Market Size of Middle-East and Africa Compound Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Compound Chocolate Market Analysis
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.
