Hong Kong SAR, China: Chocolate And Confectionery Market 2024

Chocolate And Confectionery Market Size in Hong Kong SAR, China

The Hong Kong chocolate and confectionery market dropped slightly to $X in 2022, leveling off at the previous year. In general, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% 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 +1.2% against 2020 indices. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Chocolate And Confectionery Production in Hong Kong SAR, China

In value terms, chocolate and confectionery production rose slightly to $X in 2022 estimated in export price. In general, production showed a strong expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 160% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Chocolate And Confectionery Exports

Exports from Hong Kong SAR, China

In 2022, the amount of chocolate and confectionery exported from Hong Kong SAR declined sharply to X tons, waning by -22.8% compared with the year before. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 34% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, chocolate and confectionery exports contracted rapidly to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 35%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for chocolate and confectionery exports from Hong Kong SAR, accounting for a 70% share of total exports. Moreover, chocolate and confectionery exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), sixfold. South Korea (X tons) ranked third in terms of total exports with a 4.6% 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 ($X) remains the key foreign market for chocolate and confectionery exports from Hong Kong SAR, comprising 59% of total exports. The second position in the ranking was taken by Macao SAR ($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 +2.0%. 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

In 2022, the average chocolate and confectionery export price amounted to $X per ton, growing by 4.8% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 26%. Over the period under review, the average export prices reached the peak figure 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 And Confectionery Imports

Imports into Hong Kong SAR, China

Chocolate and confectionery imports into Hong Kong SAR contracted to X tons in 2022, with a decrease of -12.8% on 2021 figures. Over the period under review, imports recorded a mild curtailment. The growth pace was the most rapid in 2013 when imports increased by 23%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, chocolate and confectionery imports reduced to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 23%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X tons), China (X tons) and Singapore (X tons) were the main suppliers of chocolate and confectionery imports to Hong Kong SAR, with a combined 40% share of total imports. The United States, Belgium, the Netherlands, the UK, Japan, Australia, Taiwan (Chinese), Germany, Malaysia and France lagged somewhat behind, together comprising a further 49%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +21.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Italy ($X) and Belgium ($X) were the largest chocolate and confectionery suppliers to Hong Kong SAR, together comprising 44% of total imports. The Netherlands, Singapore, Japan, the UK, the United States, Australia, Germany, France, Taiwan (Chinese) and Malaysia lagged somewhat behind, together accounting for a further 46%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +16.9%, saw 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

In 2022, the average chocolate and confectionery import price amounted to $X per ton, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The pace of growth appeared the most rapid in 2014 an increase of 9.2% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then dropped slightly 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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