Saudi Arabia: Chocolate Market 2024

Chocolate Market Size in Saudi Arabia

In 2022, the Saudi chocolate market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Chocolate Production in Saudi Arabia

In value terms, chocolate production stood at $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2018 indices. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Saudi Arabia

In 2022, the amount of chocolate and cocoa products exported from Saudi Arabia shrank to X tons, which is down by X% against 2021 figures. Overall, exports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2018 when exports increased by X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, chocolate exports fell modestly to $X in 2022. In general, exports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Egypt (X tons), the United Arab Emirates (X tons) and Kuwait (X tons) were the main destinations of chocolate exports from Saudi Arabia, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Egypt (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Kuwait ($X) and Egypt ($X) constituted the largest markets for chocolate exported from Saudi Arabia worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Egypt, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average chocolate export price amounted to $X per ton, surging by X% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate export price decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2016 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Yemen ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (X%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Saudi Arabia

In 2022, approx. X tons of chocolate and cocoa products were imported into Saudi Arabia; therefore, remained relatively stable against 2021 figures. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports declined to $X in 2022. In general, imports saw a slight downturn. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Russia (X tons), the United Arab Emirates (X tons) and Turkey (X tons) were the main suppliers of chocolate imports to Saudi Arabia, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Egypt ($X) and Russia ($X) were the largest chocolate suppliers to Saudi Arabia, together comprising X% of total imports.

Russia, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chocolate import price amounted to $X per ton, shrinking by X% against the previous year. In general, the import price saw a noticeable slump. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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