Hong Kong SAR, China: Animal Fats Market 2024

Animal Fats Market Size in Hong Kong SAR, China

After five years of growth, the Hong Kong animal fats market decreased by -23.1% to $X in 2021. Over the period under review, consumption, however, showed a notable increase. As a result, consumption reached the peak level of $X, and then reduced remarkably in the following year.

Animal Fats Production in Hong Kong SAR, China

In value terms, animal fats production declined dramatically to $X in 2021 estimated in export price. In general, production, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 82%. As a result, production reached the peak level of $X, and then contracted sharply in the following year.

Animal Fats Exports

Exports from Hong Kong SAR, China

In 2021, approx. X kg of animal fats and oils were exported from Hong Kong SAR; with a decrease of -83.5% on the previous year's figure. In general, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 40,305% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, animal fats exports dropped dramatically to $X in 2021. Over the period under review, exports showed a sharp shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 59,354%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X kg), Macao SAR (X kg) and New Zealand (X kg) were the main destinations of animal fats exports from Hong Kong SAR.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for animal fats exported from Hong Kong SAR were South Korea ($X), New Zealand ($X) and Macao SAR ($X).

Among the main countries of destination, South Korea, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average animal fats export price amounted to $X per ton, growing by 16% against the previous year. Over the period under review, the export price, however, showed a pronounced reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 47% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to New Zealand (+13.4%).

Animal Fats Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of animal fats and oils decreased by -79.3% to X tons, falling for the fifth year in a row after three years of growth. Overall, imports continue to indicate a sharp downturn. The pace of growth was the most pronounced in 2015 with an increase of 134%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, animal fats imports dropped rapidly to $X in 2021. In general, imports faced a abrupt descent. The most prominent rate of growth was recorded in 2014 when imports increased by 127% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Ireland (X tons) constituted the largest animal fats supplier to Hong Kong SAR, accounting for a 39% share of total imports. Moreover, animal fats imports from Ireland exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was held by Pakistan (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Ireland totaled -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-28.7% per year) and Pakistan (-15.6% per year).

In value terms, the United States ($X), Ireland ($X) and Pakistan ($X) appeared to be the largest animal fats suppliers to Hong Kong SAR, together accounting for 71% of total imports. The Netherlands, Japan, Australia, Vietnam and India lagged somewhat behind, together comprising a further 26%.

Vietnam, with a CAGR of 0.0%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average animal fats import price amounted to $X per ton, with an increase of 57% against the previous year. In general, the import price posted a strong increase. The growth pace was the most rapid in 2018 when the average import price increased by 90% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+32.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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