Kuwait: Cocoa Powder Market 2024

Cocoa Powder Market Size in Kuwait

In 2022, after two years of decline, there was growth in the Kuwaiti cocoa powder market, when its value increased by 0.5% to $X. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Cocoa Powder Production in Kuwait

In value terms, cocoa powder production reduced to $X in 2022 estimated in export price. In general, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +9.0% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 140% against the previous year. Cocoa powder production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Cocoa Powder Exports

Exports from Kuwait

In 2022, approx. X kg of cocoa powder (not sweetened) were exported from Kuwait; falling by -44.7% compared with the previous year. Overall, exports faced a deep slump. The pace of growth appeared the most rapid in 2021 when exports increased by 841%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, cocoa powder exports shrank markedly to $X in 2022. Over the period under review, exports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 939%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X kg) was the main destination for cocoa powder exports from Kuwait, accounting for a 91% share of total exports. Moreover, cocoa powder exports to Saudi Arabia exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia amounted to -12.4%.

In value terms, Saudi Arabia ($X) remains the key foreign market for cocoa powder (not sweetened) exports from Kuwait, comprising 75% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia stood at -14.6%.

Export Prices by Country

In 2022, the average cocoa powder export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 38%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign 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 stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+2.4%), while the prices for the other major destinations experienced a decline.

Cocoa Powder Imports

Imports into Kuwait

In 2022, supplies from abroad of cocoa powder (not sweetened) decreased by -0.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, showed a notable increase. The pace of growth appeared the most rapid in 2015 when imports increased by 100%. Over the period under review, imports reached the maximum at X tons in 2021, and then fell modestly in the following year.

In value terms, cocoa powder imports expanded sharply to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 76% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest supplier of cocoa powder to Kuwait, with a 29% share of total imports. Moreover, cocoa powder imports from Malaysia exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. The third position in this ranking was taken by Turkey (X tons), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: France (-1.4% per year) and Turkey (+36.0% per year).

In value terms, Malaysia ($X) constituted the largest supplier of cocoa powder (not sweetened) to Kuwait, comprising 30% of total imports. The second position in the ranking was held by France ($X), with a 12% share of total imports. It was followed by Turkey, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Malaysia stood at -3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-5.7% per year) and Turkey (+23.5% per year).

Import Prices by Country

In 2022, the average cocoa powder import price amounted to $X per ton, with an increase of 6.5% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible contraction. The growth pace was the most rapid in 2016 when the average import price increased by 13%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 the United Arab Emirates ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (-2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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