Top Growth Opportunities: Confectionery in Saudi Arabia
LONDON, Oct. 12, 2017 /PRNewswire/ -- Top Growth Opportunities: Confectionery in Saudi Arabia
Summary
The Saudi Arabian confectionery market grew at a CAGR of 4.2% during 2011-2016. Saudi Arabia has large young population bases that have a strong affinity towards confectionery products in which they indulge frequently. Moreover, with high disposable incomes and rising consumer confidence, time-poor working consumers in the country seek out indulgent confectionery products to relax after a hectic day. Consequently, growth in this market will accelerate to a CAGR of 4.8% during 2016-2021, and is expected to be worth US$1,639.6 Million by 2021.
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In the Saudi Arabian confectionery market, chocolate is the most valuable category. It grew at a CAGR of 3.8% in the last five years and is forecasted to record a faster growth at a CAGR of 4.4% during 2016-2021. Sugar confectionery being the second-largest category; recorded growth at a CAGR of 4.8% during 2011-2016, and is expected to register faster growth at a CAGR of 5.3% during 2016-2021. Gum is the smallest valued category, but has recorded the fastest growth at a CAGR of 5.3% and is expected to continue being the fastest-growing category with a CAGR of 5.9% in the next five years.
Saudi Arabia has the eighth highest per capita consumption rates among the top 10 confectionery growth opportunity markets, above China and Malaysia. The per capita expenditure on confectionery products in US dollar terms grew by 1.9% CAGR in the last five years, and is expected to grow at a higher CAGR of 3.2% during 2016-2021.
Hypermarkets & supermarkets was the largest distribution channel in the Saudi Arabian confectionery market in 2016. However, the channel recorded the slowest value growth among the leading retail formats with a marginal increase in value share growth, indicating a decreasing popularity of the channel in the market.
The report "Top Growth Opportunities: Confectionery in Saudi Arabia", provides recommended actions and detailed analysis on how to target the best growth opportunities for confectionery producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of Confectionery markets in Saudi Arabia.
In this report, gain access to -
- Key consumer demographic groups driving consumption within Saudi Arabia market. Improve your consumer targeting by understand who's driving the market, what they want, and why.
- A study of market value and volumes over 2011-2016 for Saudi Arabia, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
- White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
- Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
- Examples of international and US-specific product innovation targeting key consumer needs.
Companies mentioned in this report: Panda, Abdullah Al-Othaim Supermarkets, Tamimi Markets, BinDawood Superstores, Danube, Carrefour, Abdullah Al-Othaim Hypermarkets, Lulu Hypermarket, Mars Incorporated, Mondelez International, Inc., Nestlé, Imperial Products Alimentares S.A.
Scope
- The confectionery market in Saudi Arabia is set to experience growth in value and volume terms during the 2016-2021 period.
- Structural reforms and demographic changes promise to create jobs, and will consequently drive a rise in consumer confidence and consumer willingness to spend on confectionery products.
- Although small, gum will continue being the fastest growth category within confectionery.
- Demand for on-the-go, convenient snacks will drive growth in the Saudi Arabian confectionery market.
Reasons to buy
- This report brings together consumer analysis and market data to provide actionable insight into the behavior of the Saudi confectionery consumers.
- This is based on GlobalData's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Confectionery sector.
- Category, brand, and packaging dynamics are also examined. This allows product and marketing strategies to be better aligned with the leading trends in the market.
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