Kuwait: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Kuwait

The Kuwaiti market for fish fillets and other fish meat contracted to $X in 2022, waning by -10.1% 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, showed a mild decrease. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Exports of Fish Fillets and Other Fish Meat

Exports from Kuwait

In 2022, after two years of growth, there was decline in overseas shipments of fish fillets and other fish meat, when their volume decreased by -3.5% to X tons. In general, exports, however, enjoyed strong growth. The growth pace was the most rapid in 2018 when exports increased by 194%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of fish fillets and other fish meat contracted to $X in 2022. Overall, exports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2018 when exports increased by 221%. Over the period under review, the exports of hit record highs at $X in 2021, and then declined in the following year.

Exports by Country

Iraq (X tons), the United Arab Emirates (X tons) and Qatar (X tons) were the main destinations of exports of fish fillets and other fish meat from Kuwait, together comprising 99% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +21.5%), while the other leaders experienced mixed trend patterns.

In value terms, Iraq ($X) remains the key foreign market for fish fillets and other fish meat exports from Kuwait, comprising 65% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Iraq totaled +21.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+6.1% per year) and Qatar (+0.6% per year).

Export Prices by Country

The average export price for fish fillets and other fish meat stood at $X per ton in 2022, dropping by -4.9% against the previous year. Over the period under review, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for fish fillets and other fish meat increased by +75.7% against 2016 indices. The most prominent rate of growth was recorded in 2019 an increase of 29%. The export price peaked at $X per ton in 2021, and then declined slightly in the following year.

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 Iraq ($X per ton), while the average price for exports to the United Arab Emirates ($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 Qatar (+4.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Fish Fillets and Other Fish Meat

Imports into Kuwait

In 2022, supplies from abroad of fish fillets and other fish meat was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2018 with an increase of 31%. Over the period under review, imports of attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of fish fillets and other fish meat shrank to $X in 2022. Over the period under review, imports, however, saw a mild slump. The pace of growth was the most pronounced in 2021 with an increase of 38% against the previous year. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of fish fillets and other fish meat to Kuwait, with a 61% share of total imports. Moreover, imports of fish fillets and other fish meat from Vietnam exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fourfold. The third position in this ranking was taken by Norway (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Vietnam amounted to -6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+34.6% per year) and Norway (+41.4% per year).

In value terms, Norway ($X), Vietnam ($X) and the United Arab Emirates ($X) constituted the largest fish fillets and other fish meat suppliers to Kuwait, with a combined 83% share of total imports.

In terms of the main suppliers, Norway, with a CAGR of +33.3%, 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

The average import price for fish fillets and other fish meat stood at $X per ton in 2022, dropping by -14.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 41% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

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 Norway ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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