Kuwait: Fresh Beef Carcase Market 2024

Fresh Beef Carcase Market Size in Kuwait

The Kuwaiti fresh beef carcase market was finally on the rise to reach $X in 2022, after three years of decline. The market value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Fresh Beef Carcase Production in Kuwait

In value terms, fresh beef carcase production stood at $X in 2022 estimated in export price. Overall, the total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.5% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 31%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Fresh Beef Carcase Exports

Exports from Kuwait

In 2022, overseas shipments of fresh or chilled carcases of beef and veal increased by 30% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports enjoyed modest growth. The most prominent rate of growth was recorded in 2016 with an increase of 83% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, fresh beef carcase exports skyrocketed to $X in 2022. The total export value increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Bahrain (X tons) was the main destination for fresh beef carcase exports from Kuwait, accounting for a 77% share of total exports. Moreover, fresh beef carcase exports to Bahrain exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bahrain was relatively modest.

In value terms, the largest markets for fresh beef carcase exported from Kuwait were the United Arab Emirates ($X) and Bahrain ($X).

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +5.4%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The average fresh beef carcase export price stood at $X per ton in 2022, shrinking by -4% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 58% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas 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 Bahrain amounted to $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 (+0.3%).

Fresh Beef Carcase Imports

Imports into Kuwait

In 2022, purchases abroad of fresh or chilled carcases of beef and veal was finally on the rise to reach X tons after two years of decline. Overall, total imports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by 24% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, fresh beef carcase imports amounted to $X in 2022. Over the period under review, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 56% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Pakistan (X tons), China (X tons) and Sudan (X tons) were the main suppliers of fresh beef carcase imports to Kuwait, with a combined 94% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Sudan (with a CAGR of +57.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh beef carcase suppliers to Kuwait were Pakistan ($X), China ($X) and Sudan ($X), together accounting for 93% of total imports.

Among the main suppliers, Sudan, with a CAGR of +57.2%, 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

In 2022, the average fresh beef carcase import price amounted to $X per ton, approximately mirroring the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fresh beef carcase import price increased by +20.9% against 2020 indices. The growth pace was the most rapid in 2015 an increase of 27%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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