Kuwait: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Kuwait

The Kuwaiti butter and dairy spreads market declined to $X in 2022, with a decrease of -9.2% 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). Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.4% against 2020 indices. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Exports of Butter And Dairy Spreads

Exports from Kuwait

In 2022, after two years of growth, there was significant decline in overseas shipments of butter and dairy spreads, when their volume decreased by -13.3% to X tons. In general, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 255%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, butter and dairy spreads exports dropped to $X in 2022. Over the period under review, exports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2014 when exports increased by 303% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Iraq (X tons) was the main destination for butter and dairy spreads exports from Kuwait, with a 65% share of total exports. Moreover, butter and dairy spreads exports to Iraq exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold. The third position in this ranking was held by Qatar (X tons), with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iraq stood at +14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-3.9% per year) and Qatar (+58.4% per year).

In value terms, Iraq ($X) remains the key foreign market for butter and dairy spreads exports from Kuwait, comprising 77% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 12% share of total exports. It was followed by Qatar, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Iraq stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-4.2% per year) and Qatar (+53.0% per year).

Export Prices by Country

In 2022, the average butter and dairy spreads export price amounted to $X per ton, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2013 an increase of 28%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a 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 Iraq ($X per ton), while the average price for exports to Bahrain ($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 Iraq (+1.0%), while the prices for the other major destinations experienced a decline.

Imports of Butter And Dairy Spreads

Imports into Kuwait

In 2022, approx. X tons of butter and dairy spreads were imported into Kuwait; reducing by -10.9% against 2021. The total import volume increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 29% against the previous year. As a result, imports attained the peak of X tons, and then declined in the following year.

In value terms, butter and dairy spreads imports reduced to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.6% 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 +10.9% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 22% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Saudi Arabia (X tons), New Zealand (X tons) and the United Arab Emirates (X tons) were the main suppliers of butter and dairy spreads imports to Kuwait, with a combined 46% share of total imports. Denmark, France, Australia, Brazil, Iceland, Germany, the UK, Belgium, the Netherlands and Ukraine lagged somewhat behind, together accounting for a further 46%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +30.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest butter and dairy spreads suppliers to Kuwait were Saudi Arabia ($X), New Zealand ($X) and France ($X), with a combined 48% share of total imports. Denmark, Brazil, Germany, the United Arab Emirates, Australia, the UK, Belgium, Iceland, the Netherlands and Ukraine lagged somewhat behind, together accounting for a further 44%.

In terms of the main suppliers, Brazil, with a CAGR of +34.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average butter and dairy spreads import price stood at $X per ton in 2022, picking up by 2.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 23% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :