GCC: Chocolate Market 2024

Chocolate Market Size in GCC

In 2022, the GCC chocolate market increased by X% to $X, rising for the third consecutive year after two years of decline. Overall, consumption continues to indicate a buoyant increase. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Chocolate Production in GCC

In value terms, chocolate production rose sharply to $X in 2022 estimated in export price. Overall, production saw a strong increase. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

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Chocolate Exports

Exports in GCC

For the third year in a row, GCC recorded decline in shipments abroad of chocolate and other food preparations containing cocoa, which decreased by X% to X tons in 2022. Overall, exports continue to indicate a perceptible reduction. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, chocolate exports totaled $X in 2022. Over the period under review, exports showed a perceptible contraction. The most prominent rate of growth was recorded in 2014 when exports increased by X%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Saudi Arabia (X tons) and the United Arab Emirates (X tons) prevails in exports structure, together achieving X% of total exports. It was distantly followed by Oman (X tons), constituting a X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest chocolate supplying countries in GCC were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), with a combined X% share of total exports.

Saudi Arabia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the export price, however, showed a slight contraction. The pace of growth appeared the most rapid in 2020 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (X%), while the other leaders experienced a decline in the export price figures.

Chocolate Imports

Imports in GCC

In 2022, approx. X tons of chocolate and other food preparations containing cocoa were imported in GCC; picking up by X% on the previous year's figure. Total imports indicated a strong increase from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, chocolate imports dropped slightly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then dropped modestly in the following year.

Imports by Country

In 2022, Saudi Arabia (X tons) was the major importer of chocolate and other food preparations containing cocoa, creating X% of total imports. The United Arab Emirates (X tons) ranks second in terms of the total imports with a X% share, followed by Oman (X%). The following importers - Kuwait (X tons) and Qatar (X tons) - each reached an X% share of total imports.

Imports into Saudi Arabia increased at an average annual rate of X% from 2012 to 2022. At the same time, Oman (X%), the United Arab Emirates (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. By contrast, Qatar (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Oman (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Qatar (X p.p.) and Saudi Arabia (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Saudi Arabia ($X) constitutes the largest market for imported chocolate and other food preparations containing cocoa in GCC, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an X% share of total imports. It was followed by Qatar, with a X% share.

In Saudi Arabia, chocolate imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Qatar (X% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, waning by X% against the previous year. Overall, the import price showed a noticeable shrinkage. The growth pace was the most rapid in 2018 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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