Kuwait: Vitamin Market 2024

Vitamin Market Size in Kuwait

The Kuwaiti vitamin market skyrocketed to $X in 2021, jumping by 123% 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 enjoyed a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Vitamin Exports

Exports from Kuwait

In 2021, overseas shipments of provitamins and vitamins were finally on the rise to reach X tons after four years of decline. Overall, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2015 when exports increased by 1,958%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, vitamin exports declined rapidly to $X in 2021. Over the period under review, exports, however, continue to indicate a mild setback. The most prominent rate of growth was recorded in 2015 when exports increased by 3,501%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for vitamin exports from Kuwait, accounting for a 77% share of total exports. Moreover, vitamin exports to Saudi Arabia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The third position in this ranking was held by Canada (X kg), with a 0.1% share.

From 2012 to 2021, the average annual growth rate of volume to Saudi Arabia amounted to +74.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+7.4% per year) and Canada (-10.3% per year).

In value terms, Saudi Arabia ($X) emerged as the key foreign market for provitamins and vitamins exports from Kuwait, comprising 80% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 15% share of total exports. It was followed by Qatar, with a 0.4% share.

From 2012 to 2021, the average annual growth rate of value to Saudi Arabia totaled +98.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-10.0% per year) and Qatar (-42.0% per year).

Export Prices by Country

The average vitamin export price stood at $X per ton in 2021, falling by -93% against the previous year. Overall, the export price recorded a abrupt setback. The pace of growth was the most pronounced in 2020 an increase of 101% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined remarkably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+18.5%), while the prices for the other major destinations experienced mixed trend patterns.

Vitamin Imports

Imports into Kuwait

In 2021, imports of provitamins and vitamins into Kuwait soared to X tons, growing by 88% compared with 2020. Overall, imports saw significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, vitamin imports soared to $X in 2021. In general, imports showed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of vitamin to Kuwait, accounting for a 39% share of total imports. Moreover, vitamin imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by New Zealand (X tons), with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +23.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.5% per year) and New Zealand (+72.0% per year).

In value terms, the United States ($X) constituted the largest supplier of provitamins and vitamins to Kuwait, comprising 39% of total imports. The second position in the ranking was taken by Italy ($X), with a 7.2% share of total imports. It was followed by the UK, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +24.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+54.8% per year) and the UK (+13.7% per year).

Import Prices by Country

The average vitamin import price stood at $X per ton in 2021, with an increase of 26% against the previous year. Overall, import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, vitamin import price increased by +74.9% against 2017 indices. The most prominent rate of growth was recorded in 2019 an increase of 39%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ireland (+21.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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