Market Size of Middle East and Africa Premium Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Premium Chocolate Market Analysis
The Middle East and African Premium Chocolate Market is projected to register a CAGR of 10.4% during the forecast period.
The rising popularity of premium chocolates as gifting items for special occasions is identified as a key market driver in the region. Further, this trend has created more opportunities and scope, which major market players, such as Mars Inc., Mondelez International, and Nestle, are addressing with increasing product launches and expansions. They are keen on rebranding or reformulating their mass-market chocolates to sell a more expensive premium experience and create a healthier image. Additionally, in line with this trend, consumers in the Middle East and Africa are looking out for more sophisticated tastes and different products from common brands found in the retail sector. This has created a surge in demand for high-quality premium chocolate products. For instance, Lindt and Ferrero were introduced a little over a decade ago, which has considerably raised the profile of premium chocolates in South Africa.
Moreover, attractive product offerings from regional and global brands are influencing consumer spending on premium chocolates. For instance, in Dubai, the chocolate producer Forrey and Galland offers a range of classic and Arabic fusion handmade chocolates. It also offers an option of personalization to its customers to get chocolates of their taste. Few other chocolate companies, such as Cacao Sampaka and Godiva, have an extensive catalog of corporate gift chocolate boxes. Such offerings with unique packaging and customization options from major companies in the region are also making premium chocolates a perfect gift for any occasion.
