Kuwait: Butter Market 2024

Butter Market Size in Kuwait

In 2022, after three years of growth, there was significant decline in the Kuwaiti butter market, when its value decreased by -10.3% to $X. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% 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 +10.6% against 2017 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank in the following year.

Butter Exports

Exports from Kuwait

After two years of growth, shipments abroad of butter decreased by -14.5% to X tons in 2022. In general, exports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2014 when exports increased by 467% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, butter exports shrank to $X in 2022. Over the period under review, exports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of 471%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Iraq (X tons) was the main destination for butter exports from Kuwait, with a 74% share of total exports. Moreover, butter exports to Iraq exceeded the volume sent to the second major destination, Saudi Arabia (X tons), sevenfold. The third position in this ranking was held by Qatar (X tons), with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume to Iraq amounted to +14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+20.1% per year) and Qatar (+58.4% per year).

In value terms, Iraq ($X) remains the key foreign market for butter exports from Kuwait, comprising 80% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 8.3% share of total exports. It was followed by Qatar, with a 7.5% 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 (+13.4% per year) and Qatar (+53.0% per year).

Export Prices by Country

In 2022, the average butter export price amounted to $X per ton, remaining constant against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 16%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

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 Iraq ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+1.0%), while the prices for the other major destinations experienced a decline.

Butter Imports

Imports into Kuwait

In 2022, after three years of growth, there was significant decline in overseas purchases of butter, when their volume decreased by -12.1% to X tons. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 32%. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, butter imports declined to $X in 2022. Overall, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +19.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 33%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and New Zealand (X tons) were the main suppliers of butter imports to Kuwait, together accounting for 42% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +31.6%), while purchases for the other leaders experienced more modest paces of growth.

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

Brazil, with a CAGR of +34.8%, 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 butter import price amounted to $X per ton, with an increase of 2.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 23%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

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

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