Hong Kong SAR, China: Canned Meat Market 2024

Canned Meat Market Size in Hong Kong SAR, China

The Hong Kong canned meat market reduced slightly to $X in 2021, falling by -4.9% against the previous year. Over the period under review, consumption continues to indicate a noticeable curtailment. Canned meat consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Canned Meat Production in Hong Kong SAR, China

In value terms, canned meat production stood at $X in 2021 estimated in export price. In general, production saw a sharp curtailment. The pace of growth appeared the most rapid in 2020 when the production volume decreased by 99.9% against the previous year. Canned meat production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Canned Meat Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of canned meat decreased by -34.1% to X tons, falling for the second consecutive year after two years of growth. Overall, exports showed a sharp descent. The most prominent rate of growth was recorded in 2018 when exports increased by 190%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, canned meat exports dropped to $X in 2021. In general, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of 123%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons), Vietnam (X tons) and Thailand (X tons) were the main destinations of canned meat exports from Hong Kong SAR, with a combined 98% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +41.6%), while the other leaders experienced mixed trend patterns.

In value terms, Macao SAR ($X) remains the key foreign market for canned meat exports from Hong Kong SAR, comprising 73% of total exports. The second position in the ranking was held by Vietnam ($X), with a 23% share of total exports. It was followed by Thailand, with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Macao SAR totaled +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-14.9% per year) and Thailand (+29.3% per year).

Export Prices by Country

The average canned meat export price stood at $X per ton in 2021, with an increase of 40% against the previous year. Over the period under review, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 74%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

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 Macao SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Vietnam (+15.2%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Meat Imports

Imports into Hong Kong SAR, China

For the fourth consecutive year, Hong Kong SAR recorded decline in overseas purchases of canned meat, which decreased by -18.4% to X tons in 2021. Over the period under review, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 31% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, canned meat imports fell to $X in 2021. In general, imports recorded a perceptible downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 27%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of canned meat to Hong Kong SAR, accounting for a 50% share of total imports. Moreover, canned meat imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fivefold. The third position in this ranking was taken by Thailand (X tons), with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+2.4% per year) and Thailand (+15.3% per year).

In value terms, China ($X) constituted the largest supplier of canned meat to Hong Kong SAR, comprising 53% of total imports. The second position in the ranking was held by Thailand ($X), with a 7.2% share of total imports. It was followed by Brazil, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+15.7% per year) and Brazil (+3.1% per year).

Import Prices by Country

In 2021, the average canned meat import price amounted to $X per ton, rising by 16% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, canned meat import price increased by +73.3% against 2015 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Poland ($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 UK (+26.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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