The Saudi Arabian confectionery market growth in this market will accelerate to a CAGR of 4.8% during 2017-2021-Foodex Saudi
Arabia has large young population bases that have a strong affinity towards
confectionery products in which they indulge frequently. Moreover, with high
disposable incomes and rising consumer confidence, time-poor working consumers
in the country seek out indulgent confectionery products to relax after a
hectic day. Consequently, growth in this market will accelerate to a CAGR of
4.8% during 2016-2021, and is expected to be worth US$1,639.6 Million by 2021.
In the Saudi Arabian confectionery market, chocolate is the most valuable category. It grew at a CAGR of 3.8% in the last five years and is forecasted to record a faster growth at a CAGR of 4.4% during 2016-2021. Sugar confectionery being the second-largest category and is expected to register faster growth at a CAGR of 5.3% during 2016-2021. Gum is the smallest valued category, but has recorded the fastest growth at a CAGR of 5.3% and is expected to continue being the fastest-growing category with a CAGR of 5.9% in the next five years.
Saudi Arabia has the eighth highest per capita consumption rates among the top 10 confectionery growth opportunity markets, above China and Malaysia. The per capita expenditure on confectionery products in US dollar terms grew by 1.9% CAGR in the last five years, and is expected to grow at a higher CAGR of 3.2% during 2016-2021.
Source: Research and Markets