Kuwait: Cocoa Butter Market 2024

Cocoa Butter Market Size in Kuwait

The Kuwaiti cocoa butter market totaled $X in 2022, surging by 2.2% against the previous year. Over the period under review, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 -2.0% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Cocoa Butter Production in Kuwait

In value terms, cocoa butter production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.8% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by 32% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Cocoa Butter Exports

Exports from Kuwait

In 2022, approx. X kg of cocoa butter were exported from Kuwait; almost unchanged from 2021 figures. In general, exports showed a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 608% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, cocoa butter exports stood at $X in 2022. Over the period under review, exports recorded a strong expansion. The growth pace was the most rapid in 2018 when exports increased by 254%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X kg) was the main destination for cocoa butter exports from Kuwait, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia stood at +6.0%.

In value terms, Saudi Arabia ($X) also remains the key foreign market for cocoa butter exports from Kuwait.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia totaled +16.2%.

Export Prices by Country

The average cocoa butter export price stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2019 when the average export price increased by 211%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Saudi Arabia.

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to +9.7% per year.

Cocoa Butter Imports

Imports into Kuwait

Cocoa butter imports into Kuwait expanded notably to X tons in 2022, surging by 13% compared with the previous year. Over the period under review, imports continue to indicate a buoyant increase. The growth pace was the most rapid in 2017 when imports increased by 190%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cocoa butter imports expanded significantly to $X in 2022. Overall, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 213%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United States (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of cocoa butter imports to Kuwait, with a combined 57% share of total imports. Belgium, the UK, the Netherlands, Lebanon, the Philippines, Cote d'Ivoire, Turkey, Germany, Spain and Canada lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +69.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cocoa butter suppliers to Kuwait were the United States ($X), Belgium ($X) and the UK ($X), with a combined 53% share of total imports.

Among the main suppliers, the UK, with a CAGR of +74.9%, recorded the highest growth rate of 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 cocoa butter import price stood at $X per ton in 2022, declining by -3.8% against the previous year. In general, the import price, however, continues to indicate a modest expansion. The most prominent rate of growth was recorded in 2016 an increase of 38%. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+13.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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