The Middle East and Africa Cocoa and Chocolate Market was worth $14.22 billion in 2022 and estimated to be growing at a CAGR of 1.91%, to reach $15.63 billion by 2028. The market is showing potential in the mentioned period. The amount of cocoa decides in which category chocolate falls in. Milk chocolates have the highest share of about 50% of all chocolate consumption but they contain approximately 10% cocoa. Conversely, chocolate is considered as “dark chocolate” if it contains cocoa in excess of 60%.
The cocoa and chocolate market has been growing at a slow but steady pace. Cocoa provides flavour, texture and colour to products. Also, it has anti-inflammatory, anti-depressant and anti-oxidative properties. The market for these ingredients is increasing in developing economies such as India and China. In specific, dark chocolate contains high amounts of antioxidants, which are believed to prevent certain types of diseases like Cardiac arrest. Health benefits, perceived by people and doctors, have been the main reason behind steady growth for products with high quantities of cocoa.
Powerful growth in demand is unevenly matched against an unstable and unpredictable supply. But chocolate consumers are quite price insensitive. Except in some rare circumstances consumers are ready to purchase cocoa product at any price. The huge demand for chocolate and cocoa in confectionery and food and beverage industries majorly drives the market. The health benefits of cocoa and chocolate in pharmaceuticals and cosmetics has enough evidence to back manufacturers to consider using such ingredients.
The Middle East and Africa market for Chocolate and Cocoa is characterized on the basis of Chocolate Type (Milk Chocolate, White Chocolate, Dark Chocolate and Filled Chocolate), by Cocoa type (Cocoa Liquor, Cocoa Butter and Cocoa Powder). Based on Application, the market is further segmented into Food and Beverage, Cosmetics, Pharmaceuticals and Confectionery. The milk and white chocolate segment is anticipated to grow at the highest rate. Israel has the fastest growth rate and has the largest market share in Middle East and Africa. The cocoa liquor segment leads the cocoa market. Consumer awareness about health benefits of cocoa has led to some of the important innovations in the Middle East and Africa cocoa and chocolate industry.
Geographically the Middle East and Africa Cocoa and Chocolate 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 Cocoa and Chocolate Market are
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