Kuwait: Olive Oil Market 2024

Olive Oil Market Size in Kuwait

The Kuwaiti olive oil market surged 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). Over the period under review, consumption saw buoyant growth. Olive oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Olive Oil Exports

Exports from Kuwait

In 2022, shipments abroad of olive oil and its fractions decreased by -11.4% to X kg, falling for the fifth consecutive year after six years of growth. Over the period under review, exports showed a mild descent. The most prominent rate of growth was recorded in 2014 with an increase of 701%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, olive oil exports dropped to $X in 2022. Overall, exports, however, posted a notable increase. The pace of growth appeared the most rapid in 2014 with an increase of 1,031%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Iraq (X kg) was the main destination for olive oil exports from Kuwait, with a 49% share of total exports. Moreover, olive oil exports to Iraq exceeded the volume sent to the second major destination, Iran (X kg), twofold. The third position in this ranking was taken by Qatar (X kg), with a 12% share.

From 2012 to 2022, the average annual growth rate 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 ($X) remains the key foreign market for olive oil and its fractions exports from Kuwait, comprising 61% of total exports. The second position in the ranking was taken by Iran ($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 rate of growth in terms 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 olive oil export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, export price indicated pronounced 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, olive oil export price increased by +34.9% against 2019 indices. The pace of growth appeared the most rapid in 2014 an increase of 41%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: 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.

Olive Oil Imports

Imports into Kuwait

In 2022, olive oil imports into Kuwait skyrocketed to X tons, increasing by 43% compared with the previous year's figure. In general, total imports indicated resilient 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. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, olive oil imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a strong increase. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Syrian Arab Republic (X tons) constituted the largest olive oil supplier to Kuwait, accounting for a 38% share of total imports. Moreover, 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 taken by Italy (X tons), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Syrian Arab Republic stood at +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Palestine (-5.4% per year) and Italy (+8.3% per year).

In value terms, Syrian Arab Republic ($X) constituted the largest supplier of olive oil and its fractions to Kuwait, comprising 33% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports. It was followed by Palestine, with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Syrian Arab Republic stood at +9.5%. 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

The average olive oil import price stood at $X per ton in 2022, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2017 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per ton) and Palestine ($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