Kuwait: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Kuwait

The Kuwaiti virgin olive oil market soared to $X in 2022, with an increase of 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). Overall, consumption recorded resilient growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from Kuwait

In 2022, overseas shipments of virgin olive oil decreased by -11.4% to X kg, falling for the fifth consecutive year after six years of growth. Overall, exports showed a mild reduction. The pace of growth was the most pronounced in 2014 with an increase of 701%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, virgin olive oil exports fell to $X in 2022. In general, exports, however, recorded temperate growth. The pace of growth appeared the most rapid in 2014 when exports increased by 1,031%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Iraq (X kg) was the main destination for virgin olive oil exports from Kuwait, accounting for a 49% share of total exports. Moreover, virgin olive oil exports to Iraq exceeded the volume sent to the second major destination, Iran (X kg), twofold. Qatar (X kg) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iraq amounted to -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-6.3% per year) and Qatar (+25.3% per year).

In value terms, Iraq ($X) remains the key foreign market for virgin olive oil exports from Kuwait, comprising 61% of total exports. The second position in the ranking was held by Iran ($X), with an 18% share of total exports. It was followed by Jordan, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to Iraq amounted to +7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-6.3% per year) and Jordan (+11.7% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, approximately equating the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil export price increased by +34.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 41%. Over the period under review, the average export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Iraq ($X per ton), while the average price for exports to Qatar ($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 Iraq (+9.9%), while the prices for the other major destinations experienced mixed trend patterns.

Virgin Olive Oil Imports

Imports into Kuwait

Virgin olive oil imports into Kuwait skyrocketed to X tons in 2022, jumping by 43% against the previous year. In general, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.0% against 2020 indices. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports skyrocketed to $X in 2022. Overall, imports saw strong growth. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Syrian Arab Republic (X tons) constituted the largest supplier of virgin olive oil to Kuwait, with a 38% share of total imports. Moreover, virgin olive oil imports from Syrian Arab Republic exceeded the figures recorded by the second-largest supplier, Palestine (X tons), fourfold. The third position in this ranking was held by Italy (X tons), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Syrian Arab Republic totaled +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Palestine (-5.3% per year) and Italy (+8.4% per year).

In value terms, Syrian Arab Republic ($X) constituted the largest supplier of virgin olive oil to Kuwait, comprising 34% of total imports. The second position in the ranking was held by Italy ($X), with an 11% share of total imports. It was followed by Palestine, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Syrian Arab Republic totaled +9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+8.8% per year) and Palestine (-4.2% per year).

Import Prices by Country

In 2022, the average virgin olive oil import price amounted to $X per ton, standing approx. at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The pace of growth was the most pronounced in 2017 an increase of 21%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per ton) and Tunisia ($X per ton), while the price for Spain ($X per ton) and Syrian Arab Republic ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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