Kuwait: Preserved Beef Market 2024

Preserved Beef Market Size in Kuwait

After three years of decline, the Kuwaiti preserved beef market increased by 23% to $X in 2021. In general, consumption recorded a temperate increase. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Preserved Beef Production in Kuwait

In value terms, preserved beef production shrank rapidly to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 55%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Preserved Beef Exports

Exports from Kuwait

In 2021, after three years of growth, there was significant decline in overseas shipments of beef and veal (salted, in brine, dried or smoked), when their volume decreased by -59.7% to X tons. Overall, exports, however, recorded a strong increase. The growth pace was the most rapid in 2013 when exports increased by 402%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then fell rapidly in the following year.

In value terms, preserved beef exports shrank notably to $X in 2021. Over the period under review, exports, however, showed a resilient expansion. The pace of growth was the most pronounced in 2013 when exports increased by 268%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Qatar (X tons), the United Arab Emirates (X tons) and Italy (X tons) were the main destinations of preserved beef exports from Kuwait, together accounting for 98% of total exports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +6,285.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X), the United Arab Emirates ($X) and Italy ($X) were the largest markets for preserved beef exported from Kuwait worldwide, with a combined 95% share of total exports.

Italy, with a CAGR of +6,550.3%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average preserved beef export price amounted to $X per ton, jumping by 91% against the previous year. In general, the export price, however, saw a pronounced contraction. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+3.3%), while the prices for the other major destinations experienced a decline.

Preserved Beef Imports

Imports into Kuwait

In 2021, overseas purchases of beef and veal (salted, in brine, dried or smoked) were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports showed a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 285% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, preserved beef imports surged to $X in 2021. In general, imports showed a significant increase. The growth pace was the most rapid in 2014 with an increase of 251%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, Pakistan (X tons) constituted the largest preserved beef supplier to Kuwait, with a 50% share of total imports. Moreover, preserved beef imports from Pakistan exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by the United Arab Emirates (X tons), with a 21% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Pakistan totaled +72.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+59.3% per year) and the United Arab Emirates (+79.7% per year).

In value terms, the largest preserved beef suppliers to Kuwait were the United Arab Emirates ($X), Pakistan ($X) and the United States ($X), together accounting for 91% of total imports. South Africa and Turkey lagged somewhat behind, together comprising a further 3.5%.

Turkey, with a CAGR of +132.6%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 2021, the average preserved beef import price amounted to $X per ton, growing by 57% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+56.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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