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Hong Kong SAR, China - Frozen Fish And Seafood - Market Analysis, Forecast, Size, Trends And Insights

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Article Publishing Date: May 17, 2024

Hong Kong Sees $966M Surge in Frozen Fish and Seafood Imports for 2023

Hong Kong Frozen Fish and Seafood Imports

In 2023, approx. 116K tons of frozen fish and seafood were imported into Hong Kong; rising by 1.6% compared with 2022. In general, imports, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 4.8%. As a result, imports reached the peak of 189K tons. From 2015 to 2023, the growth of imports remained at a lower figure.

In value terms, frozen fish and seafood imports totaled $966M (IndexBox estimates) in 2023. Over the period under review, imports, however, saw a noticeable reduction. The pace of growth was the most pronounced in 2016 when imports increased by 9% against the previous year. Imports peaked at $1.3B in 2013; however, from 2014 to 2023, imports failed to regain momentum. Hong Kong Frozen Fish and Seafood Imports By Country (Million USD)

COUNTRY	Import Value of Frozen Fish and Seafood in Hong Kong (million USD)
COUNTRY	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
China	590	545	454	479	561	524	478	419	465	374	395
Japan	195	170	176	196	154	183	171	149	171	173	176
Vietnam	98.8	123	120	127	129	142	131	95.4	105	118	112
India	10.2	13.4	13.7	14.1	16.2	17.8	17.8	16.5	20.1	24.3	24.5
Norway	23.7	22.9	16.4	16.0	16.2	15.1	15.8	17.7	16.9	26.1	24.5
Australia	17.4	22.2	20.9	19.7	19.6	20.3	17.5	23.7	27.7	25.3	24.1
Canada	36.6	36.9	35.0	49.3	32.1	28.9	30.2	20.2	18.4	22.8	22.4
Indonesia	29.2	36.9	28.1	22.7	23.2	23.1	22.2	18.5	18.4	19.8	19.5
United States	41.6	39.6	50.9	47.9	26.8	23.2	22.0	12.6	12.5	16.3	15.2
Others	253	279	253	302	223	250	211	139	136	153	153
Total	1,296	1,289	1,167	1,273	1,200	1,227	1,116	910	991	953	966

Imports by Country

In 2023, China (54K tons) constituted the largest frozen fish and seafood supplier to Hong Kong, accounting for a 47% share of total imports. Moreover, frozen fish and seafood imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (25K tons), twofold. The third position in this ranking was taken by Japan (5.7K tons), with a 4.9% share.

From 2013 to 2023, the average annual growth rate of volume from China totaled -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-0.3% per year) and Japan (-1.0% per year).

In value terms, China ($395M) constituted the largest supplier of frozen fish and seafood to Hong Kong, comprising 41% of total imports. The second position in the ranking was taken by Japan ($176M), with an 18% share of total imports. It was followed by Vietnam, with a 12% share.

From 2013 to 2023, the average annual rate of growth in terms of value from China stood at -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.0% per year) and Vietnam (+1.3% per year).

Imports by Type

Frozen crustaceans (33K tons), frozen whole fish (31K tons) and frozen fish fillet (26K tons) were the main products of frozen fish and seafood imports to Hong Kong, with a combined 78% share of total imports.

From 2013 to 2023, the biggest increases were recorded for frozen whole fish (with a CAGR of +2.8%), while purchases for the other products experienced mixed trend patterns.

In value terms, frozen crustaceans ($315M), molluscs (scallops, mussels, cuttle fish, squid and octopus) ($271M) and frozen whole fish ($199M) were the most imported types of frozen fish and seafood in Hong Kong, together comprising 81% of total imports. Frozen fish fillet and frozen fish meat lagged somewhat behind, together accounting for a further 19%.

Import Prices by Country

In 2023, the frozen fish and seafood price amounted to $8,357 per ton (CIF, Hong Kong), approximately mirroring the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2016 an increase of 12%. Over the period under review, average import prices reached the peak figure at $8,382 per ton in 2022, and then dropped slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Japan ($30,875 per ton), while the price for Vietnam ($4,477 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Norway (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for frozen fish and seafood in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10201330 - Frozen whole salt water fish
Prodcom 10201360 - Frozen whole fresh water fish
Prodcom 10201600 - Frozen fish livers and roes
Prodcom 10201500 - Frozen fish meat without bones (excluding fillets)
Prodcom 10201400 - Frozen fish fillets
Prodcom 10203100 - Frozen crustaceans, frozen flours, meals and pellets of crustaceans, fit for human consumption
Prodcom 10203200 - Molluscs (scallops, mussels, cuttle fish, squid and octopus), frozen, dried, smoked, salted or in brine

Country coverage:

Hong Kong SAR

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Hong Kong SAR, China
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023

Hong Kong SAR, China - Frozen Fish And Seafood - Market Analysis, Forecast, Size, Trends And Insights

Hong Kong Sees $966M Surge in Frozen Fish and Seafood Imports for 2023

Hong Kong Frozen Fish and Seafood Imports

Imports by Country

Imports by Type

Import Prices by Country

Product coverage:

Country coverage:

Data coverage:

Reasons to buy this report:

1. INTRODUCTION

2. EXECUTIVE SUMMARY

3. MARKET OVERVIEW

4. MOST PROMISING PRODUCT

5. MOST PROMISING SUPPLYING COUNTRIES

6. MOST PROMISING OVERSEAS MARKETS

7. PRODUCTION

8. IMPORTS

9. EXPORTS

10. PROFILES OF MAJOR PRODUCERS

LIST OF TABLES

LIST OF FIGURES

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