A recent report ongoing by Infinium Global Research on MENA vegan chocolate confectionery market provides in-depth analysis of segments and sub-segments in the MENA as well as the regional vegan chocolate confectionery market. The study also highlights the impact of drivers, restraints, and macro indicators on the MENA and regional vegan chocolate confectionery market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the MENA vegan chocolate confectionery market. According to the report, the MENA vegan chocolate confectionery market is projected to grow at a significant CAGR over the forecast period of 2021-2027.
Chocolate by itself is vegan with cocoa beans are itself sourced from plants. The dairy ingredients which are sourced from animals used for making chocolate confectionery products are not used in its vegan version, the alternate ingredients to dairy ingredients are used in the making of vegan chocolate confectionery products. The vegan trend has penetrated every sphere of the food industry including the confectionery sector in the MENA region and thus a flurry of vegan chocolate confectionery products have emerged and entered the market. Many confectionery brands are working towards developing different categories of MENA vegan chocolate confectionery market products. As more and more people are consuming vegan chocolate confectionery products, its market is growing rapidly. In the near future, it is expected that vegan chocolate confectionery products will become a common aspect of people’s food consumption habits.
Veganism is growing in the MENA region, especially among the youth. The youth are adopting veganism in their lifestyle right from buying vegan fashion accessories such as vegan leather shoes, and belts to vegan food products. Chocolate confectionery products have wide popularity among youth and thus the vegan chocolate confectionery products are gaining popularity among the youth that are adopting veganism. Vegan chocolate confectionery products is also becoming steadily popular among general consumers. Thus, their demand is expected to skyrocket in the near future. This factor is primarily driving the growth of the market. The other factor driving the growth of the market is the increasing demand for plant based food products among the consumers in the MENA region. The plant-based food products are rapidly gaining popularity owing to the growing environmental awareness. The only restraining factor is the high cost of vegan chocolate confectionery products as compared to normal chocolate confectionery products. New opportunities are expected to rise as the market players are focusing on exploring new vegan ingredients.
Turkey is expected to be the largest vegan chocolate confectionery market in the MENA region. Turkey is expected to be the dominant country in the MENA vegan chocolate confectionery market. There are multiple factors responsible for the unrivaled dominance of Turkey in the market. Turkey offers limitless opportunities for the market players that are exploring new markets in the MENA region. Turkey is considered to be one of the largest consumers of chocolate right behind USA and Europe owing to the sweet tooth nature of the Turkish consumers. Chocolate confectionery and sweets are an inseparable part of the consumer's diet in Turkey. There is a large number of local Turkish chocolate confectionery products that have gained popularity at the global level. Some market players in order to woo the consumers in Turkey offer Turkey-specific vegan chocolate products. Due to close proximity to the European region, the vegan chocolate confectionery products of European brands are easily available in the Turkish Market.
The report on MENA vegan chocolate confectionery market covers segments such as product, type, and distribution channel. On the basis of product, the sub-markets include molded bars, chips and bites, truffles and cups, and others. On the basis of type, the sub-markets include dark, and milk. On the basis of distribution channel, the sub-markets include online, and offline.
The report provides profiles of the companies in the market such as Mars Incorporated, Mars Incorporated, Mars Incorporated, Mars Incorporated, Mars Incorporated, Mondelez International, Alter Eco, Hu Master Holdings, LLC, Chocolat Frey AG, Tiroler Edle, Pascha Chocolate Co., Chocoladefabriken Lindt & Sprungli AG, Panda Chocolate, and The Hershey Company.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the MENA vegan chocolate confectionery market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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