Kuwait: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Kuwait

The Kuwaiti virgin olive oil market skyrocketed to $X in 2022, jumping by X% 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, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Virgin Olive Oil Exports

Exports from Kuwait

In 2022, shipments abroad of virgin olive oil decreased by X% to X kg, falling for the fifth year in a row after six years of growth. Overall, exports continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, virgin olive oil exports reduced to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Iraq (X kg) was the main destination for virgin olive oil exports from Kuwait, with a X% share of total exports. Moreover, virgin olive oil exports to Iraq exceeded the volume sent to the second major destination, Iran (X kg), twofold. Qatar (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Iraq stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (X% per year) and Qatar (X% per year).

In value terms, Iraq ($X) remains the key foreign market for virgin olive oil exports from Kuwait, comprising X% of total exports. The second position in the ranking was taken by Iran ($X), with an X% share of total exports. It was followed by Jordan, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Iraq stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (X% per year) and Jordan (X% per year).

Export Prices by Country

The average virgin olive oil export price stood at $X per ton in 2022, waning by X% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2014 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iraq ($X per ton), while the average price for exports to Qatar ($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 Iraq (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Virgin Olive Oil Imports

Imports into Kuwait

In 2022, imports of virgin olive oil into Kuwait skyrocketed to X tons, picking up by X% compared with the year before. Overall, total imports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports surged to $X in 2022. In general, imports saw a remarkable increase. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Syrian Arab Republic (X tons) constituted the largest supplier of virgin olive oil to Kuwait, accounting for a X% share of total imports. Moreover, virgin olive oil imports from Syrian Arab Republic exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was taken by Spain (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Syrian Arab Republic amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Spain (X% per year).

In value terms, Syrian Arab Republic ($X) constituted the largest supplier of virgin olive oil to Kuwait, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with a X% share of total imports. It was followed by Spain, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Syrian Arab Republic amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Spain (X% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, remaining stable against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 an increase of X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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