Hong Kong SAR, China: Market for Fish Fats And Oils 2024

Market Size for Fish Fats And Oils in Hong Kong SAR, China

The Hong Kong fish fat and oil market expanded remarkably to $X in 2022, growing by 6.8% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 -1.7% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Fish Fats And Oils in Hong Kong SAR, China

In value terms, fish fat and oil production expanded to $X in 2022 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.3% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 24%. Fish fat and oil production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Fish Fats And Oils

Exports from Hong Kong SAR, China

In 2022, the amount of fish fats and oils exported from Hong Kong SAR fell markedly to X tons, with a decrease of -37.6% on 2021 figures. In general, exports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 138% against the previous year. The exports peaked at X tons in 2021, and then shrank notably in the following year.

In value terms, fish fat and oil exports fell rapidly to $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 308% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for fish fat and oil exports from Hong Kong SAR, accounting for a 73% share of total exports. Moreover, fish fat and oil exports to China exceeded the volume sent to the second major destination, Chile (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (0.0% per year) and Macao SAR (-11.0% per year).

In value terms, China ($X) remains the key foreign market for fish fats and oils exports from Hong Kong SAR, comprising 97% of total exports. The second position in the ranking was taken by Chile ($X), with a 2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +27.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (0.0% per year) and Macao SAR (-3.4% per year).

Export Prices by Country

The average fish fat and oil export price stood at $X per ton in 2022, declining by -21.9% against the previous year. In general, the export price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2016 an increase of 75% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Chile ($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 China (+10.0%).

Imports of Fish Fats And Oils

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of fish fats and oils increased by 107% to X tons, rising for the third year in a row after two years of decline. Overall, imports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2017 when imports increased by 230% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, fish fat and oil imports skyrocketed to $X in 2022. Over the period under review, imports recorded a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 113%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Norway (X tons) and Chile (X tons) were the main suppliers of fish fat and oil imports to Hong Kong SAR, together comprising 87% of total imports.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +36.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest fish fat and oil suppliers to Hong Kong SAR were Norway ($X), China ($X) and the United States ($X), together accounting for 92% of total imports.

Norway, with a CAGR of +29.4%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average fish fat and oil import price stood at $X per ton in 2022, which is down by -17% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 273%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+33.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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