What Are Some Profitable Business Ideas In Kuwait?

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Kuwait is a small, petroleum-based economy with crude oil reserves estimated at about 102 billion barrels, about 9% of the world’s total. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 80% of government income. Kuwait has been successful in diversifying its economy, particularly with the development of the non-oil sector, including financial services. Kuwaiti officials have also worked to attract foreign investment.

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Agri-Business Sector

U.S. food imports to Kuwait reached $228.5 million in 2020, the third-largest market in the GCC. The best prospects for U.S. food sales in Kuwait are in consumer-ready products like tree nuts, prepared foods, snack foods, dairy, poultry, and beef. Vegetables, grains, and potatoes dominate the major food producers in the state.

Food And Beverage Sector

Food consumption in Kuwait is currently growing at the fastest rate in the GCC area. As a result, the sector is forecast to grow at a rate of 9.6% annually over the next five to ten years. Approximately $34 million USD is expected to be generated by Kuwait’s food and beverage sector by the end of 2020, according to Statista. By 2024, the market is expected to be worth more than $50 million USD due to a projected CAGR of 10%.

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Cold Storage Sector

Cold storage opportunities in Kuwait are increasing daily. For cold storage businesses in Kuwait, various types of products are available, including food items, fruits, vegetables, dairy products, and pharmaceuticals. In Kuwait, there are also some popular warehouse industries, but the country needs more cold storage facilities with the latest technology. It is important to maintain the fresh fruits and vegetable market in the long run as it is currently expanding.

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Fertilizer Sector

The export of Fertilizers by Kuwait was $18.3k in 2020, making it the 150th biggest exporter worldwide. Meanwhile, Fertilizers ranked 93rd among Kuwait’s most exported products. Fertilizers exported from Kuwait mainly go to Saudi Arabia ($18.3k).

Meat Processing Sector

It is not only the GCC countries that import the most meat, but they are also the world’s largest consumers. Kuwait relies entirely on imports for its food supply. The amount of edible meat Kuwait imported in 2015 was approximately USD 556.5 million, which included bovine, poultry, goats, sheep, etc. Vegetables, cow’s milk, and poultry meat are Kuwait’s most popular foods.

Dairy Based Products Sector

Over the forecast period (2022-2027), Kuwait’s dairy products market is expected to grow at a CAGR of 8.13%. As a result of Kuwait’s dairy shortage, strategic partnerships and alliances between dairy companies have become more prevalent. It is one of Kuwait’s leading companies, specializing in dairy processing and marketing.

Construction And Building Materials Sector

During the forecast period (2022-2027), Kuwait’s construction market is forecast to grow by approximately 6%. A state budget for the Financial Year 2021-22 was approved by the government in June 2021, which allocated 19.6 billion (USD 64.6 billion) to 19 strategic projects, including the Sabah al-Salem Kuwait University City, Kuwait International Airport expansion, Al-Mutlaa residential development, and the railway network construction plans.

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Textile Sector

There is a growing market for Kuwaiti textiles today. Since Kuwait is a member of the Gulf Cooperation Council, its trade laws are subject to a common set of rules. As part of an effort to help domestic trade and the Kuwait textile industry, Kuwait enacted a customs law in 2003 that imposes high taxes on imported textiles. In addition, some textile products cannot be imported due to regional ethics.

Furniture Sector

It can definitely be said that Kuwait, Saudi Arabia, and the United Arab Emirates are net furniture importers. In addition to vast oil and gas reserves, these countries also have fast-growing construction sectors, providing great opportunities for furniture exporters.

Perfumes And Cosmetics Sector

Personal care products like fragrances, skincare, and spa treatments have seen strong growth in Kuwait in recent years as consumers have become more accepting and willing to invest in grooming products. Moreover, consumers are able to purchase international brands and high-end perfumes from the comfort of their homes and workplaces thanks to the growth of e-commerce and the penetration of the internet.

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We, at NPCS, endeavor to make business selection a simple and convenient step for any entrepreneur/startup. Our expert team, by capitalizing on its dexterity and decade’s long experience in the field, has created a list of profitable ventures for entrepreneurs who wish to diversify or venture. The list so mentioned is updated regularly to give you a regular dose of new emerging opportunities.

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