Saudi Arabia: Chocolate Market 2024

Chocolate Market Size in Saudi Arabia

The Saudi chocolate market rose notably to $X in 2022, surging by 9.4% against the previous year. In general, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 -7.2% against 2020 indices. Chocolate consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Chocolate Production in Saudi Arabia

In value terms, chocolate production surged to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 1,509%. Chocolate production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Chocolate Exports

Exports from Saudi Arabia

In 2022, overseas shipments of chocolate and other food preparations containing cocoa decreased by -4.9% to X tons for the first time since 2015, thus ending a six-year rising trend. In general, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 138%. The exports peaked at X tons in 2021, and then reduced slightly in the following year.

In value terms, chocolate exports stood at $X in 2022. Overall, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 383% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for chocolate exports from Saudi Arabia, accounting for a 50% share of total exports. Moreover, chocolate exports to the United Arab Emirates exceeded the volume sent to the second major destination, Kuwait (X tons), twofold. Oman (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates stood at +49.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+22.1% per year) and Oman (+53.0% per year).

In value terms, the largest markets for chocolate exported from Saudi Arabia were the United Arab Emirates ($X), Kuwait ($X) and Oman ($X), with a combined 86% share of total exports.

In terms of the main countries of destination, Oman, with a CAGR of +67.9%, recorded 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

The average chocolate export price stood at $X per ton in 2022, surging by 6.7% against the previous year. Over the period under review, the export price recorded a temperate expansion. The pace of growth appeared the most rapid in 2016 an increase of 103% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Jordan ($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 (+26.5%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Saudi Arabia

In 2022, imports of chocolate and other food preparations containing cocoa into Saudi Arabia fell to X tons, waning by -2% against 2021 figures. In general, total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.6% 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 -9.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 26%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports shrank to $X in 2022. The total import value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when imports increased by 13%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

Russia (X tons), the United Arab Emirates (X tons) and Belgium (X tons) were the main suppliers of chocolate imports to Saudi Arabia, together accounting for 50% 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 +55.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Saudi Arabia were the United Arab Emirates ($X), Russia ($X) and Belgium ($X), together accounting for 49% of total imports. These countries were followed by Egypt, Italy, the Netherlands, Germany, Turkey, Jordan, the UK, the United States and Poland, which together accounted for a further 39%.

In terms of the main suppliers, Jordan, with a CAGR of +51.6%, 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 average chocolate import price stood at $X per ton in 2022, with a decrease of -3.3% against the previous year. Over the period under review, the import price recorded a perceptible slump. The growth pace was the most rapid in 2021 an increase of 7.1% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 Jordan (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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