Kuwait: Biological Product Market 2024

Biological Product Market Size in Kuwait

The Kuwaiti biological product market soared to $X in 2022, with an increase of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a resilient expansion. Biological product consumption peaked in 2022 and is likely to see steady growth in the near future.

Biological Product Exports

Exports from Kuwait

In 2022, shipments abroad of biological products increased by X% to X tons, rising for the third year in a row after three years of decline. Over the period under review, exports, however, showed a perceptible setback. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, biological product exports reduced notably to $X in 2022. In general, exports enjoyed a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Oman (X tons) was the main destination for biological product exports from Kuwait, with a X% share of total exports. Moreover, biological product exports to Oman exceeded the volume sent to the second major destination, Qatar (X tons), more than tenfold. France (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Oman stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (X% per year) and France (X% per year).

In value terms, Oman ($X), Qatar ($X) and France ($X) appeared to be the largest markets for biological product exported from Kuwait worldwide, with a combined X% share of total exports. The UK and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, the UK, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average biological product export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price, however, showed a resilient increase. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Oman ($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 the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Kuwait

For the third consecutive year, Kuwait recorded growth in overseas purchases of biological products, which increased by X% to X tons in 2022. In general, total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2017 indices. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, biological product imports surged to $X in 2022. Overall, imports recorded resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

The United States (X tons), Germany (X tons) and Switzerland (X tons) were the main suppliers of biological product imports to Kuwait, with a combined X% share of total imports. France, Belgium, the United Arab Emirates, Austria, Ireland, Poland, Italy, Jordan, Spain and Cyprus lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Switzerland ($X) and the United States ($X) were the largest biological product suppliers to Kuwait, together comprising X% of total imports. Belgium, the United Arab Emirates, Ireland, France, Italy, Austria, Spain, Poland, Cyprus and Jordan lagged somewhat behind, together comprising a further X%.

Poland, with a CAGR of X%, saw 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 2022, the average biological product import price amounted to $X per kg, growing by X% against the previous year. Over the period under review, the import price posted a resilient expansion. The pace of growth appeared the most rapid in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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