Kuwait: Cocoa Paste Market 2024

Cocoa Paste Market Size in Kuwait

The Kuwaiti cocoa paste market declined modestly to $X in 2021, approximately mirroring the previous year. Overall, the total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by +0.9% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Cocoa Paste Production in Kuwait

In value terms, cocoa paste production shrank slightly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by +0.7% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 61% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Cocoa Paste Exports

Exports from Kuwait

After two years of decline, shipments abroad of cocoa paste decreased by 0% to X kg in 2020. Overall, exports faced a abrupt curtailment. The smallest decline of 99.9% was in 2018. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2020, the exports remained at a lower figure.

In value terms, cocoa paste exports totaled $X in 2020. In general, exports faced a deep reduction. The smallest decline of 99.9% was in 2018. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2020, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for cocoa paste exports from Kuwait, accounting for a approx. 100% share of total exports.

From 2013 to 2020, the average annual growth rate of volume to the United Arab Emirates was relatively modest.

From 2013 to 2020, the average annual growth rate of value to the United Arab Emirates was relatively modest.

Export Prices by Country

The average cocoa paste export price stood at $X per ton in 2020, remaining constant against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price decreased by 99.9%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2020, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2013 to 2020, the rate of growth in terms of prices for Bahrain amounted to -14.4% per year.

Cocoa Paste Imports

Imports into Kuwait

Cocoa paste imports into Kuwait surged to X tons in 2021, with an increase of 586% compared with 2020 figures. In general, imports, however, recorded a drastic downturn. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, cocoa paste imports soared to $X in 2021. Overall, imports, however, continue to indicate a abrupt decline. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of cocoa paste to Kuwait, accounting for a 39% share of total imports. Moreover, cocoa paste imports from the United States exceeded the figures recorded by the second-largest supplier, Cote d'Ivoire (X tons), twofold. The third position in this ranking was taken by Lebanon (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Cote d'Ivoire (-1.3% per year) and Lebanon (+0.9% per year).

In value terms, the largest cocoa paste suppliers to Kuwait were the United States ($X), Cote d'Ivoire ($X) and Lebanon ($X), with a combined 61% share of total imports. Italy, Saudi Arabia, the UK, Spain, France, Egypt and the Netherlands lagged somewhat behind, together accounting for a further 35%.

In terms of the main suppliers, Italy, with a CAGR of +55.9%, 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 cocoa paste import price stood at $X per ton in 2021, surging by 2% against the previous year. In general, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cocoa paste import price increased by +26.2% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 45%. The import price peaked in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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