Kuwait: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Kuwait

In 2021, the Kuwaiti refined maize oil market increased by 40% to $X, rising for the second year in a row after four years of decline. Overall, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.3% against 2019 indices. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Refined Maize Oil Exports

Exports from Kuwait

Refined maize oil exports from Kuwait expanded significantly to X tons in 2021, picking up by 13% compared with the year before. In general, exports, however, saw a precipitous slump. The pace of growth was the most pronounced in 2015 when exports increased by 78%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, refined maize oil exports soared to $X in 2021. Overall, exports, however, faced a sharp descent. The most prominent rate of growth was recorded in 2015 when exports increased by 65% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Oman (X tons) was the main destination for refined maize oil exports from Kuwait, with a 79% share of total exports. Moreover, refined maize oil exports to Oman exceeded the volume sent to the second major destination, Iran (X tons), sevenfold. Saudi Arabia (X tons) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume to Oman totaled +20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-37.8% per year) and Saudi Arabia (-9.0% per year).

In value terms, Oman ($X) remains the key foreign market for refined maize (corn) oil exports from Kuwait, comprising 62% of total exports. The second position in the ranking was held by Iran ($X), with a 24% share of total exports. It was followed by Saudi Arabia, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Oman amounted to +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (-32.3% per year) and Saudi Arabia (-7.2% per year).

Export Prices by Country

The average refined maize oil export price stood at $X per ton in 2021, rising by 2.9% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 19% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Oman ($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 Iran (+8.8%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Maize Oil Imports

Imports into Kuwait

Refined maize oil imports into Kuwait rose to X tons in 2021, increasing by 4.9% on 2020 figures. In general, total imports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +25.6% against 2019 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 153%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports soared to $X in 2021. Over the period under review, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +98.6% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 96% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Saudi Arabia (X tons), the United Arab Emirates (X tons) and France (X tons) were the main suppliers of refined maize oil imports to Kuwait, together comprising 54% of total imports. Belgium, the United States, Singapore and Malaysia lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +90.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and France ($X) were the largest refined maize oil suppliers to Kuwait, together comprising 61% of total imports. Belgium, the United States, Malaysia and Singapore lagged somewhat behind, together comprising a further 10%.

Belgium, with a CAGR of +89.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined maize oil import price stood at $X per ton in 2021, growing by 52% against the previous year. In general, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil import price increased by +58.4% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Saudi Arabia ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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