Kuwait: Piano Market 2024

Piano Market Size in Kuwait

The Kuwaiti piano market surged to $X in 2021, increasing by 46% 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 showed buoyant growth. Piano consumption peaked in 2021 and is likely to continue growth in the immediate term.

Piano Exports

Exports from Kuwait

In 2021, approx. X kg of pianos and other keyboard stringed musical instruments were exported from Kuwait; shrinking by -7.7% compared with the previous year's figure. Over the period under review, exports recorded a drastic downturn. The growth pace was the most rapid in 2016 when exports increased by 418% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, piano exports fell markedly to $X in 2021. In general, exports faced a sharp reduction. The pace of growth was the most pronounced in 2016 when exports increased by 271% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X kg), the United Arab Emirates (X kg) and Lebanon (X kg) were the main destinations of piano exports from Kuwait, with a combined 61% share of total exports. Thailand, Ghana, Bahrain and Madagascar lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +19.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Bahrain ($X) and Saudi Arabia ($X) constituted the largest markets for piano exported from Kuwait worldwide, together accounting for 82% of total exports. Thailand, Lebanon, Madagascar and Ghana lagged somewhat behind, together comprising a further 11%.

Lebanon, with a CAGR of +14.2%, saw 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 mixed trend patterns.

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, reducing by -22.9% against the previous year. Overall, the export price recorded a abrupt contraction. The pace of growth was the most pronounced in 2014 when the average export price increased by 40%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Bahrain ($X per ton), while the average price for exports to Ghana ($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 the United Arab Emirates (+12.1%), while the prices for the other major destinations experienced mixed trend patterns.

Piano Imports

Imports into Kuwait

In 2021, approx. X tons of pianos and other keyboard stringed musical instruments were imported into Kuwait; increasing by 56% on the year before. Overall, imports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2017 when imports increased by 85% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, piano imports soared to $X in 2021. In general, imports saw a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by 105% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of piano to Kuwait, accounting for a 56% share of total imports. Moreover, piano imports from Indonesia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia stood at +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+9.8% per year) and China (-3.1% per year).

In value terms, Indonesia ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to Kuwait, comprising 51% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 23% share of total imports. It was followed by the UK, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+12.5% per year) and the UK (+6.9% per year).

Import Prices by Country

The average piano import price stood at $X per ton in 2021, waning by -10.9% against the previous year. Overall, the import price saw a pronounced setback. The pace of growth appeared the most rapid in 2014 an increase of 41%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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