Hong Kong SAR, China: Canned Food Market 2024

Canned Food Market Size in Hong Kong SAR, China

The Hong Kong canned food market skyrocketed to $X in 2021, increasing by 25% against the previous year. In general, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +42.9% against 2016 indices. Canned food consumption peaked in 2021 and is likely to continue growth in years to come.

Canned Food Production in Hong Kong SAR, China

In value terms, canned food production soared to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt curtailment. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Canned Food Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of canned food decreased by -18.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2014 with an increase of 120%. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, canned food exports fell to $X in 2021. In general, exports, however, recorded a moderate expansion. The pace of growth was the most pronounced in 2018 with an increase of 66%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons), China (X tons) and Macao SAR (X tons) were the main destinations of canned food exports from Hong Kong SAR.

From 2012 to 2020, the biggest increases were recorded for Australia (with a CAGR of +15.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for canned food exports from Hong Kong SAR, comprising 66% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 20% share of total exports. It was followed by Taiwan (Chinese), with a 6.7% share.

From 2012 to 2020, the average annual rate of growth in terms of value to China stood at +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+6.3% per year) and Taiwan (Chinese) (+21.2% per year).

Export Prices by Country

In 2020, the average canned food export price amounted to $X per ton, increasing by 22% against the previous year. Overall, the export price saw a strong expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 138%. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2020, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2020, the country with the highest price was China ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to China (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Food Imports

Imports into Hong Kong SAR, China

In 2021, the amount of canned food imported into Hong Kong SAR fell to X tons, which is down by -8.4% on the previous year's figure. In general, imports recorded a pronounced decrease. The pace of growth appeared the most rapid in 2013 with an increase of 26% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, canned food imports stood at $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 24%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2020, China (X tons) constituted the largest supplier of canned food to Hong Kong SAR, with a 42% share of total imports. Moreover, canned food imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), sixfold. The United States (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2020, the average annual rate of growth in terms of volume from China stood at +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.0% per year) and the United States (-5.8% per year).

In value terms, China ($X) constituted the largest supplier of canned food to Hong Kong SAR, comprising 46% of total imports. The second position in the ranking was held by the United States ($X), with an 8.1% share of total imports. It was followed by Thailand, with a 5.7% share.

From 2012 to 2020, the average annual rate of growth in terms of value from China amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.6% per year) and Thailand (+16.3% per year).

Import Prices by Country

The average canned food import price stood at $X per ton in 2020, rising by 6.9% against the previous year. Over the last eight-year period, it increased at an average annual rate of +4.1%. The pace of growth appeared the most rapid in 2016 an increase of 14% against the previous year. Over the period under review, average import prices reached the maximum in 2020 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by South Korea (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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