Hong Kong SAR, China: Chocolate Market 2024

Chocolate Market Size in Hong Kong SAR, China

In 2022, the Hong Kong chocolate market was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -17.7% against 2017 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Chocolate Production in Hong Kong SAR, China

In value terms, chocolate production expanded sharply to $X in 2022 estimated in export price. Overall, production recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 493%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Chocolate Exports

Exports from Hong Kong SAR, China

In 2022, chocolate exports from Hong Kong SAR shrank rapidly to X tons, dropping by -22.6% compared with 2021 figures. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 32% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, chocolate exports dropped remarkably to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 35% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for chocolate exports from Hong Kong SAR, accounting for a 70% share of total exports. Moreover, chocolate exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), sixfold. The third position in this ranking was taken by South Korea (X tons), with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-0.5% per year) and South Korea (-0.5% per year).

In value terms, China ($X) remains the key foreign market for chocolate and cocoa products exports from Hong Kong SAR, comprising 58% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 17% share of total exports. It was followed by South Korea, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+0.3% per year) and South Korea (-1.0% per year).

Export Prices by Country

The average chocolate export price stood at $X per ton in 2022, surging by 4.5% 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 2018 an increase of 15% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to the United States ($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 the Philippines (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Hong Kong SAR, China

In 2022, imports of chocolate and cocoa products into Hong Kong SAR dropped to X tons, with a decrease of -12.7% on 2021. Over the period under review, imports saw a mild reduction. The most prominent rate of growth was recorded in 2013 with an increase of 23%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate imports dropped to $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 23% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Italy (X tons), China (X tons) and the United States (X tons) were the main suppliers of chocolate imports to Hong Kong SAR, together accounting for 41% of total imports. Belgium, Singapore, the Netherlands, the UK, Japan, Australia, Taiwan (Chinese), Germany, Malaysia and Poland lagged somewhat behind, together comprising a further 48%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +32.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Italy ($X) and Belgium ($X) appeared to be the largest chocolate suppliers to Hong Kong SAR, together accounting for 44% of total imports. The Netherlands, Singapore, Japan, the UK, the United States, Australia, Germany, Poland, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 45%.

Among the main suppliers, Taiwan (Chinese), with a CAGR of +23.8%, 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

In 2022, the average chocolate import price amounted to $X per ton, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2014 an increase of 9.5% against the previous year. The import price peaked at $X per ton in 2021, and then declined modestly 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 Belgium ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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