Saudi Arabia Chocolate Market Report and Company Analysis 2024-2032, Featuring Aani & Dani, Artisan du Chocolat, Bateel, Al Nassama and Bostani Chocolate
Dublin, April 25, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Chocolate Market Report by Type, Ingredients, Distribution Channel, Region and Company Analysis 2024-2032" report has been added to * ResearchAndMarkets.com's* offering.
The Saudi Arabia Chocolate Market was worth US$ 1.04 Billion in 2023 and is forecast to grow at a CAGR of 4.73% from 2024 to 2032 and be valued at US$ 1.58 Billion by 2032.
Chocolates are experiencing a surge in popularity in Saudi Arabia. This reflects changing purchaser possibilities and lifestyle traits. As the kingdom undergoes socio-economic changes and becomes more open to global impacts, there is a developing appetite for indulgent treats like chocolates. Rising disposable incomes, urbanization, and the increasing availability of premium chocolate brands contribute to this trend. Chocolates are increasingly included in social gatherings and celebrations, symbolizing luxury and generosity in Saudi tradition.
*Saudi Arabia Chocolate Market Trends*
*Increasing Consumption of Chocolates*
The growing intake of chocolates, especially during festivals, drives growth in the Saudi Arabia chocolate market. Festivals hold cultural significance, marked with gatherings and present-giving, wherein chocolates represent pleasure and generosity. This way of life and embracing Western customs cause a surge in demand for chocolates throughout the festive seasons. Brands like Patchi, Godiva, Bostani, Aani & Dani, and Bateel offer tempting chocolate flavors and Eid-themed packages. This is capitalizing on the festive market and contributing to market growth.
*The appeal of premium quality and customizable options drives demand*
The changing customer notion toward premium and customization drives the demand for chocolates in Saudi Arabia. With a growing emphasis on quality elements and fitness-aware selections, clients favor premium chocolates. Furthermore, there is an increasing interest in personalized options, which include unique flavors, designs, and packaging. For instance, Naeem Foods focuses on crafting premium chocolates and imparting customization for special activities and gifts. Consumers are increasingly inquisitive about authenticity and artisanal craftsmanship, with the market expanding. Taking benefit of this trend, Salon du Chocolat released its first version in Riyadh in November 2023 to cater to discerning possibilities.
*Influence of Health benefits on Consumers*
The fitness benefits of chocolate are an enormous driving force in the developing Saudi Arabia chocolate market, fueled by accelerated health consciousness amongst consumers. Media and online assets provide health, revealing Saudis to dark chocolate's capacity for health benefits, which include antioxidants and mood enhancement. Individuals prioritize the fitness of their dietary selections and explore indulgent but healthier options like dark chocolate. Enjoyed moderately, it gives the stability of indulgence and health advantages. It is also appealing to health-aware purchasers exploring a guilt-free delight.
*Cocoa beans could become the main ingredient for the chocolate market in Saudi Arabia*
Cocoa beans may dominate the Saudi Arabia chocolate market due to their integral position in conventional manufacturing methods. Purchasers favor them for actual flavor and texture, especially in richer and darker chocolate types. These beans are globally traded commodities, ensuring a steady supply chain. Arab News reports that Saudi Arabia imported over 37 million kilograms of cocoa in the first quarter of 2023, exceeding the overall for 2022. This ensures value-effective sourcing for chocolate producers, especially for milk chocolate, which prevails within the market.
*Northern and Central Saudi Arabia Chocolate Market*
The chocolate market in Northern and Central Saudi Arabia is developing due to urbanization, growing affluence, and cultural shifts favoring Western life. According to UN-Habitat, Saudi Arabia, one of the most urbanized nations globally, is expected to surpass 90% urbanization by 2030. Increased disposable incomes drive demand for indulgent treats like chocolates, with numerous local and global manufacturers catering to various choices.
Chocolates are often exchanged at festivals and social occasions. This burgeoning market gives beneficial opportunities for established and emerging enterprises, reflecting evolving patron choices and financial prosperity. For instance, the International Coffee and Chocolate Exhibition introduced its 9th version in Riyadh, Saudi Arabia, showcasing the enterprise's increase in the area.
*Company Analysis:*
· Aani & Dani
· Artisan du Chocolat
· Bateel
· Al Nassama
· Bostani Chocolate
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 100
Forecast Period 2023 - 2032
Estimated Market Value (USD) in 2023 $1.04 Billion
Forecasted Market Value (USD) by 2032 $1.58 Billion
Compound Annual Growth Rate 4.7%
Regions Covered Saudi Arabia
*Market Segmentation*
*By Type:*
· Dark Chocolate
· Milk/White Chocolate
*By Ingredients:*
· Cocoa Beans
· Cocoa Butter
· Sweeteners
· Chocolate Liquor
· Others
*By Distribution Channel:*
· Hypermarkets/Supermarkets
· Convenience Stores
· Online Retail Stores
· Other Distribution Channel
*By Region:*
· Western
· Northern & Central
· Eastern
· Southern
For more information about this report visit https://www.researchandmarkets.com/r/3m6as2
*About ResearchAndMarkets.com*
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*Attachment*
· Saudi Arabian Chocolate Market
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