolates owing to their dairy-free features in addition to their smooth texture and taste.

United Arab Emirates is the Largest Market

The surging demand for chocolate-filled assorted sweets and increased consumption of count-line chocolates among the consumers in the country have helped drive the growth of the market over the review period. The increased awareness of fitness and a large number of fitness centers in the nation promoting the consumption of protein milkshakes, and chocolate-flavored protein bars, have helped drive the demand for these products among gym professionals and other fitness experts. Such factors have helped augment the growth of the compound chocolate market over the recent past. Additionally, the tradition of gifting sweets and chocolates on occasions such as Ramadan, Eid, and other festivities has helped drive the sales of chocolate and related products over the past few years, a factor which has thereby helped drive the growth of the market in the region over the past few years.

Competitive Landscape

The Middle-East and Africa Compound Chocolate Market is highly competitive owing to the presence of several regional and international players offering a wide array of compound chocolate products. The key players in the market have been coming up with a variety of new products and have been focused on trying to maintain their leadership position in the market studied. The major players operating the compound chocolate market are Puratos, Ferrero International SA, Meiji Holdings Co. Ltd, Mondelez International, and Mars Incorporated, among others. These players have been concentrating on different marketing strategies to improve their sales growth by penetrating the regional market through online and offline distribution channels. Further, various companies have been indulging in new product innovation and expanding their business operations by venturing into well-known brands or acquisitions with other giant companies.

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• The market estimate (ME) sheet in Excel format
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