Saudi Arabia
confectionery market is anticipated to register a steady CAGR during the
forecast period, 2023-2027. The high per capita income of consumers and the
trend of gifting confectionery products such as bakery items and chocolates are
the primary factors driving Saudi Arabia confectionery market. Also, the
growing popularity of online sales channels and the adoption of engaging
marketing techniques by the market players to attract customers into buying
confectionery products are the other factors boosting the demand for Saudi
Arabia confectionery market over the forecast period.
High Demand Among Millennials Drives the
Market Growth
Millennials are the highest consumers of
confectionery products. The brand targets the
audience by adopting trends such as offering consumers hot and spicy products,
colorful packaging, popping candy, and personalized packaging options.
Consumers are shifting towards buying luxurious and premium chocolates.
Consumers demand customized and specific chocolates such as ‘quality for chocolate; ‘melt
in the mouth chocolate’, making the market platers experiment and introduce new
flavors and product types.
Also, with growing health-consciousness
among the millennials, the demand for healthy snacking is expected to grow at a
rapid rate. The market players are introducing confectionery products in small
packaging to let the millennials eat in small portions and save the rest of the
products to eat later. The high consumption of confectionery products among the
millennials and the adoption of attractive marketing strategies by the
consumers to induce brand loyalty in the millennials is expected to boost Saudi
Arabia confectionery market growth over the next five years.
Growing Adoption of Online Sales Channel
Boosts the Market Demand
The proliferation of smart devices and
the high internet penetration is fueling the demand for e-commerce platform
among consumers. Market players are using these online portals to give access
to consumers to buy from the convenience and comfort of their homes. Consumers
are actively buying through the use of online sales channels as it provides
them with flexible payment options like cash on delivery, card payment, net
banking, and others. They can have doorstep delivery in a short time period.
The market players offer lucrative offers and discounts on purchasing
confectionery products of their brands to gain a competitive edge in the
market. The strong competition among the market players and the rapid shift of
market players towards online sales channels are expected to bolster the market
demand over the next five years.
Prevalent Gifting Culture Supports the
Market Growth
The high expenditure capacity of the
consumers and the rapid urbanization enable them to afford a quality lifestyle.
The per capita income is around USD 20110.32 thousands as of March 2020 in
Saudi Arabia. Gifting is a common and personal practice adopted by the majority
of the population of Saudi Arabia, and Saudis bring a small gift as a token of
thanks if invited to another home. Consumers prefer to gift premium chocolates
as an alternative to dry fruits and traditional sweets, making the market
players offer chocolates and other products in colorful packaging. The
consumers' high demand for gift sets is driving the market players to introduce
confectionery products in gift sets, which is expected to propel the Saudi
Arabia confectionery market over the forecast period.
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Market Segmentation
The Saudi Arabia confectionery market is
segmented into product type, distribution channel, regional
distribution, and competitive landscape. Based on product type, the
market is divided into chocolate, sugar candy, and gum candy. Based on distribution
channel, the market is divided into supermarkets/hypermarket, independent
grocery stores, convenience stores/forecourt retailers, departmental store,
non-store retailing (online store). To analyze the market based on the
region, the Saudi Arabia confectionery market is studied in major regions
namely western, central, southern, eastern and northern.
Market Players
Mars Saudi Arabia, Ferrero Rocher
(Abudawood), Mondelez International, Nestle Saudi Arabia LLC, Meiji Holdings
Co., Ltd, The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG,
Perfetti Van Melle Group, General Mills, Inc., Grupo Arcor S.A., are the major
market players operating in the Saudi Arabia confectionery market.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 –
2020
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Estimated Year
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2022
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Forecast Period
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2023
– 2027
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Quantitative Units
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Revenue in USD Million, Volume in Thousands Units, and CAGR
for 2017-2021 and 2022-2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Product Type
·
Distribution Channel
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Regional scope
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Western, Central, Southern, Eastern and Northern
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Key companies profiled
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Mars Saudi Arabia, Ferrero Rocher (Abudawood), Mondelez
International, Nestle Saudi Arabia LLC, Meiji Holdings Co., Ltd, The Hershey
Company, Chocoladefabriken Lindt & Sprüngli AG, Perfetti Van Melle Group,
General Mills, Inc., Grupo Arcor S.A.
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Customization scope
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10% free report customization with purchase. Addition or
alteration to regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
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Report Scope:
In this report, Saudi Arabia confectionery
market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Saudi Arabia Confectionery Market, By Product
Type:
- Chocolate
- Sugar Candy
- Gum Candy
- Saudi Arabia Confectionery Market, By Distribution
Channel:
- Supermarkets/Hypermarket
- Independent Grocery Stores
- Convenience Stores/Forecourt Retailers
- Departmental Store
- Non-Store Retailing
- Saudi Arabia Confectionery
Market, By Region:
o Western
o Central
o Southern
o Eastern
o Northern
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia confectionery market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Saudi Arabia confectionery
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]