Saudi Arabia Chocolate Market Size And Forecast Report 2024-2032

Saudi Arabia Chocolate Market Size

Saudi Arabia chocolate market was US$ 1,0.5.68 Million in 2023 and it is projected to reach US$ 1,585.03 Million by 2032 with a CAGR of 4.73% from 2024 to 2032.

The intake of goodies in Saudi Arabia reflects changing market tends and evolving cultural values. Saudi Arabia boasts of being the largest market for chocolates, and its annual consumption has been increasing at a rate of 5.5%, indicating its developing significance in daily existence. One exciting factor of this trend is that the according to capita intake of candies in Saudi Arabia is 1.5 kg per person per year. The grow in disposable incomes, fast urbanization, and developing cognizance of the fitness benefits of sweets are substantial factors that is probably expected to strength this trend within the years to come.

Cocoa beans dominate the Saudi Arabian chocolate market because of their importance in traditional production methods. Cocoa beans are desired for taste and texture, especially in richer and darker chocolate types. Saudi Arabia imported over 37 million kilograms of cocoa in the first sector of 2023, exceeding the overall import for 2022. This guarantee cost powerful sourcing for chocolate producers, mainly for milk chocolate, which prevails in the market. The chocolate marketplace in Northern and Central Saudi Arabia is developing due to urbanization, growing affluence, and cultural shifts favoring Western lifestyles. This burgeoning market provides beneficial possibilities for installed and growing firms, reflecting evolving patron choices and monetary prosperity.

Saudi Arabia Chocolate Industry Survey

· The Saudi Arabian chocolate market has grown at a surprising rate of 10% yearly inside the past 3 years due to the extended demand for handcrafted, authentic chocolates.

· Urban millennials and Gen Z in Saudi Arabia an increasing number of opt for natural, incredible foods with unique taste profiles over industrially produced options. This group accommodates about 23% of the populace, and their higher profits and exposure to worldwide tendencies pressure their demand for luxury and exclusivity.

· Online chocolate sales improved with the aid of 50% in 2 years thanks to e-trade, electronic payments, & advertising.

· In 2022, round 85% of internet customers from Saudi Arabia between 18 and 34 years old have finished as a minimum one online transaction.

· In 2022, monthly chocolate subscription containers noticed a 20% growth in subscribers. These boxes are cautiously crafted based on the purchaser's choices.

· In 2022, Saudi Arabia imported 127,141,853 kg of cocoa, as pronounced by using the Zakat, Tax, and Customs Authority (ZATCA), stated by the Saudi Press Agency (SPA).

· In the first sector of 2023, Saudi Arabia imported 37,080,007 kilograms of cocoa.

Saudi Arabia Chocolate Company Analysis

The Saudi Arabian Chocolate Market includes Aani & Dani, Artisan du Chocolat, Bateel, Al Nassama, and Bostani Chocolate.

Saudi Arabia Chocolate Company News

In November 2022, Nestlé announced investments SAR 7 billion in Saudi Arabia over the next ten years. The investment will start with building a brand-new production facility around USD 99.6 million and is expected to be operational in 2025.

In November 2022 - Barry Callebaut released NXT, a plant-based chocolate emblem free from dairy, lactose, nuts, and allergens. It's the primary in Saudi Arabia to cater to the increasing demand for plant-based ingredients.

Type – Market breakup in 2 viewpoints:

1. Dark Chocolate

2. Milk/White Chocolate

Ingredients – Market breakup in 5 viewpoints:

1. Cocoa Beans

2. Cocoa Butter

3. Sweeteners

4. Chocolate Liquor

5. Others

Distribution Channel – Market breakup in 4 viewpoints:

6. Hypermarkets/Supermarkets

7. Convenience Stores