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Hong Kong SAR, China - Dried Milk - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Feb 1, 2025

Hong Kong SAR, China - Dried Milk - Market Analysis, Forecast, Size, Trends and Insights

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Oct 28, 2024

Hong Kongs 2023 Import of Powdered Milk Hits Low at $490 Million

Hong Kong Powdered Milk Imports

For the fifth year in a row, Hong Kong recorded decline in supplies from abroad of powdered milk, which decreased by -2.1% to 36K tons in 2023. In general, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2018 with an increase of 15%. As a result, imports reached the peak of 108K tons. From 2019 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, powdered milk imports dropped slightly to $490M (IndexBox estimates) in 2023. Overall, imports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2014 when imports increased by 24%. As a result, imports attained the peak of $1.5B. From 2015 to 2023, the growth of imports failed to regain momentum.Hong Kong Powdered Milk Imports By Country (Million USD)

COUNTRYImport Value of Powdered Milk in Hong Kong (million USD)
20132014201520162017201820192020202120222023
China22.433.56.925.850.4212361149239115157
New Zealand11910997.7117174214285244238209135
Netherlands72898590888765959139724010680.192.4
Australia55.052.865.413399.490.514085.245.525.139.1
Germany27.955.628.339.862.591.365.018.914.619.720.8
Taiwan (Chinese)22.725.520.213.611.113.112.28.08.79.412.9
Malaysia15.78.17.19.914.015.017.011.813.011.611.6
Ireland10810377.310586.513698.035.023.517.56.1
Singapore58.473.861.811.56.25.59.52.41.81.60.5
Others80.486.978.078.769.780.387.554.529.320.614.9
Total1,2371,5331,3511,4211,2331,4491,472849719510490

Imports by Country

New Zealand (12K tons), China (7.7K tons) and the Netherlands (5.6K tons) were the main suppliers of powdered milk imports to Hong Kong, with a combined 71% share of total imports.

From 2013 to 2023, the biggest increases were recorded for China (with a CAGR of +13.1%), while purchases for the other leaders experienced a decline.

In value terms, the largest powdered milk suppliers to Hong Kong were China ($157M), New Zealand ($135M) and the Netherlands ($92M), together comprising 78% of total imports.

Among the main suppliers, China, with a CAGR of +21.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Imports by Type

In 2023, powdered unsweetened milk and cream of fat weight content over 1.5% (32K tons) constituted the largest type of powdered milk supplied to Hong Kong, with a 89% share of total imports. Moreover, powdered unsweetened milk and cream of fat weight content over 1.5% exceeded the figures recorded for the second-largest type, skim powdered milk (4K tons), eightfold.

From 2013 to 2023, the average annual rate of growth in terms of the volume of powdered unsweetened milk and cream of fat weight content over 1.5% imports stood at -8.0%. With regard to the other supplied products, the following average annual rates of growth were recorded: skim powdered milk (-7.8% per year) and powdered sweetened milk and cream of fat weight content over 1.5% (-9.0% per year).

In value terms, powdered unsweetened milk and cream of fat weight content over 1.5% ($475M) constituted the largest type of powdered milk supplied to Hong Kong, comprising 97% of total imports. The second position in the ranking was taken by skim powdered milk ($15M), with a 3.1% share of total imports.

Import Prices by Country

In 2023, the powdered milk price amounted to $13,571 per ton (CIF, Hong Kong), waning by -1.7% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average import price increased by 13%. As a result, import price attained the peak level of $16,791 per ton. From 2015 to 2023, the average import prices remained at a somewhat lower figure.

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 China ($20,409 per ton), while the price for Malaysia ($6,484 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by China (+7.5%), 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 powdered milk 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 897 - Dry Whole Cow Milk
  • FCL 898 - Dry Skim Cow Milk

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, PRODUCING ANIMALS AND YIELD

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2024
    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 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption In 2012-2024
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country Of Origin, 2012–2024
    8. Exports, In Physical Terms, By Country, 2012–2024
    9. Exports, In Value Terms, By Country, 2012–2024
    10. Export Prices, By Country Of Destination, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
    5. Trade Balance, In Physical Terms, 2012-2024
    6. Trade Balance, In Value Terms, 2012-2024
    7. Per Capita Consumption, 2012-2024
    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, 2012–2024
    23. Production, In Value Terms, 2012–2024
    24. Producing Animals Slaughtered, 2012–2024
    25. Yield, 2012–2024
    26. Imports, In Physical Terms, 2012–2024
    27. Imports, In Value Terms, 2012–2024
    28. Imports, In Physical Terms, By Country, 2024
    29. Imports, In Physical Terms, By Country, 2012–2024
    30. Imports, In Value Terms, By Country, 2012–2024
    31. Import Prices, By Country Of Origin, 2012–2024
    32. Exports, In Physical Terms, 2012–2024
    33. Exports, In Value Terms, 2012–2024
    34. Exports, In Physical Terms, By Country, 2024
    35. Exports, In Physical Terms, By Country, 2012–2024
    36. Exports, In Value Terms, By Country, 2012–2024
    37. Export Prices, By Country Of Destination, 2012–2024

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