Hong Kong SAR, China: Dairy Machinery Market 2024

Dairy Machinery Market Size in Hong Kong SAR, China

The Hong Kong dairy machinery market expanded to $X in 2022, with an increase of 2.7% against the previous year. Overall, consumption enjoyed a moderate expansion. Dairy machinery consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Dairy Machinery Production in Hong Kong SAR, China

In value terms, dairy machinery production fell modestly to $X in 2022 estimated in export price. In general, production recorded resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 48% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Dairy Machinery Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of dairy machinery decreased by -42.9% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a deep reduction. The growth pace was the most rapid in 2013 with an increase of 246% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, dairy machinery exports fell rapidly to $X in 2022. In general, exports recorded a abrupt setback. The growth pace was the most rapid in 2013 when exports increased by 357% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X units) was the main destination for dairy machinery exports from Hong Kong SAR, accounting for a 44% share of total exports. Moreover, dairy machinery exports to Singapore exceeded the volume sent to the second major destination, Uganda (X units), sevenfold. Indonesia (X units) ranked third in terms of total exports with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore stood at +21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uganda (0.0% per year) and Indonesia (0.0% per year).

In value terms, China ($X), Italy ($X) and Singapore ($X) constituted the largest markets for dairy machinery exported from Hong Kong SAR worldwide, with a combined 86% share of total exports.

Singapore, with a CAGR of +50.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination 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 dairy machinery export price amounted to $X per unit, surging by 13% against the previous year. In general, the export price, however, showed a abrupt curtailment. The growth pace was the most rapid in 2021 when the average export price increased by 69%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, 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 ($X per unit), while the average price for exports to Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.

Dairy Machinery Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of dairy machinery decreased by 0% to X units for the first time since 2018, thus ending a three-year declining trend. In general, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 244% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, dairy machinery imports rose remarkably to $X in 2022. Overall, imports showed a abrupt decrease. The pace of growth appeared the most rapid in 2013 when imports increased by 257% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of dairy machinery to Hong Kong SAR, with a 27% share of total imports. Moreover, dairy machinery imports from the United States exceeded the figures recorded by the second-largest supplier, Sweden (X units), threefold. The third position in this ranking was held by Australia (X units), with a 9.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled -12.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (-14.9% per year) and Australia (0.0% per year).

In value terms, the United States ($X) constituted the largest supplier of dairy machinery to Hong Kong SAR, comprising 60% of total imports. The second position in the ranking was taken by Germany ($X), with a 16% share of total imports. It was followed by Sweden, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-29.6% per year) and Sweden (-24.4% per year).

Import Prices by Country

The average dairy machinery import price stood at $X per unit in 2022, picking up by 7.3% against the previous year. Over the period under review, the import price, however, saw a perceptible decline. The pace of growth was the most pronounced in 2018 when the average import price increased by 43%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, 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 the United States ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+18.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :