Hong Kong SAR, China: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Hong Kong SAR, China

For the fourth consecutive year, the Hong Kong market for fish fillets and other fish meat recorded growth in sales value, which increased by 15% to $X in 2022. In general, consumption, however, saw a resilient expansion. Consumption of peaked in 2022 and is likely to see steady growth in the immediate term.

Exports of Fish Fillets and Other Fish Meat

Exports from Hong Kong SAR, China

In 2022, the amount of fish fillets and other fish meat exported from Hong Kong SAR reduced to X tons, waning by -2.8% compared with 2021 figures. Over the period under review, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 55%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of fish fillets and other fish meat contracted to $X in 2022. In general, exports recorded a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 52%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for exports of fish fillets and other fish meat from Hong Kong SAR, accounting for a 72% share of total exports. Moreover, exports of fish fillets and other fish meat to Macao SAR exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+9.4% per year) and Taiwan (Chinese) (-31.7% per year).

In value terms, Macao SAR ($X) remains the key foreign market for fish fillets and other fish meat exports from Hong Kong SAR, comprising 80% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 16% share of total exports. It was followed by the United States, with a 0.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR amounted to +4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+10.1% per year) and the United States (-27.6% per year).

Export Prices by Country

The average export price for fish fillets and other fish meat stood at $X per ton in 2022, with a decrease of -6.9% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fillets and Other Fish Meat

Imports into Hong Kong SAR, China

In 2022, approx. X tons of fish fillets and other fish meat were imported into Hong Kong SAR; remaining relatively unchanged against the previous year's figure. Over the period under review, imports showed a mild curtailment. The growth pace was the most rapid in 2017 with an increase of 26% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, imports of fish fillets and other fish meat skyrocketed to $X in 2022. In general, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +118.9% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 57%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Vietnam (X tons), China (X tons) and Japan (X tons) were the main suppliers of imports of fish fillets and other fish meat to Hong Kong SAR, with a combined 84% share of total imports. Thailand, Norway, Malaysia, New Zealand and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +26.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Vietnam ($X) and Japan ($X) were the largest fish fillets and other fish meat suppliers to Hong Kong SAR, with a combined 75% share of total imports. Norway, Thailand, New Zealand, Taiwan (Chinese) and Malaysia lagged somewhat behind, together accounting for a further 17%.

Norway, with a CAGR of +43.5%, saw 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

In 2022, the average import price for fish fillets and other fish meat amounted to $X per ton, growing by 18% against the previous year. In general, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for fish fillets and other fish meat increased by +98.3% against 2015 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 24% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

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 Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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