TechSci Research: UAE Chocolate Market to Exhibit Sharp Growth
Country emerging as lucrative market for international chocolate companies
According to a recently published report by TechSci Research "UAE Chocolate Market Opportunities & Forecast 2019", the UAE chocolate market is projected to register a CAGR of around 6.09% during 2014-19, in revenue terms. The UAE chocolate market is emerging as one of the most potential markets across the globe due to growing number of international chocolate companies along with domestic players, changing taste and preferences of consumers in the UAE, changing consumption patterns, rise in disposable income, etc. The availability of chocolates is gradually increasing due to rise in the number of retail and distribution stores in the country. Due to busier life schedule and intake of high-fat content food, the country is also witnessing significant increase in the number of diabetic and obese patients. Such consumers are demanding for sugar-free chocolates that are manufactured using low-fat, organic ingredients.
The report reveals that Mars GCC, Nestle Middle East FZE, Cadbury Middle East FZE and Lindt & Sprungli Group are the major chocolate companies operating in the UAE. These players are offering their chocolate products to consumers through hypermarkets, supermarkets, and convenience stores. Since many consumers in the UAE prefer private labelled chocolates, some of the domestic companies are even offering their chocolate offerings under private labels at comparatively lower prices, while some branded players are setting up high-end boutiques to address premium chocolate demand among the high income group in the country.
"The UAE chocolate market is governed by various international, domestic and private label players, offering diverse chocolates to address the demand for various consumer segments in the country. With rising number of diabetics in the country, the demand for dark chocolates has spiked in the UAE. Due to significant growth in the purchasing power of consumers and rising culture of gifting chocolates, sales of premium boxed chocolates available in varied shapes and attractive packaging are expected to grow in the coming years." Said Mr. Karan Chechi, Research Director with TechSci Research a research based global management consulting firm.
"Considering the growth opportunities existing in regions like Dubai and Abu Dhabi and low entry barriers to the industry, a number of new entrants are expected to foray into chocolate business in the near future", added by Mr Chechi.
"UAE Chocolate Market Forecast & Opportunities, 2019" has evaluated the future growth potential of UAE chocolate market and provides statistics and information on market structure, consumer behavior trends. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the UAE chocolate market.