GCC: Market for Chocolate Bars with Cereals, Fruit or Nuts 2024

Market Size for Chocolate Bars with Cereals, Fruit or Nuts in GCC

In 2022, after two years of decline, there was significant growth in the GCC market for chocolate bars with cereals, fruit or nuts, when its value increased by 33% to $X. The market value increased at an average annual rate of +5.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Chocolate Bars with Cereals, Fruit or Nuts in GCC

In value terms, production of chocolate bars with cereals, fruit or nuts amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when the production volume increased by 42%. As a result, production attained the peak level of $X. From 2015 to 2022, production of growth failed to regain momentum.

Exports of Chocolate Bars with Cereals, Fruit or Nuts

Exports in GCC

In 2022, after two years of growth, there was significant decline in shipments abroad of chocolate bars with cereals, fruit or nuts, when their volume decreased by -86.7% to X tons. In general, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 169% against the previous year. The volume of export peaked at X tons in 2021, and then fell markedly in the following year.

In value terms, exports of chocolate bars with cereals, fruit or nuts dropped remarkably to $X in 2022. Over the period under review, exports faced a deep setback. The pace of growth appeared the most rapid in 2020 when exports increased by 89%. Over the period under review, the exports of reached the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the major exporter of chocolate bars with cereals, fruit or nuts in GCC, with the volume of exports recording X tons, which was approx. 60% of total exports in 2022. Saudi Arabia (X tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by Oman (17%). The following exporters - Kuwait (X tons) and Bahrain (X tons) - each finished at a 3.9% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -16.9% from 2012 to 2022. At the same time, Oman (+10.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +10.9% from 2012-2022. By contrast, Kuwait (-3.2%), Saudi Arabia (-5.6%) and Bahrain (-26.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Oman, Saudi Arabia and Kuwait increased by +16, +12 and +1.6 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest cereal, fruit or nut chocolate bar supplier in GCC, comprising 68% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 17% share of total exports. It was followed by Oman, with an 8.1% share.

In the United Arab Emirates, exports of chocolate bars with cereals, fruit or nuts decreased by an average annual rate of -14.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-1.9% per year) and Oman (+7.0% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, jumping by 29% against the previous year. Export price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for chocolate bars with cereals, fruit or nuts increased by +33.7% against 2020 indices. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+8.9%), while the other leaders experienced more modest paces of growth.

Imports of Chocolate Bars with Cereals, Fruit or Nuts

Imports in GCC

Imports of chocolate bars with cereals, fruit or nuts reduced dramatically to X tons in 2022, which is down by -30.1% against the previous year. Total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by 42% against the previous year. The volume of import peaked at X tons in 2021, and then declined dramatically in the following year.

In value terms, imports of chocolate bars with cereals, fruit or nuts dropped to $X in 2022. Total imports indicated perceptible growth 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, imports decreased by -15.8% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 57%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

The United Arab Emirates (X tons) and Saudi Arabia (X tons) represented roughly 76% of total imports in 2022. Kuwait (X tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Oman (6.4%). The following importers - Bahrain (X tons) and Qatar (X tons) - together made up 6.3% of total imports.

From 2012 to 2022, the biggest increases were recorded for Kuwait (with a CAGR of +9.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported chocolate bars with cereals, fruit or nuts in GCC, comprising 53% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 23% share of total imports. It was followed by Kuwait, with a 12% share.

In the United Arab Emirates, imports of chocolate bars with cereals, fruit or nuts expanded at an average annual rate of +10.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (-3.9% per year) and Kuwait (+9.4% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per ton, rising by 22% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the United Arab Emirates (+2.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform