Kuwait: Chocolate Market 2024

Chocolate Market Size in Kuwait

In 2022, after two years of decline, there was significant growth in the Kuwaiti chocolate market, when its value increased by 41% to $X. Over the period under review, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -27.0% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chocolate Production in Kuwait

In value terms, chocolate production stood at $X in 2022 estimated in export price. Over the period under review, production continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 76% against the previous year. Chocolate production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Chocolate Exports

Exports from Kuwait

In 2022, overseas shipments of chocolate and cocoa products were finally on the rise to reach X tons after two years of decline. In general, exports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2013 when exports increased by 150% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, chocolate exports reduced to $X in 2022. Over the period under review, exports recorded a slight expansion. The pace of growth was the most pronounced in 2014 with an increase of 94% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for chocolate exports from Kuwait, accounting for a 87% share of total exports. Moreover, chocolate exports to Saudi Arabia exceeded the volume sent to the second major destination, Qatar (X tons), more than tenfold. The third position in this ranking was held by Oman (X tons), with a 2.4% share.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia totaled -13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+14.1% per year) and Oman (-23.0% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for chocolate and cocoa products exports from Kuwait, comprising 63% of total exports. The second position in the ranking was taken by Qatar ($X), with a 21% share of total exports. It was followed by the United Arab Emirates, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Saudi Arabia stood at -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+26.9% per year) and the United Arab Emirates (-23.3% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, reducing by -20.6% against the previous year. Over the period under review, the export price, however, posted prominent growth. The growth pace was the most rapid in 2014 when the average export price increased by 72% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then contracted rapidly 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 United Arab Emirates ($X per ton), while the average price for exports to Saudi Arabia ($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 United Arab Emirates (+20.9%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Kuwait

In 2022, supplies from abroad of chocolate and cocoa products was finally on the rise to reach X tons after three years of decline. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -33.7% against 2018 indices. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, chocolate imports soared to $X in 2022. Overall, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -31.2% against 2019 indices. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of chocolate to Kuwait, accounting for a 33% share of total imports. Moreover, chocolate imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Belgium (X tons), threefold. Egypt (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates totaled -8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+5.5% per year) and Egypt (+2.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of chocolate and cocoa products to Kuwait, comprising 33% of total imports. The second position in the ranking was taken by Egypt ($X), with an 8.6% share of total imports. It was followed by Belgium, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled -8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Egypt (+2.7% per year) and Belgium (+0.7% per year).

Import Prices by Country

The average chocolate import price stood at $X per ton in 2022, falling by -8.6% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 14%. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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