Saudi Arabia to be the top regional performer over the next five years, within the snacks and confectionery.

Confectionery value sales to grow at a compound annual rate of 6.5%

We expect Saudi Arabia to be the top regional performer over the next five years, within the snacks and confectionery categories. We forecast confectionery value sales (local currency) to grow at a compound annual rate of 6.5% over 2013 - 2018. Although Saudi Arabia has lower disposable incomes compared with its regional peers, the country offers the largest consumer base within the region, with a population of almost 30 mn. In addition, almost 45% of the country's population is below the age of 25. This demographic group is seen as more receptive to new and innovative products, creating opportunities for snacks and confectionery producers. Lastly, Saudi Arabia has one of the highest per capital sugar consumption in the world, which illustrates a developed taste for sweet products; therefore we view a positive outlook for confectionery and snacks products.

Source: bmiresearch