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.Saudi Arabia Chocolate Company News
Aani & Dani, Artisan du Chocolat, Bateel, Al Nassama, and Bostani Chocolate are among the leading players in the Saudi Arabia Chocolate Market.- In November 2022 - Nestlé plans to invest SAR 7 billion in Saudi Arabia over the next decade. The investment will begin with up to USD 99.6 million to build a modern manufacturing plant that will open in 2025.
- In November 2022 - Barry Callebaut introduced NXT, a 100% dairy-free and plant-based chocolate brand in Saudi Arabia. NXT is the first of its kind, free from dairy, lactose, nuts, and allergens, and suitable for vegans. This chocolate is made with plant-based ingredients and caters to the growing demand for plant-based foods in the country.
Type - Market breakup in 2 viewpoints:
1. Dark Chocolate2. Milk/White Chocolate
Ingredients - Market breakup in 5 viewpoints:
1. Cocoa Beans2. Cocoa Butter
3. Sweeteners
4. Chocolate Liquor
5. Others
Distribution Channel - Market breakup in 4 viewpoints:
6. Hypermarkets/Supermarkets7. Convenience Stores
8. Online Retail Stores
9. Other Distribution Channel
Region - Market breakup in 4 viewpoints:
1. Western2. Northern & Central
3. Eastern
4. Southern
All the key players have been covered from 3 viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Aani & Dani2. Artisan du Chocolat
3. Bateel
4. Al Nassama
5. Bostani Chocolate
Table of Contents
Companies Mentioned
- Aani & Dani
- Artisan du Chocolat
- Bateel
- Al Nassama
- Bostani Chocolate
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.04 Billion |
| Forecasted Market Value ( USD | $ 1.58 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Saudi Arabia |
| No. of Companies Mentioned | 5 |
