Kuwait: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Kuwait

The Kuwaiti frozen cuttlefishes market skyrocketed to $X in 2021, jumping by 41% 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 saw a remarkable increase. Frozen cuttlefishes consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Frozen Cuttlefishes Exports

Exports from Kuwait

For the ninth consecutive year, Kuwait recorded decline in shipments abroad of frozen cuttlefishes, which decreased by -13.7% to X kg in 2021. Overall, exports recorded a sharp slump. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes exports totaled $X in 2021. In general, exports showed a sharp decline. The most prominent rate of growth was recorded in 2018 with an increase of 1.3% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for frozen cuttlefishes exports from Kuwait, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates totaled -29.5%.

In value terms, the United Arab Emirates ($X) also remains the key foreign market for frozen cuttlefishes exports from Kuwait.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates stood at -26.5%.

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2021, with an increase of 17% against the previous year. Over the period under review, the export price saw tangible growth. The most prominent rate of growth was recorded in 2014 an increase of 34%. The export price peaked in 2021 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +4.3% per year.

Frozen Cuttlefishes Imports

Imports into Kuwait

Frozen cuttlefishes imports into Kuwait skyrocketed to X tons in 2021, jumping by 30% on the previous year. Over the period under review, total imports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -21.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 93% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes imports surged to $X in 2021. In general, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 214% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of frozen cuttlefishes to Kuwait, with a 70% share of total imports. Moreover, frozen cuttlefishes imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), sevenfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 9.1% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates amounted to +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-5.0% per year) and Taiwan (Chinese) (-1.7% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of frozen cuttlefishes to Kuwait, comprising 70% of total imports. The second position in the ranking was held by Vietnam ($X), with a 12% share of total imports. It was followed by Taiwan (Chinese), with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United Arab Emirates amounted to +32.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+2.0% per year) and Taiwan (Chinese) (+1.2% per year).

Import Prices by Country

In 2021, the average frozen cuttlefishes import price amounted to $X per ton, growing by 13% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the average import price increased by 63%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+21.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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