Hong Kong SAR, China: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Hong Kong SAR, China

In 2022, the Hong Kong butter and dairy spreads market increased by 13% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +4.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Exports of Butter And Dairy Spreads

Exports from Hong Kong SAR, China

Butter and dairy spreads exports from Hong Kong SAR dropped remarkably to X tons in 2022, reducing by -33.1% on 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 55% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, butter and dairy spreads exports contracted to $X in 2022. Overall, total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 +24.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 42%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for butter and dairy spreads exports from Hong Kong SAR, with a 80% share of total exports. Moreover, butter and dairy spreads exports to Macao SAR exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. Singapore (X tons) ranked third in terms of total exports with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR amounted to +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+6.7% per year) and Singapore (+81.3% per year).

In value terms, Macao SAR ($X) remains the key foreign market for butter and dairy spreads exports from Hong Kong SAR, comprising 88% of total exports. The second position in the ranking was held by Singapore ($X), with a 5.4% share of total exports. It was followed by China, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR totaled +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+68.8% per year) and China (-12.3% per year).

Export Prices by Country

In 2022, the average butter and dairy spreads export price amounted to $X per ton, growing by 30% against the previous year. Overall, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the average export price increased by 41% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+4.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Butter And Dairy Spreads

Imports into Hong Kong SAR, China

Butter and dairy spreads imports into Hong Kong SAR contracted modestly to X tons in 2022, with a decrease of -3.4% against the previous year's figure. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 36%. As a result, imports reached the peak of X tons, and then shrank modestly in the following year.

In value terms, butter and dairy spreads imports expanded markedly to $X in 2022. Over the period under review, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +56.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

New Zealand (X tons), France (X tons) and Australia (X tons) were the main suppliers of butter and dairy spreads imports to Hong Kong SAR, with a combined 71% share of total imports. Malaysia, Denmark, Japan and the United States lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +36.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest butter and dairy spreads suppliers to Hong Kong SAR were New Zealand ($X), France ($X) and Australia ($X), with a combined 74% share of total imports. Denmark, Malaysia, Japan and the United States lagged somewhat behind, together accounting for a further 19%.

Japan, with a CAGR of +33.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average butter and dairy spreads import price amounted to $X per ton, picking up by 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.8%. The growth pace was the most rapid in 2017 when the average import price increased by 31%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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