Kuwait: Tallow Market 2024

Tallow Market Size in Kuwait

After two years of decline, the Kuwaiti tallow market increased by 1.1% to $X in 2022. Overall, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.5% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Tallow Production in Kuwait

In value terms, tallow production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.8% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 21%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Tallow Exports

Exports from Kuwait

After two years of growth, overseas shipments of tallow decreased by -9.1% to X tons in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 258% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, tallow exports reduced rapidly to $X in 2022. Overall, exports, however, continue to indicate a temperate expansion. The pace of growth was the most pronounced in 2020 when exports increased by 265% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Pakistan (X tons), the United Arab Emirates (X tons) and Bahrain (X tons) were the main destinations of tallow exports from Kuwait, with a combined 99.9% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bahrain (with a CAGR of +191.3%), while the other leaders experienced mixed trend patterns.

In value terms, Pakistan ($X) remains the key foreign market for tallow exports from Kuwait, comprising 54% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Pakistan stood at +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-0.8% per year) and Bahrain (+187.4% per year).

Export Prices by Country

In 2022, the average tallow export price amounted to $X per ton, which is down by -7.3% against the previous year. In general, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow export price increased by +71.2% against 2014 indices. The most prominent rate of growth was recorded in 2015 when the average export price increased by 27% against the previous year. The export price peaked at $X per ton in 2021, and then dropped in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to the United Arab Emirates ($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 Qatar (+6.9%), while the prices for the other major destinations experienced mixed trend patterns.

Tallow Imports

Imports into Kuwait

In 2022, overseas purchases of tallow decreased by -7.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 803%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, tallow imports declined to $X in 2022. In general, imports, however, enjoyed a modest increase. The pace of growth was the most pronounced in 2019 with an increase of 821%. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest tallow supplier to Kuwait, with a 45% share of total imports. Moreover, tallow imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold. The third position in this ranking was held by Iran (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+2.8% per year) and Iran (+24.9% per year).

In value terms, China ($X) constituted the largest supplier of tallow to Kuwait, comprising 63% of total imports. The second position in the ranking was taken by Australia ($X), with a 10% share of total imports. It was followed by Brazil, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (-0.2% per year) and Brazil (+50.7% per year).

Import Prices by Country

In 2022, the average tallow import price amounted to $X per ton, waning by -4.5% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tallow import price increased by +112.6% against 2016 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 41% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then reduced modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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