BURNABY, Canada, March 2, 2016 /PRNewswire/ --
Increasing young and migrant population with growing demand for new and innovative flavors coupled with the introduction of innovative packaging to drive the UAE chocolate market through 2021
According to TechSci Research report, "UAE Chocolate Market By Type, By Age Group, By Point of Sale, Competition Forecast and Opportunities, 2011 - 2021", the chocolate market in the UAE is projected to grow at a CAGR of over 8% during 2016 - 2021. A wide array of factors positively influencing the growth of chocolate market in the UAE include rising per capita expenditure, growing youth population, escalating seasonal demand and entry of new domestic and international players. Moreover, expanding distribution channels and increasing number of exclusive stores are further anticipated to boost the demand for chocolates in the UAE market over the next five years.
Demand for premium chocolates is growing rapidly in the UAE as consumers are increasingly opting for chocolates as gift items on festivals and other occasions. Moreover, due to increasing health concerns, the demand for dark chocolates, which are rich in antioxidants and have the potential to prevent cardiac diseases as well as several other diseases, is growing at a robust pace. However, factors like fluctuating raw material prices, dependency on unstable markets for supply of cocoa, and counterfeit markets are restraining the growth of UAE chocolate market.
UAE chocolate market has been segmented into three categories, namely, countline, molded and boxed. The countline segment dominated the overall UAE chocolate market in 2015, and the segment is anticipated to maintain its dominance over the next five years as well. Countlines are chocolate bars containing wafer or caramel, and are most popular among teenagers and consumers under 25 years of age. However, boxed chocolate segment is anticipated to grow at a faster pace during 2016 - 2021 owing to growing demand for premium chocolates from high income consumers, and introduction of innovative and attractive packaging by various domestic and international players in the boxed chocolate category.
Few of the leading players operating in the UAE chocolate market include Mars GCC, Ferrero SpA, Nestlé Middle East, Mondelez Middle East and Africa FZE and Lindt & Sprüngli, among others. "UAE chocolate market is becoming an attractive destination for international players, especially those who are offering high-end products. Backed by high per capita income, the demand for high-end or premium chocolates is increasing in the country, thereby offering growth opportunities for overseas players.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"UAE Chocolate Market By Type, By Age Group, By Point of Sale, Competition Forecast and Opportunities, 2011 - 2021" has analyzed the potential of the UAE chocolates market and provides statistics and information on market sizes, shares, consumer behavior and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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