Research and Markets: Saudi Arabia Confectionery Market in Saudi Arabia Expected to Witness the CAGR of Around 12% during 2013-2018
DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/h5qrlb/saudi_arabia) has announced the addition of the "Saudi Arabia Confectionery Market Forecast & Opportunities, 2018" report to their offering.
“Saudi Arabia Confectionery Market Forecast & Opportunities, 2018”
Increasing consumerism accompanied by increased consumer's spending and growth of organized retailing is driving the demand for confectionery in Saudi Arabia
According to the recently published report Saudi Arabia Confectionery Market Forecast & Opportunities, 2018 confectionery market in Saudi Arabia is expected to witness the CAGR of around 12% during 2013-2018. 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.
It is forecasted that Saudi Arabia confectionery market will reach USD 2.26 Billion (SAR 8.4 Billion) revenues by 2018 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.
The Saudi Arabia confectionery market is dominated by Krafts Food being the market leader followed by Mars and Nestle. Local manufacturers also play a significant role in the confectionery market due to proximity to the market and increasing awareness among the consumers. Saudi Arabia imports chocolate confectionery and sugar confectionery from countries namely Italy, Spain, Germany and Belgium. Increasing imports from different countries due to high quality can act as a challenge for the country's economy and local manufacturers.
- Krafts Foods
- Mars Inc
- Hershey Foods Corporation
- ShirinAsal Company
- Ferrero Group
- Unilever Group
- Strauss Elite
- Perfetti Van Melle Group
- DadashBaradar Industrial Company
For more information visit http://www.researchandmarkets.com/research/h5qrlb/saudi_arabia
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