Eastern Asia: Market for Salted, Dried or Smoked Meat, and Offal 2024

Market Size for Salted, Dried or Smoked Meat, and Offal in Eastern Asia

The East Asian market for salted, dried or smoked meat, and offal amounted to $X in 2022, stabilizing at the previous year. Over the period under review, consumption saw a modest expansion. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Production of Salted, Dried or Smoked Meat, and Offal in Eastern Asia

In value terms, production of salted, dried or smoked meat, and offal stood at $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 38% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production of growth failed to regain momentum.

Exports of Salted, Dried or Smoked Meat, and Offal

Exports in Eastern Asia

In 2022, overseas shipments of salted, dried or smoked meat, and offal increased by 34% to X tons, rising for the second consecutive year after seven years of decline. Over the period under review, exports continue to indicate a temperate expansion. The pace of growth was the most pronounced in 2013 with an increase of 66% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of salted, dried or smoked meat, and offal skyrocketed to $X in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +144.8% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR represented the major exporting country with an export of about X tons, which reached 64% of total exports. It was distantly followed by China (X tons), constituting a 34% share of total exports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Hong Kong SAR (with a CAGR of +8.8%), while the other leaders experienced a decline in the exports figures.

In value terms, Hong Kong SAR ($X) emerged as the largest salted, dried or smoked meat, and offal supplier in Eastern Asia, comprising 69% of total exports. The second position in the ranking was taken by China ($X), with a 25% share of total exports.

In Hong Kong SAR, exports of salted, dried or smoked meat, and offal increased at an average annual rate of +14.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-2.3% per year) and Taiwan (Chinese) (-6.7% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, surging by 24% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.4%), while the other leaders experienced more modest paces of growth.

Imports of Salted, Dried or Smoked Meat, and Offal

Imports in Eastern Asia

For the third consecutive year, Eastern Asia recorded growth in purchases abroad of salted, dried or smoked meat, and offal, which increased by 30% to X tons in 2022. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.6% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 51%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, imports of salted, dried or smoked meat, and offal surged to $X in 2022. Total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +9.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.3% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 38% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

Hong Kong SAR was the main importing country with an import of about X tons, which accounted for 62% of total imports. Japan (X tons) ranks second in terms of the total imports with a 17% share, followed by China (8.4%) and South Korea (7%). Taiwan (Chinese) (X tons) took a little share of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +10.0% from 2012 to 2022. At the same time, Taiwan (Chinese) (+37.2%), China (+29.0%) and South Korea (+6.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +37.2% from 2012-2022. Japan experienced a relatively flat trend pattern. While the share of Hong Kong SAR (+11 p.p.), China (+7 p.p.) and Taiwan (Chinese) (+4.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-17.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported salted, dried or smoked meat, and offal in Eastern Asia, comprising 48% of total imports. The second position in the ranking was taken by Japan ($X), with a 21% share of total imports. It was followed by China, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Hong Kong SAR amounted to +12.3%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-0.2% per year) and China (+33.6% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, dropping by -6.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2016 an increase of 17% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform