Hong Kong SAR, China - Lamb And Sheep Meat - Market Analysis, Forecast, Size, Trends and Insights
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View PricingHong Kongs Sees Significant Drop in Lamb and Sheep Meat Imports, Totaling $45M in 2023
Hong Kong Lamb and Sheep Meat Imports
In 2023, imports of lamb and sheep meat into Hong Kong fell to 4.2K tons, leveling off at the year before. In general, imports showed a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of 100%. Over the period under review, imports attained the peak figure at 18K tons in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.
In value terms, lamb and sheep meat imports shrank to $45M (IndexBox estimates) in 2023. Over the period under review, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 48%. Over the period under review, imports hit record highs at $85M in 2014; however, from 2015 to 2023, imports remained at a lower figure.
| COUNTRY | Import Value of Lamb and Sheep Meat in Hong Kong (million USD) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| New Zealand | 20.1 | 25.0 | 16.4 | 15.4 | 19.3 | 22.0 | 25.1 | 29.0 | 26.5 | 24.9 | 22.0 |
| Australia | 35.5 | 35.0 | 12.0 | 9.5 | 17.5 | 15.1 | 15.8 | 16.7 | 24.5 | 10.9 | 11.3 |
| China | 12.6 | 13.7 | 11.6 | 9.4 | 10.6 | 11.7 | 10.9 | 6.9 | 10.5 | 6.6 | 8.1 |
| United Kingdom | 3.8 | 7.2 | 2.7 | 1.1 | 2.3 | 3.6 | 3.2 | 3.6 | 3.8 | 2.3 | 1.8 |
| Others | 5.4 | 4.5 | 1.6 | 1.4 | 4.9 | 3.2 | 4.1 | 2.6 | 1.4 | 2.4 | 1.4 |
| Total | 77.4 | 85.4 | 44.2 | 36.9 | 54.6 | 55.7 | 59.1 | 58.9 | 66.7 | 47.0 | 44.6 |
Imports by Country
New Zealand (1.6K tons), Australia (1.3K tons) and China (718 tons) were the main suppliers of lamb and sheep meat imports to Hong Kong, together accounting for 87% of total imports.
From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of -5.2%), while imports for the other leaders experienced a decline.
In value terms, the largest lamb and sheep meat suppliers to Hong Kong were New Zealand ($22M), Australia ($11M) and China ($8.1M), together accounting for 93% of total imports.
Among the main suppliers, New Zealand, with a CAGR of +0.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.
Imports by Type
Frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (2.2K tons), frozen sheep (including lamb) boneless cuts (1.2K tons) and fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (328 tons) were the main products of lamb and sheep meat imports to Hong Kong, with a combined 89% share of total imports. Frozen lamb carcasses and half-carcasses, frozen sheep (excluding lamb) carcasses and half-carcasses, fresh or chilled sheep (including lamb) boneless cuts, fresh or chilled sheep (excluding lamb) carcasses and half-carcasses and fresh or chilled lamb carcasses and half-carcasses lagged somewhat behind, together accounting for a further 11%.
From 2013 to 2023, the biggest increases were recorded for fresh or chilled sheep (excluding lamb) carcasses and half-carcasses (with a CAGR of +11.4%), while purchases for the other products experienced mixed trend patterns.
In value terms, frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) ($22M) constituted the largest type of lamb and sheep meat supplied to Hong Kong, comprising 49% of total imports. The second position in the ranking was taken by frozen sheep (including lamb) boneless cuts ($11M), with a 25% share of total imports. It was followed by fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses), with a 17% share.
Import Prices by Country
In 2023, the lamb and sheep meat price stood at $10,657 per ton (CIF, Hong Kong), falling by -4.7% against the previous year. In general, the import price, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2022 an increase of 55% against the previous year. As a result, import price reached the peak level of $11,177 per ton, and then fell modestly 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 Ireland ($23,351 per ton), while the price for the UK ($6,908 per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Ireland (+19.4%), while the prices for the other major suppliers experienced more modest paces of growth.
This report provides an in-depth analysis of the market for lamb and sheep meat 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 977 - Meat of sheep
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, PRODUCING ANIMALS AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption In 2012-2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
- Trade Balance, In Physical Terms, 2012-2024
- Trade Balance, In Value Terms, 2012-2024
- Per Capita Consumption, 2012-2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Producing Animals Slaughtered, 2012–2024
- Yield, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Origin, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Destination, 2012–2024
