Fitch Solutions expects spending on sugar and chocolate products in the Middle East and North Africa region to increase by 2.6% in 2023 compared to 3.2% in 2022. The agency added that it is likely that spending on these products will slow down by the medium term, from 2022 to 2026, to an annual average of 1.9%.

According to the agency’s report, the MENA region will outperform in terms of household spending in 2023, adding that its growth rate is expected to reach 23% in the current year, and will be driven by countries such as Iran (30%), the UAE (15.4%) and Bahrain (11.5%).

Moreover, the agency expects the sugar and chocolate industries to grow in the medium term and North Africa at an annual average of 13%, while it will decrease in 2024 as a result of expected inflation and the introduction of value-added tax in Kuwait and Qatar, in addition to the basic economic effects of the years 2022 and 2023, which will fade as the growth rate restabilizes.

Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates