Hong Kong SAR, China: Canned Vegetable Market 2024

Canned Vegetable Market Size in Hong Kong SAR, China

The Hong Kong canned vegetable market stood at $X in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +28.9% against 2017 indices. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in years to come.

Canned Vegetable Exports

Exports from Hong Kong SAR, China

In 2022, exports of canned vegetables from Hong Kong SAR shrank to X tons, dropping by -8.5% on the year before. Overall, exports showed a noticeable downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 18%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, canned vegetable exports shrank to $X in 2022. The total export value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 20% against the previous year. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Taiwan (Chinese) (X tons), Macao SAR (X tons) and China (X tons) were the main destinations of canned vegetable exports from Hong Kong SAR, together accounting for 73% of total exports. Malaysia, the United States, Australia and Japan lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +62.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for canned vegetable exported from Hong Kong SAR were Macao SAR ($X), China ($X) and the United States ($X), together accounting for 70% of total exports. Taiwan (Chinese), Japan, Australia and Malaysia lagged somewhat behind, together comprising a further 17%.

Japan, with a CAGR of +62.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average canned vegetable export price amounted to $X per ton, remaining stable against the previous year. In general, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +8.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, canned vegetable export price increased by +127.9% against 2012 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 47% against the previous year. The export price peaked at $X per ton in 2021, and then dropped slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, 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 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Vegetable Imports

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of canned vegetables was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 14% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, canned vegetable imports dropped modestly to $X in 2022. Over the period under review, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +27.9% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 15%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

China (X tons), Thailand (X tons) and Italy (X tons) were the main suppliers of canned vegetable imports to Hong Kong SAR, with a combined 70% share of total imports. Malaysia, the UK, South Korea, Japan, the United States, Taiwan (Chinese), the Philippines and Canada lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Canada (with a CAGR of +27.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of canned vegetables to Hong Kong SAR, comprising 43% of total imports. The second position in the ranking was taken by Thailand ($X), with a 9.7% share of total imports. It was followed by Japan, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+6.8% per year) and Japan (-1.1% per year).

Import Prices by Country

The average canned vegetable import price stood at $X per ton in 2022, falling by -5.9% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2021 an increase of 14% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

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 Japan ($X per ton), while the price for Canada ($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 (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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