Kuwait: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Kuwait

The Kuwaiti chemically modified oils market declined dramatically to $X in 2022, falling by -16.6% against the previous year. Overall, consumption, however, enjoyed a strong expansion. Chemically modified oils consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Chemically Modified Oils Production in Kuwait

In value terms, chemically modified oils production shrank modestly to $X in 2022 estimated in export price. In general, production, however, posted strong growth. The pace of growth appeared the most rapid in 2019 with an increase of 59%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Chemically Modified Oils Exports

Exports from Kuwait

Chemically modified oils exports from Kuwait stood at X tons in 2022, rising by 3% compared with 2021 figures. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 513% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, chemically modified oils exports declined notably to $X in 2022. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 583% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then reduced markedly in the following year.

Exports by Country

The Netherlands (X tons), Spain (X tons) and Pakistan (X tons) were the main destinations of chemically modified oils exports from Kuwait, with a combined 60% share of total exports. The UK, India, Portugal and the Czech Republic lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +71.3%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) emerged as the key foreign market for animal or vegetable fats and oils chemically modified exports from Kuwait, comprising 24% of total exports. The second position in the ranking was held by Portugal ($X), with a 9.7% share of total exports. It was followed by the UK, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands stood at +37.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+58.8% per year) and the UK (+31.2% per year).

Export Prices by Country

The average chemically modified oils export price stood at $X per ton in 2022, dropping by -22.9% against the previous year. In general, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils export price increased by +30.5% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 35%. As a result, the export price reached the peak level of $X per ton, and then declined sharply in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (+22.1%), while the prices for the other major destinations experienced mixed trend patterns.

Chemically Modified Oils Imports

Imports into Kuwait

In 2022, overseas purchases of animal or vegetable fats and oils chemically modified increased by 14% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, saw a slight decrease. The most prominent rate of growth was recorded in 2015 with an increase of 140% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, chemically modified oils imports rose rapidly to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 141% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Egypt (X tons), Italy (X tons) and Belgium (X tons) were the main suppliers of chemically modified oils imports to Kuwait, together comprising 58% of total imports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +33.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chemically modified oils suppliers to Kuwait were Egypt ($X), Belgium ($X) and Italy ($X), with a combined 52% share of total imports.

Belgium, with a CAGR of +36.9%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average chemically modified oils import price amounted to $X per ton, reducing by -7.5% against the previous year. Overall, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chemically modified oils import price increased by +12.0% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of 55% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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