Hong Kong SAR, China: Processed Meat Market 2024

Processed Meat Market Size in Hong Kong SAR, China

The Hong Kong processed meat market shrank sharply to $X in 2023, falling by X% against the previous year. In general, consumption saw a slight reduction. Processed meat consumption peaked at $X in 2014; however, from 2015 to 2023, consumption stood at a somewhat lower figure.

Processed Meat Production in Hong Kong SAR, China

In value terms, processed meat production fell modestly to $X in 2023 estimated in export price. Overall, production, however, recorded a strong increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2023, production growth failed to regain momentum.

Processed Meat Exports

Exports from Hong Kong SAR, China

In 2023, approx. X tons of processed meat were exported from Hong Kong SAR; shrinking by X% against 2022. Over the period under review, exports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

In value terms, processed meat exports reached $X in 2023. In general, exports continue to indicate a pronounced contraction. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Macao SAR (X tons), Vietnam (X tons) and Taiwan (Chinese) (X tons) were the main destinations of processed meat exports from Hong Kong SAR, together accounting for X% of total exports. The United States, Thailand and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Macao SAR ($X) remains the key foreign market for processed meat exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was taken by Vietnam ($X), with a X% share of total exports. It was followed by Taiwan (Chinese), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Macao SAR totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Taiwan (Chinese) (X% per year).

Export Prices by Country

In 2023, the average processed meat export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2023, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Processed Meat Imports

Imports into Hong Kong SAR, China

For the sixth year in a row, Hong Kong SAR recorded decline in supplies from abroad of processed meat, which decreased by X% to X tons in 2023. Over the period under review, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, processed meat imports declined to $X in 2023. In general, imports showed a pronounced decrease. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of processed meat to Hong Kong SAR, with a X% share of total imports. Moreover, processed meat imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold. Brazil (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Brazil (X% per year).

In value terms, China ($X) constituted the largest supplier of processed meat to Hong Kong SAR, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Thailand (X% per year).

Import Prices by Country

The average processed meat import price stood at $X per ton in 2023, increasing by X% against the previous year. In general, import price indicated strong growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, processed meat import price increased by X% against 2014 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by X% against the previous year. The import price peaked in 2023 and is expected to retain growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform