Saudi Arabia: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Saudi Arabia

The Saudi chocolate and confectionery market expanded sharply to $X in 2022, picking up by 6.4% against the previous year. Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 -5.6% against 2020 indices. Chocolate and confectionery consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Chocolate And Confectionery Production in Saudi Arabia

In value terms, chocolate and confectionery production reached $X in 2022 estimated in export price. Over the period under review, production posted resilient growth. The growth pace was the most rapid in 2017 with an increase of 39%. Chocolate and confectionery production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Chocolate And Confectionery Exports

Exports from Saudi Arabia

Chocolate and confectionery exports from Saudi Arabia declined to X tons in 2022, falling by -8.2% against the previous year's figure. Over the period under review, exports, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 81%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, chocolate and confectionery exports shrank slightly to $X in 2022. Overall, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 148% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then shrank slightly in the following year.

Exports by Country

Egypt (X tons), the United Arab Emirates (X tons) and Kuwait (X tons) were the main destinations of chocolate and confectionery exports from Saudi Arabia, with a combined 69% share of total exports. Jordan, Oman, Bahrain, Iraq and Lebanon lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +44.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for chocolate and confectionery exported from Saudi Arabia were the United Arab Emirates ($X), Kuwait ($X) and Egypt ($X), together comprising 70% of total exports. Oman, Bahrain, Jordan, Iraq and Lebanon lagged somewhat behind, together comprising a further 28%.

Bahrain, with a CAGR of +34.4%, saw the highest growth rate of the value of exports, among the main countries of destination 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 and confectionery export price amounted to $X per ton, surging by 5.1% against the previous year. Overall, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chocolate and confectionery export price decreased by -3.1% against 2020 indices. The pace of growth was the most pronounced in 2020 an increase of 40% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Jordan ($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 (+16.2%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate And Confectionery Imports

Imports into Saudi Arabia

In 2022, approx. X tons of chocolate and confectionery were imported into Saudi Arabia; approximately reflecting the previous year. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 11%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, chocolate and confectionery imports dropped to $X in 2022. Over the period under review, imports recorded a mild reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 14% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Russia (X tons), the United Arab Emirates (X tons) and Turkey (X tons) were the main suppliers of chocolate and confectionery imports to Saudi Arabia, together comprising 36% of total imports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +44.5%), while purchases 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 and confectionery suppliers to Saudi Arabia, together accounting for 34% of total imports.

Russia, with a CAGR of +39.8%, 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 and confectionery import price amounted to $X per ton, reducing by -4.7% against the previous year. Over the period under review, the import price recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 an increase of 11% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 Turkey (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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