Hong Kong SAR, China: Cheese Market 2024

Cheese Market Size in Hong Kong SAR, China

In 2021, the Hong Kong cheese market increased by 19% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the immediate term.

Cheese Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of cheese decreased by -39% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, total exports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 53% against the previous year. The exports peaked at X tons in 2020, and then reduced remarkably in the following year.

In value terms, cheese exports fell markedly to $X in 2021. Overall, total exports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -6.3% against 2018 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 23% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for cheese exports from Hong Kong SAR, accounting for a 88% share of total exports. Moreover, cheese exports to Macao SAR exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Macao SAR stood at +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+98.7% per year) and China (-13.8% per year).

In value terms, Macao SAR ($X) remains the key foreign market for cheese exports from Hong Kong SAR, comprising 89% of total exports. The second position in the ranking was taken by China ($X), with a 7.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Macao SAR stood at +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-5.4% per year) and the Philippines (+70.9% per year).

Export Prices by Country

The average cheese export price stood at $X per ton in 2021, surging by 38% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 47%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Philippines ($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 China (+9.7%), while the prices for the other major destinations experienced mixed trend patterns.

Cheese Imports

Imports into Hong Kong SAR, China

In 2021, imports of cheese into Hong Kong SAR rose rapidly to X tons, growing by 15% compared with 2020 figures. The total import volume increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, cheese imports expanded significantly to $X in 2021. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 17% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

New Zealand (X tons), the United States (X tons) and Australia (X tons) were the main suppliers of cheese imports to Hong Kong SAR, together comprising 50% of total imports. France, the UK, Italy and Singapore lagged somewhat behind, together comprising a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +16.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese suppliers to Hong Kong SAR were New Zealand ($X), France ($X) and Australia ($X), together accounting for 46% of total imports. The United States, Italy, the UK and Singapore lagged somewhat behind, together comprising a further 38%.

Among the main suppliers, the UK, with a CAGR of +15.0%, recorded 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 cheese import price stood at $X per ton in 2021, falling by -2.3% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 8.9%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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