Saudi Arabia confectionery market: $2.3 billion industry by 2018 - FOODEX
Published 2017-06-05 08:44:42
The Saudi Arabia confectionery market is expected to reach a value of around $2.26 billion by the end of 2018, and is forecast to grow at a CAGR growth rate of around 12% between 2013 and 2018. The main drivers of growth in this market include a rapid increase in consumerism in Saudi Arabia, accompanied with an increase in consumer spending, and the growth of organized retailing.
Confectionery industry is the most popular in the food processing sector and with the increasing demand of high end confectionery; international companies are entering into the market through collaborations and acquisitions in order to increase their share in the market.
Revenues in the Saudi Arabia confectionery market will increase due to increasing gifting culture and the income bracket which will fuel the demand for confectionery products in Saudi Arabia. Saudi Arabia confectionery market is divided into three segments with Chocolate segment being 55% of the market, sugar confectionery accounting for 24% of the market and chewing gum being 21% of the total confectionery market. It has been expected that demand for chewing gum segment will increase in the coming years due to increasing health concerns among the people and shift in the target consumer base.
Source: My News Desk