Middle East and Africa Chocolate Flavors Market is estimated to reach USD 9.29 million by 2026 from a market value of USD 7.24 million in 2021 at a CAGR of 4.68%. The Chocolate Flavors market is showcasing significant potential over the mentioned forecast period. The market continues to build up momentum with the extensive use of chocolates in various application in industries like functional foods and pharmaceuticals.
Chocolate flavors are one of the most important ingredient in various food and beverage production. They are generally known for their high cocoa content and are typically sweet. They have various health related benefits as well like reducing incidences of high blood pressure or cholesterol and also the risks of strokes. These are extensively used in bakery, dairy products etc.
The growing market of Fairtrade and organic chocolates has in turn led to growth of chocolate flavors market. Further, other factors driving the market growth are health benefits related to chocolates, wide range of applications, and the penetration in emerging economies. Beside these, there are also factors restraining the market growth. These include, dependence on African countries for raw material supply, unstable economies in cocoa producing countries, as well as changing preferences of the consumers. These factors are responsible for holding the market down from achieving its full potential.
The Middle East & Africa Chocolate Flavors market is segmented based on application and geography. The market is segmented on the basis of application under Confectionery, Frozen Products, Dairy Products, Bakery Products, Convenience Products, Others. The bakery products dominated the market share because of the rise in consumption of baked products across the globe.
Geographically the Middle East and Africa Chocolate Flavors Market is segmented into KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan and Rest of MEA.
Key Players in the Market:
Major Key Players in the MEA Chocolate Flavors Market are
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