MENA Vegan Chocolate Confectionery Market: Current Analysis and Forecast (2024-2032)

Report Description

MENA Vegan Chocolate Confectionary Market Size & Forecast

The MENA Vegan Chocolate Confectionery market was valued at USD 16.60 million in 2023 and is expected to grow at a CAGR of 15.7% during the forecast period (2024-2032) due to the rising vegan population and increasing awareness about the health benefits associated with vegan diets.

MENA Vegan Chocolate Confectionery Market Analysis

Vegan chocolate confectionery encompasses a range of chocolate products crafted without animal-derived ingredients, including dairy and eggs. These chocolates are made exclusively from plant-based sources like cocoa, nuts, and plant kinds of milk, appealing to those following vegan diets or seeking cruelty-free options. They offer guilt-free indulgence while aligning with ethical and environmental values, contributing to the growing demand for sustainable and compassionate food choices. According to Food Business Gulf & Middle East news, in 2023, Emirates noted a surge of 40% in customer demand for plant-based meals. Emirates has more than 300 vegan recipes in rotation across 140 destinations, up from 180 recipes in 2022.

 This is mainly due to the recognition of vegan chocolate as a source of antioxidants and lower sugar content appeals to health-conscious consumers. As per the International Diabetes Federation, in 2021, the Middle East and North Africa Region has the highest percentage (24.5%) of diabetes-related deaths in people of working age. Diabetes-related expenditure in the Middle East and North Africa Region’s total USD 33 billion in 2021. This trend has prompted significant investment and initiative from local and international chocolate manufacturers. Companies are diversifying their product offerings to include vegan options, responding to a burgeoning market demand.

MENA Vegan Chocolate Confectionery Market Trends

This section discusses the key market trends influencing the various segments of the MENA vegan chocolate confectionery market, as identified by our research experts.

Online Transforming Industry

Online is expected to grow with a significant CAGR during the forecast period (2024-2032) by providing accessibility and convenience to a growing consumer base. As e-commerce platforms expand across the region, they offer a wide variety of vegan chocolate options that may not be readily available in traditional brick-and-mortar stores. The MENA e-commerce penetration rate was in the region of 5.7% in 2022, compared to a global average of 19%, as per the Emirates NBD, in September 2023. This accessibility appeals to tech expert consumers seeking diverse specialty products, accelerating the market’s growth and catering to MENA’s increasing demand for ethical and plant-based treats.

Saudi Arabia dominate the market in 2023

Saudi Arabia held a dominant share of the market in 2023. The increasing investment and initiative from local and international chocolate manufacturers are recognizing the growing consumer demand for plant-based alternatives. The implications for the chocolate industry in Saudi Arabia are significant, as this trend presents opportunities for market expansion, innovation in product development, and strategic partnerships with suppliers of vegan ingredients. According to secondary research, 54 percent of Generation Z avoid meat or other animal-based products, versus 34 per cent of baby boomers. Moreover, companies are diversifying their product lines to include vegan chocolates, leveraging ingredients like plant kinds of milk and dairy substitutes to cater to a broader audience. For instance, in October 2022, Barry Callebaut launched 100% dairy-free and plant-based chocolate NXT in Saudi Arabia. NXT is a 100 percent plant-based dark and milk-tasting sting chocolate, guaranteed free from any trace of dairy. As Saudi Arabia continues to embrace these dietary shifts, the industry is poised for growth, driven by evolving consumer preferences and a commitment to sustainability.

MENA Vegan Chocolate Confectionery Industry Overview

The MENA vegan chocolate confectionery market is competitive and fragmented, with the presence of several MENA and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are The Vegan Candy Man, Boojabooja, NOTIONS GROUP, The Raw Chocolate Company, Kakaw Manufacturing, Barry Callebaut, BAR & COCOA, Läderach (USA) Inc, Green & Black’s, Mars, Incorporated.

MENA Vegan Chocolate Confectionery Market News

• In August 2022: Nestle SA, the Swiss food giant, is launching KitKat V, a plant-based version of one of the world’s most popular chocolate bars, from Friday with a rollout planned across 15 European countries including the UK and Middle East.
• In October 2022, Barry Callebaut launched 100% dairy-free and plant-based chocolate NXT in Saudi Arabia. Barry Callebaut, the chocolate maker preferred by artisans and chefs around the world, has debuted its game-changing Barry Callebaut NXT series to the Kingdom of Saudi Arabia. NXT offers 100 percent plant-based dark and milky chocolates and is free from any traces of dairy.
• In July 2021, Upfield launched its plant-based cheese brand Violife into the Middle East, following the introduction of its Flora spread last year, with Asia markets set to follow suit. The products are sold to food service as well as retail sectors across the UAE, Saudi Arabia, Qatar, Oman and Bahrain.

MENA Vegan Chocolate Confectionery Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The MENA vegan chocolate confectionery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the MENA Vegan Chocolate Confectionery Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA vegan chocolate confectionery market were the three major steps undertaken to create and analyze the adoption of MENA vegan chocolate confectionery in major regions of MENA. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA vegan chocolate confectionery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the MENA vegan chocolate confectionery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the MENA vegan chocolate confectionery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA vegan chocolate confectionery market. Further, we conducted factor analysis using dependent and independent variables such as product, and distribution channel of the MENA vegan chocolate confectionery market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MENA vegan chocolate confectionery market sector across the region.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA vegan chocolate confectionery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets of MENA. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the MENA vegan chocolate confectionery market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the MENA vegan chocolate confectionery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA vegan chocolate confectionery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, distribution channel in the MENA vegan chocolate confectionery market.

The main objective of the MENA Vegan Chocolate Confectionery Market Study

The current & future market trends of the MENA vegan chocolate confectionery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the MENA vegan chocolate confectionery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, distribution channel
• Define and analyze the regulatory framework for the MENA vegan chocolate confectionery industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the MENA vegan chocolate confectionery market for the major regions of MENA
• Company profiles of the MENA vegan chocolate confectionery market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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