GCC: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in GCC

The GCC chocolate and confectionery market contracted modestly to $X in 2022, with a decrease of -4.3% against the previous year. The total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 -1.7% against 2019 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 And Confectionery Production in GCC

In value terms, chocolate and confectionery production reached $X in 2022 estimated in export price. The total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +19.5% against 2019 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 27%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Chocolate And Confectionery Exports

Exports in GCC

In 2022, overseas shipments of chocolate and confectionery were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, chocolate and confectionery exports surged to $X in 2022. Total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates was the major exporting country with an export of around X tons, which finished at 87% of total exports. It was distantly followed by Saudi Arabia (X tons), making up a 10% share of total exports. Oman (X tons) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of +6.5% from 2012 to 2022. At the same time, Saudi Arabia (+10.8%) and Oman (+3.2%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +10.8% from 2012-2022. While the share of Saudi Arabia (+3.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest chocolate and confectionery supplier in GCC, comprising 85% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 11% share of total exports.

In the United Arab Emirates, chocolate and confectionery exports increased at an average annual rate of +5.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+16.4% per year) and Oman (+10.9% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, increasing by 9.3% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 25%. 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.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+7.4%), while the other leaders experienced mixed trends in the export price figures.

Chocolate And Confectionery Imports

Imports in GCC

In 2022, the amount of chocolate and confectionery imported in GCC rose significantly to X tons, increasing by 6.2% against the previous year's figure. The total import volume increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 21%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, chocolate and confectionery imports stood at $X in 2022. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 23% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) represented the largest importers of chocolate and confectionery in 2022, resulting at near 39% and 33% of total imports, respectively. Kuwait (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Oman (9.5%). Qatar (X tons) and Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Kuwait (with a CAGR of +8.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate and confectionery importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Kuwait ($X), with a combined 84% share of total imports.

Among the main importing countries, Kuwait, with a CAGR of +7.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, declining by -5.5% against the previous year. Over the period under review, the import price saw a mild downturn. The most prominent rate of growth was recorded in 2021 when the import price increased by 6.1% 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.

Prices varied noticeably by country of destination: 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 (+3.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform