Hong Kong SAR, China: Cheese And Curd Market 2024

Cheese And Curd Market Size in Hong Kong SAR, China

The Hong Kong cheese and curd market declined modestly to $X in 2022, which is down by -4% against the previous year. Overall, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.2% 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 +3.8% against 2020 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Cheese And Curd Production in Hong Kong SAR, China

In value terms, cheese and curd production contracted to $X in 2022 estimated in export price. In general, the total production indicated a pronounced 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, production increased by +3.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 83% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Cheese And Curd Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of cheese and curd decreased by -4.3% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 36%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, cheese and curd exports rose to $X in 2022. The total export value increased at an average annual rate of +1.8% 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 2017 with an increase of 23%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for cheese and curd exports from Hong Kong SAR, with a 93% share of total exports. Moreover, cheese and curd exports to Macao SAR exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-13.4% per year) and Singapore (+15.2% per year).

In value terms, Macao SAR ($X) remains the key foreign market for cheese and curd exports from Hong Kong SAR, comprising 95% of total exports. The second position in the ranking was held by China ($X), with a 4.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Macao SAR amounted to +3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-10.1% per year) and Singapore (+3.9% per year).

Export Prices by Country

In 2022, the average cheese and curd export price amounted to $X per ton, growing by 6.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The growth pace was the most rapid in 2021 when the average export price increased by 38% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to Singapore ($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 (+3.8%), while the prices for the other major destinations experienced mixed trend patterns.

Cheese And Curd Imports

Imports into Hong Kong SAR, China

In 2022, the amount of cheese and curd imported into Hong Kong SAR reduced to X tons, which is down by -10.1% on 2021 figures. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 15% against the previous year. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, cheese and curd imports reduced modestly to $X in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2014 when imports increased by 17% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped modestly in the following year.

Imports by Country

New Zealand (X tons), Australia (X tons) and the United States (X tons) were the main suppliers of cheese and curd imports to Hong Kong SAR, together accounting for 48% of total imports. The UK, France, Italy and Denmark lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +12.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($X), Australia ($X) and France ($X) constituted the largest cheese and curd suppliers to Hong Kong SAR, together comprising 44% of total imports. Italy, the United States, the UK and Denmark lagged somewhat behind, together comprising a further 36%.

In terms of the main suppliers, the UK, with a CAGR of +12.1%, recorded the highest rates of growth with regard to 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 cheese and curd import price stood at $X per ton in 2022, picking up by 7.1% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 8.1% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a 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 Italy ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+1.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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