Cocoa imports into Saudi Arabia exceeded 37 million kilograms in the first quarter of 2023, putting the Kingdom on track to exceed the total amount brought into the country throughout 2022.
Last year, the Kingdom imported over 127 million kgs of cocoa, meaning Saudi Arabia has already taken in over a third of the 2022 total in the first three months of 2023.
The Kingdom’s chocolate market witnessed impressive momentum this year due to increasing demand and the approach of Ramadan and Eid Al Fitr, the Saudi Press Agency reported.
Stores and markets are also competing by displaying different kinds of imported and locally manufactured sweets and chocolates.
Regarding the prices, most stores start announcing discounts during the Eid period, as the prices of the local sweets range between SR20 ($5.33) to SR150 and vary between candies, toffee, biscuits and chocolate in all their forms, SPA said.
The price of sweets imported from European and Eastern countries is increasing, where the price per kg reaches SR300 for pure and dark chocolate and those containing special fillings.
The price of chocolate does not only depend on its type and country of origin but also on the packaging.
Saudi Arabia’s candy and chocolate segment is set to generate around $5 billion in revenue in 2023 and increase annually by 3.25 percent, according to Statista.
The average volume per person is expected to amount to 19 kgs in 2023. The volume of the entire sector is also set to reach 720 million kgs by 2027.
In 2021, Saudi Arabia was the 13th largest importer of chocolate in the world with around $572 million worth of imported goods, according to the Observatory of Economic Complexity.
During that year, the Kingdom imported $103 million of chocolate from the UAE, $85.7 million from Russia, $62.9 million from Italy, and $52.1 million from the UK.
The Kingdom’s total imports in 2021 were $153 billion with the top segments being cars, refined, petroleum, broadcasting equipment, gold and packaged medicaments.