Kuwait: Preserved Tuna Market 2024

Preserved Tuna Market Size in Kuwait

The Kuwaiti preserved tuna market surged to $X in 2021, rising by 27% 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). In general, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +75.5% against 2014 indices. Preserved tuna consumption peaked in 2021 and is expected to retain growth in the near future.

Preserved Tuna Exports

Exports from Kuwait

In 2021, shipments abroad of tuna (prepared or preserved) increased by 145% to X tons, rising for the third year in a row after two years of decline. Overall, exports, however, recorded a abrupt curtailment. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, preserved tuna exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a drastic downturn. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Qatar (X tons), Saudi Arabia (X tons) and Iran (X tons) were the main destinations of preserved tuna exports from Kuwait, together accounting for 90% of total exports. These countries were followed by Iraq, the United Arab Emirates, Bahrain and Thailand, which together accounted for a further 10%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iraq (with a CAGR of +25.7%), while the other leaders experienced mixed trend patterns.

In value terms, Qatar ($X) remains the key foreign market for tuna (prepared or preserved) exports from Kuwait, comprising 63% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 24% share of total exports. It was followed by Iran, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Qatar stood at +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-3.7% per year) and Iran (-26.9% per year).

Export Prices by Country

The average preserved tuna export price stood at $X per ton in 2021, surging by 66% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, 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 Thailand ($X per ton), while the average price for exports to Iran ($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 Thailand (+12.2%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Tuna Imports

Imports into Kuwait

In 2021, approx. X tons of tuna (prepared or preserved) were imported into Kuwait; picking up by 31% compared with the previous year's figure. In general, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +113.2% against 2014 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 39%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, preserved tuna imports soared to $X in 2021. Over the period under review, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +68.9% against 2014 indices. The pace of growth was the most pronounced in 2013 with an increase of 36%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, Thailand (X tons) constituted the largest preserved tuna supplier to Kuwait, with a 29% share of total imports. Moreover, preserved tuna imports from Thailand exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold. The third position in this ranking was taken by the Philippines (X tons), with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Thailand amounted to -2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.1% per year) and the Philippines (-18.0% per year).

In value terms, Thailand ($X) constituted the largest supplier of tuna (prepared or preserved) to Kuwait, comprising 33% of total imports. The second position in the ranking was held by Italy ($X), with a 4.4% share of total imports. It was followed by the United Arab Emirates, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Thailand amounted to -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+19.0% per year) and the United Arab Emirates (+29.6% per year).

Import Prices by Country

In 2021, the average preserved tuna import price amounted to $X per ton, reducing by -3.4% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 27%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+11.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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