Top Growth Opportunities: Confectionery in the UAE
NEW YORK, Nov. 30, 2017 /PRNewswire/ --
Summary
Read the full report: https://www.reportlinker.com/p05219102
Confectionery sector witnessed consistent growth between 2011 and 2016 and this is set to continue in the next five years to 2021, with an estimated CAGR of about 7.5%. This growth is due to a range of economic and political adjustments. Investment in oilfield development has led to the rise in oil production, thus allowing economic growth to slowly recover, projected to reach 3% in 2018. More importantly, the rise in oil prices has caused confidence and financial conditions to pick up, meaning the effects of fiscal consolidation are reduced and non-oil growth is boosted. Yet, society demands further economic diversification, meaning the UAE now considers implementing higher taxation and announced a nuclear energy project.
UAE ranks seventh among the top 10 confectionery markets in terms of per capita expenditure (in US dollar terms), higher than Saudi Arabia, China, and Malaysia. The per capita expenditure on confectionery products is expected to grow at a high CAGR of close to 6% during 2016-2021. This growth during the forecast period is primarily attributed to the growing demand for premium confectionery with new and innovative flavours offered in attractive packaging as a gifting item for festivals and other occasions.
Chocolate is the most valuable category in the UAE's confectionery market, which recorded high growth at a CAGR of about 5.5% during 2011-2016. Furthermore, it is expected to record strong growth at a CAGR of around 6% in the next five years and will be worth just over US$400 million in 2021. Sugar confectionery, the second largest category in the market, is expected to record the fastest growth at a CAGR of almost 11% during 2016-2021 and will reach around US$150 million in 2021. It is followed by gum, the smallest value category, which is forecast to record a CAGR of over 8% in the next five years and will be worth over US$75 million in 2021.
The report "Top Growth Opportunities: Confectionery in the UAE", provides recommended actions and detailed analysis of 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 food markets in the UAE through our detailed and robust data, expert insight, and case studies.
Furthermore, this report allows accessing the following -
- Key consumer demographic groups driving consumption within the UAE market. Improve your consumer targeting by understanding who's driving the market, what they want, and why.
- A study of market value and volumes over 2011-2016 for the UAE 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 regional product innovation targeting key consumer needs.
Companies mentioned in this report: LuLu, Carrefour, Co-op, Circle K, LuLu Express, 7-Eleven, Al Maya, Baqer Mohebi, Mars, Nestle, Mondelez, Cadbury, Milka, Galaxy, Maltesers, Kinder, Betty Crocker, Lindt, Mentos, Nugali, Kizandy, Hershey's, Kinnerton.
Scope
- The UAE confectionery market is one of the largest globally, worth an excess of US$437.0 million.
- Despite the country's dependency on commodities and contracted economic growth, the UAE confectionery market experienced healthy growth during the period 2011-2016, and is set to expand further in the next five years, with a CAGR of 7.4%.
- Confectionery consumption is centered around urban-living consumers; time-pressed consumers value convenience and products that facilitate on-the-go use, thus maximizing utility.
- Over 2016-2021, hard boiled sweets reveals key opportunities, being the highest value sub-category. Whilst, caramel/toffees are expected to record the second-fastest value growth at a GACR of 11.3%.
Reasons to buy
- This report brings together consumer analysis and market data to provide actionable insight into the behavior of UAE's 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.
Read the full report: https://www.reportlinker.com/p05219102
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