Kuwait: Essential Oils Market 2024

Essential Oils Market Size in Kuwait

In 2022, the Kuwaiti essential oils market decreased by -48.9% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, saw a perceptible expansion. Essential oils consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Essential Oils Production in Kuwait

In value terms, essential oils production reduced rapidly to $X in 2022 estimated in export price. Overall, production recorded a abrupt shrinkage. The growth pace was the most rapid in 2016 when the production volume increased by 168%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Essential Oils Exports

Exports from Kuwait

In 2022, shipments abroad of essential oils increased by 20% to X tons, rising for the second consecutive year after two years of decline. Overall, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2013 when exports increased by 599% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, essential oils exports shrank to $X in 2022. Over the period under review, exports posted a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 449% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg) was the main destination for essential oils exports from Kuwait, accounting for a 32% share of total exports. Moreover, essential oils exports to the United States exceeded the volume sent to the second major destination, the UK (X kg), threefold. Germany (X kg) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +43.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+218.8% per year) and Germany (+9.7% per year).

In value terms, the United States ($X) remains the key foreign market for essential oils exports from Kuwait, comprising 31% of total exports. The second position in the ranking was taken by Germany ($X), with a 12% share of total exports. It was followed by Switzerland, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+2.1% per year) and Switzerland (+61.2% per year).

Export Prices by Country

In 2022, the average essential oils export price amounted to $X per ton, declining by -25.1% against the previous year. Over the period under review, the export price saw a perceptible contraction. The most prominent rate of growth was recorded in 2014 an increase of 201% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

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 Spain ($X per ton), while the average price for exports to Bahrain ($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 Saudi Arabia (+24.2%), while the prices for the other major destinations experienced more modest paces of growth.

Essential Oils Imports

Imports into Kuwait

In 2022, after two years of growth, there was significant decline in supplies from abroad of essential oils, when their volume decreased by -64.4% to X tons. Over the period under review, imports, however, saw a pronounced increase. The most prominent rate of growth was recorded in 2014 when imports increased by 121% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced sharply in the following year.

In value terms, essential oils imports plummeted to $X in 2022. In general, imports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2013 when imports increased by 72%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

India (X tons), the UK (X tons) and Turkey (X tons) were the main suppliers of essential oils imports to Kuwait, together comprising 35% of total imports. Spain, Hungary, Bulgaria, France, China, the United States and Egypt lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +59.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest essential oils suppliers to Kuwait were France ($X), India ($X) and Spain ($X), with a combined 25% share of total imports. Turkey, Hungary, the UK, Bulgaria, the United States, China and Egypt lagged somewhat behind, together comprising a further 17%.

In terms of the main suppliers, Turkey, with a CAGR of +50.3%, 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 essential oils import price amounted to $X per ton, picking up by 80% against the previous year. In general, the import price recorded strong growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+28.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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