Hong Kong SAR, China: Cigars And Cigarillos Market 2024

Cigars And Cigarillos Market Size in Hong Kong SAR, China

In 2022, after two years of decline, there was significant growth in the Hong Kong cigars and cigarillos market, when its value increased by 37% to $X. Over the period under review, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Cigars and cigarillos consumption peaked in 2022 and is expected to retain growth in the near future.

Cigars And Cigarillos Production in Hong Kong SAR, China

In value terms, cigars and cigarillos production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the production volume increased by 35% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Cigars And Cigarillos Exports

Exports from Hong Kong SAR, China

In 2022, the amount of cigars, cheroots and cigarillos exported from Hong Kong SAR dropped rapidly to X tons, which is down by -51.3% compared with 2021. Over the period under review, exports showed a deep slump. The pace of growth was the most pronounced in 2021 when exports increased by 47% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, cigars and cigarillos exports shrank markedly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 24%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of cigars and cigarillos exports from Hong Kong SAR, with a combined 57% share of total exports. Vietnam, Australia, Singapore, Japan, Serbia, Switzerland, Malaysia, Thailand, Cambodia and South Korea lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for Serbia (with a CAGR of +151.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Macao SAR ($X), China ($X) and Taiwan (Chinese) ($X) constituted the largest markets for cigars and cigarillos exported from Hong Kong SAR worldwide, with a combined 57% share of total exports. Vietnam, Australia, Singapore, Malaysia, Thailand, Switzerland, Japan, Cambodia, South Korea and Serbia lagged somewhat behind, together comprising a further 41%.

In terms of the main countries of destination, Serbia, with a CAGR of +90.6%, recorded the highest growth rate of the value of exports, 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 cigars and cigarillos export price amounted to $X per ton, rising by 55% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Serbia ($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 Vietnam (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cigars And Cigarillos Imports

Imports into Hong Kong SAR, China

In 2022, overseas purchases of cigars, cheroots and cigarillos increased by 0.8% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 41% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, cigars and cigarillos imports expanded remarkably to $X in 2022. Over the period under review, total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +33.5% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of 35% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Spain (X tons), Cuba (X tons) and Nicaragua (X tons) were the main suppliers of cigars and cigarillos imports to Hong Kong SAR, with a combined 44% share of total imports. Switzerland, the Dominican Republic, Honduras, Vietnam, the Netherlands, Germany, the United Arab Emirates, the United States, Slovakia and Belgium lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +578.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cigars and cigarillos suppliers to Hong Kong SAR were Cuba ($X), Spain ($X) and Switzerland ($X), together comprising 63% of total imports. The Netherlands, Nicaragua, the Dominican Republic, the United Arab Emirates, Vietnam, Germany, Honduras, the United States, Slovakia and Belgium lagged somewhat behind, together accounting for a further 28%.

Among the main suppliers, Slovakia, with a CAGR of +719.9%, 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

The average cigars and cigarillos import price stood at $X per ton in 2022, with an increase of 7% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2014 when the average import price increased by 14% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Honduras ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+20.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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