Kuwait: Honey Market 2024

Honey Market Size in Kuwait

The Kuwaiti honey market skyrocketed to $X in 2022, jumping by 17% 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). Over the period under review, consumption recorded a strong expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Honey Exports

Exports from Kuwait

Honey exports from Kuwait rose notably to X tons in 2022, with an increase of 13% compared with the year before. In general, exports saw prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 117%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, honey exports dropped to $X in 2022. Over the period under review, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2015 with an increase of 134% against the previous year. The exports peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Australia (X tons), Jordan (X tons) and Qatar (X tons) were the main destinations of honey exports from Kuwait, with a combined 63% share of total exports. The United States, Canada and Bahrain lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +129.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for honey exported from Kuwait were the United States ($X), Qatar ($X) and Canada ($X), with a combined 65% share of total exports.

Canada, with a CAGR of +143.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average honey export price stood at $X per ton in 2022, which is down by -13% against the previous year. In general, export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, honey export price increased by +13.9% against 2020 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 59%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Jordan ($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 the United Arab Emirates (+33.6%), while the prices for the other major destinations experienced more modest paces of growth.

Honey Imports

Imports into Kuwait

Honey imports into Kuwait rose slightly to X tons in 2022, with an increase of 2.1% compared with the previous year. Overall, imports showed a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 21% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, honey imports soared to $X in 2022. Over the period under review, imports saw buoyant growth. The pace of growth appeared the most rapid in 2020 when imports increased by 92%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

The United States (X tons), India (X tons) and China (X tons) were the main suppliers of honey imports to Kuwait, with a combined 60% share of total imports. Turkey, Germany, Egypt and New Zealand lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by New Zealand (with a CAGR of +59.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X) constituted the largest supplier of honey to Kuwait, comprising 34% of total imports. The second position in the ranking was taken by Germany ($X), with an 8.2% share of total imports. It was followed by the United States, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand totaled +62.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+12.5% per year) and the United States (+4.7% per year).

Import Prices by Country

In 2022, the average honey import price amounted to $X per ton, with an increase of 24% against the previous year. Over the period under review, the import price enjoyed a resilient expansion. The pace of growth was the most pronounced in 2020 an increase of 77% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

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 New Zealand ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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