Kuwait: Fructose Market 2024

Fructose Market Size in Kuwait

In 2021, after six years of growth, there was decline in the Kuwaiti fructose market, when its value decreased by -1.9% to $X. Over the period under review, consumption, however, enjoyed a resilient increase. Over the period under review, the market hit record highs at $X in 2020, and then contracted slightly in the following year.

Fructose Exports

Exports from Kuwait

After three years of growth, shipments abroad of fructose and fructose syrup decreased by -88.3% to X tons in 2021. In general, exports saw a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 2,123% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, fructose exports shrank significantly to $X in 2021. Over the period under review, exports recorded a abrupt slump. The pace of growth was the most pronounced in 2019 when exports increased by 1,123%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Iraq (X tons) was the main destination for fructose exports from Kuwait, with a 76% share of total exports. Moreover, fructose exports to Iraq exceeded the volume sent to the second major destination, Saudi Arabia (X kg), sixfold. Oman (X kg) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Iraq totaled +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-10.9% per year) and Oman (-19.0% per year).

In value terms, Iraq ($X) emerged as the key foreign market for fructose and fructose syrup exports from Kuwait, comprising 52% of total exports. The second position in the ranking was taken by Oman ($X), with a 12% share of total exports. It was followed by Bahrain, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Iraq amounted to +10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (-15.3% per year) and Bahrain (-11.4% per year).

Export Prices by Country

In 2021, the average fructose export price amounted to $X per ton, with an increase of 48% against the previous year. Over the period under review, the export price continues to indicate a prominent increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Iraq ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+37.1%), while the prices for the other major destinations experienced more modest paces of growth.

Fructose Imports

Imports into Kuwait

After six years of growth, purchases abroad of fructose and fructose syrup decreased by -10.3% to X tons in 2021. Over the period under review, imports, however, enjoyed a prominent increase. The growth pace was the most rapid in 2015 with an increase of 76%. Over the period under review, imports attained the peak figure at X tons in 2020, and then shrank in the following year.

In value terms, fructose imports declined to $X in 2021. Overall, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 48%. Over the period under review, imports hit record highs at $X in 2020, and then declined in the following year.

Imports by Country

Saudi Arabia (X tons), Malta (X tons) and the United States (X tons) were the main suppliers of fructose imports to Kuwait, together comprising 52% of total imports. These countries were followed by the United Arab Emirates, Indonesia, India, the UK, Sri Lanka, Italy, Australia, Egypt, Colombia and Germany, which together accounted for a further 32%.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +61.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fructose suppliers to Kuwait were Saudi Arabia ($X), Indonesia ($X) and Malta ($X), with a combined 47% share of total imports.

Indonesia, with a CAGR of +67.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average fructose import price amounted to $X per ton, rising by 10% against the previous year. In general, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, fructose import price increased by +53.6% against 2015 indices. The growth pace was the most rapid in 2014 when the average import price increased by 28% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Colombia ($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 (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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