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Reliable Data You Can Trust
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, 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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