Kuwait: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in Kuwait

The Kuwaiti market for industrial, laboratory or bakery ovens dropped sharply to $X in 2022, shrinking by -24.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate strong growth. Industrial, laboratory or bakery oven consumption peaked at $X in 2021, and then dropped rapidly in the following year.

Exports of Industrial, Laboratory or Bakery Ovens

Exports from Kuwait

In 2022, overseas shipments of industrial, laboratory or bakery ovens increased by 36% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded a perceptible increase. The growth pace was the most rapid in 2014 when exports increased by 244% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven exports stood at $X in 2022. Overall, exports, however, continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 306% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Iran (X units) was the main destination for industrial, laboratory or bakery oven exports from Kuwait, with a 60% share of total exports. Moreover, industrial, laboratory or bakery oven exports to Iran exceeded the volume sent to the second major destination, Qatar (X units), twofold. The third position in this ranking was taken by Saudi Arabia (X units), with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iran amounted to +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+14.9% per year) and Saudi Arabia (0.0% per year).

In value terms, the United Arab Emirates ($X), Iran ($X) and Qatar ($X) constituted the largest markets for industrial, laboratory or bakery oven exported from Kuwait worldwide, together accounting for 87% of total exports. Saudi Arabia lagged somewhat behind, accounting for a further 13%.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of +15.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for industrial, laboratory or bakery ovens stood at $X per unit in 2022, dropping by -18.6% against the previous year. Over the period under review, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2017 when the average export price increased by 70%. As a result, the export price reached the peak level of $X per unit. 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 the United Arab Emirates ($X per unit), while the average price for exports to Iran ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+208.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Industrial, Laboratory or Bakery Ovens

Imports into Kuwait

Industrial, laboratory or bakery oven imports into Kuwait contracted remarkably to X units in 2022, with a decrease of -24.9% compared with the year before. Over the period under review, imports, however, posted prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 403%. Imports peaked at X units in 2021, and then dropped markedly in the following year.

In value terms, industrial, laboratory or bakery oven imports fell dramatically to $X in 2022. In general, imports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of 232% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank notably in the following year.

Imports by Country

In 2022, Italy (X units) constituted the largest industrial, laboratory or bakery oven supplier to Kuwait, with a 10% share of total imports. Moreover, industrial, laboratory or bakery oven imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X units), twofold. China (X units) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.3% per year) and China (+7.3% per year).

In value terms, the largest industrial, laboratory or bakery oven suppliers to Kuwait were the United Arab Emirates ($X), Italy ($X) and Sweden ($X), with a combined 19% share of total imports.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +80.0%, saw 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

In 2022, the average import price for industrial, laboratory or bakery ovens amounted to $X per unit, picking up by 2.1% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 71% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, 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 India ($X per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+41.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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