Hong Kong SAR, China: Butter Market 2025

Butter Market Size in Hong Kong SAR, China

In 2022, the Hong Kong butter 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 +4.8% over the period 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 expected to retain growth in the near future.

Butter Exports

Exports from Hong Kong SAR, China

In 2022, the amount of butter exported from Hong Kong SAR contracted markedly to X tons, which is down by -33.1% on 2021 figures. In general, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 55%. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, butter exports dropped to $X in 2022. Overall, total exports indicated a perceptible increase 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 growth pace was the most rapid 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 exports from Hong Kong SAR, accounting for a 80% share of total exports. Moreover, butter exports to Macao SAR exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. The third position in this ranking was held by Singapore (X tons), with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR stood at +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 ($X) remains the key foreign market for butter exports from Hong Kong SAR, comprising 88% of total exports. The second position in the ranking was held by Singapore ($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 export price amounted to $X per ton, surging by 30% against the previous year. In general, export price indicated a noticeable 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%. The export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: 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.

Butter Imports

Imports into Hong Kong SAR, China

In 2022, imports of butter into Hong Kong SAR fell modestly to X tons, reducing by -3.8% against the previous year. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 37% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, butter imports rose sharply to $X in 2022. In general, total imports indicated a prominent expansion 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 +57.3% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 38%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

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

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +36.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest butter 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 comprising a further 19%.

Among the main suppliers, Japan, with a CAGR of +33.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average butter import price stood at $X per ton in 2022, surging by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.8%. The pace of growth appeared the most rapid in 2017 an increase of 31% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, 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 (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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