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Hong Kong SAR, China - Onions and Shallots - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Nov 1, 2024

Hong Kong SAR, China - Onions and Shallots - Market Analysis, Forecast, Size, Trends And Insights

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Aug 19, 2023

Sharp Increase in Hong Kong's Onion and Shallot Prices: Now at $1,165/Ton

Hong Kong Dry Onion Import Price in May 2023

In May 2023, the dry onion price amounted to $1,165 per ton (CIF, Hong Kong), picking up by 23% against the previous month. Over the period under review, import price indicated slight growth from May 2022 to May 2023: its price increased at an average monthly rate of +1.6% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on May 2023 figures, onion and shallot import price increased by +22.8% against April 2023 indices. The pace of growth appeared the most rapid in February 2023 when the average import price increased by 72% month-to-month. As a result, import price attained the peak level of $1,411 per ton. From March 2023 to May 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In May 2023, the country with the highest price was the Netherlands ($4,675 per ton), while the price for China ($556 per ton) was amongst the lowest.

From May 2022 to May 2023, the most notable rate of growth in terms of prices was attained by New Zealand (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Hong Kong Dry Onion Import Prices By Country (USD Per Ton)
COUNTRYImport Price of Dry Onion in Hong Kong (USD per ton)
May 2022Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023Apr 2023May 2023
Netherlands4,6945,2644,4354,1675378818179996581,8171,0831,0444,675
United States4,4584,3834,5954,6934,5615,1211,1311,4841,5881,3133,4363,3223,457
Japan3,6333,0703,3053,8992,3692,2732,5051,8602,1172,3922,2372,4073,078
New Zealand790801802693562820N/AN/AN/A9098479131,142
China4334113405664724944314324222,568682533556
Average9621,0539109286731,0689449258211,4111,0439491,165

Hong Kong Dry Onion Imports

After two months of growth, overseas purchases of onions and shallots decreased by -32.6% to 241 tons in May 2023. In general, imports saw a abrupt decrease. The most prominent rate of growth was recorded in September 2022 when imports increased by 63% m-o-m. As a result, imports reached the peak of 793 tons. From October 2022 to May 2023, the growth of imports remained at a lower figure.

In value terms, onion and shallot imports plummeted to $281K (IndexBox estimates) in May 2023. Over the period under review, imports showed a pronounced setback. The pace of growth was the most pronounced in December 2022 when imports increased by 53% against the previous month.

Hong Kong Dry Onion Imports by Country

New Zealand (105 tons), China (75 tons) and Australia (40 tons) were the main suppliers of onion and shallot imports to Hong Kong, together comprising 92% of total imports. These countries were followed by Japan, the United States and the Netherlands, which together accounted for a further 7.3%.

From May 2022 to May 2023, the biggest increases were in the Netherlands (with a CAGR of -0.6%), while purchases for the other leaders experienced a decline.

In value terms, New Zealand ($120K) constituted the largest supplier of onion and shallot to Hong Kong, comprising 43% of total imports. The second position in the ranking was held by Australia ($51K), with an 18% share of total imports. It was followed by China, with a 15% share.

From May 2022 to May 2023, the average monthly rate of growth in terms of value from New Zealand amounted to -3.4%. The remaining supplying countries recorded the following average monthly rates of imports growth: Australia (-8.8% per month) and China (+0.1% per month).

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the onion and shallot market 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:

  • FCL 402 - Onions, shallots (green)
  • FCL 403 - Onions, dry

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:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. 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. 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. 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. 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. 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. 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. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 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. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION, HARVESTED AREA AND YIELD

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 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

  12. 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. Yield And Growth
    16. Exports And Growth
    17. Export Prices And Growth
    18. Market Size And Growth
    19. Per Capita Consumption
    20. Imports And Growth
    21. Import Prices
    22. Production, In Physical Terms, 2012–2023
    23. Production, In Value Terms, 2012–2023
    24. Area Harvested, 2012–2023
    25. Yield, 2012–2023
    26. Imports, In Physical Terms, 2012–2023
    27. Imports, In Value Terms, 2012–2023
    28. Imports, In Physical Terms, By Country, 2023
    29. Imports, In Physical Terms, By Country, 2012–2023
    30. Imports, In Value Terms, By Country, 2012–2023
    31. Import Prices, By Country Of Origin, 2012–2023
    32. Exports, In Physical Terms, 2012–2023
    33. Exports, In Value Terms, 2012–2023
    34. Exports, In Physical Terms, By Country, 2023
    35. Exports, In Physical Terms, By Country, 2012–2023
    36. Exports, In Value Terms, By Country, 2012–2023
    37. Export Prices, By Country Of Destination, 2012–2023

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