Price for Fresh or Chilled Boneless Cuts of Bovine Meat in Kuwait - 2022

Price for Fresh or Chilled Boneless Cuts of Bovine Meat in Kuwait (CIF) - 2022

The average import price for fresh or chilled boneless cuts of bovine meat stood at $10,902 per ton in 2022, increasing by 37% against the previous year. Over the period from 2013 to 2022, it increased at an average annual rate of +4.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($10,833 per ton) and South Africa ($10,833 per ton), while the price for Australia ($10,833 per ton) and Brazil ($10,833 per ton) were amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Fresh or Chilled Boneless Cuts of Bovine Meat in Kuwait (FOB) - 2022

In 2021, the average export price for fresh or chilled boneless cuts of bovine meat amounted to $6,732 per ton, picking up by 2% against the previous year. Over the period under review, the export price continues to indicate a strong expansion. Over the period under review, the average export prices attained the peak figure at $8,391 per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Bahrain.

From 2014 to 2021, the rate of growth in terms of prices for Iraq amounted to +15.1% per year.

Imports of Fresh or Chilled Boneless Cuts of Bovine Meat in Kuwait

After three years of growth, overseas purchases of fresh or chilled boneless cuts of bovine meat decreased by -23.4% to 4.2K tons in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 20%.

In value terms, imports of fresh or chilled boneless cuts of bovine meat rose remarkably to $45M in 2022. The total import value increased at an average annual rate of +11.0% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 18%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the near future.

Import of Fresh or Chilled Boneless Cuts of Bovine Meat in Kuwait (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
South Africa	15.9	21.0	24.2	27.5	20.0%
Australia	7.7	7.2	7.4	6.0	-8.0%
New Zealand	4.0	4.8	4.8	5.9	13.8%
India	1.3	1.1	2.1	4.5	51.3%
Brazil	0.4	0.8	1.3	0.9	31.0%
China	2.2	2.1	1.9	N/A	-7.1%
Others	1.7	2.2	1.5	0.6	-29.3%
Total	33.2	39.2	43.2	45.4	11.0%

Top Suppliers of Fresh or Chilled Boneless Cuts of Bovine Meat to Kuwait in 2022:

South Africa (2538.7 tons)
Australia (555.3 tons)
New Zealand (541.3 tons)
India (415.5 tons)
Brazil (87.0 tons)

Exports of Fresh or Chilled Boneless Cuts of Bovine Meat in Kuwait

In 2021, exports of fresh or chilled boneless cuts of bovine meat from Kuwait fell notably to 19 tons, which is down by -89.3% against 2020 figures. Overall, exports saw a precipitous setback.

In value terms, exports of fresh or chilled boneless cuts of bovine meat contracted remarkably to $130K in 2021. In general, exports continue to indicate a dramatic contraction.