Hong Kong SAR, China: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in Hong Kong SAR, China

The Hong Kong frozen cuttlefishes market fell dramatically to $X in 2021, with a decrease of -19.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a dramatic descent. Frozen cuttlefishes consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Frozen Cuttlefishes Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of frozen cuttlefishes increased by 22% to X tons for the first time since 2016, thus ending a four-year declining trend. Over the period under review, exports, however, showed a precipitous decrease. The most prominent rate of growth was recorded in 2013 with an increase of 39% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, frozen cuttlefishes exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a dramatic setback. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Macao SAR (X tons) and Canada (X tons) were the main destinations of frozen cuttlefishes exports from Hong Kong SAR, together accounting for 89% of total exports. These countries were followed by Australia and the Philippines, which together accounted for a further 8.1%.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +15.9%), while shipments for the other leaders experienced a decline.

In value terms, the United States ($X), Macao SAR ($X) and Canada ($X) appeared to be the largest markets for frozen cuttlefishes exported from Hong Kong SAR worldwide, together comprising 91% of total exports. Australia and the Philippines lagged somewhat behind, together comprising a further 7.5%.

In terms of the main countries of destination, the Philippines, with a CAGR of +40.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2021, surging by 22% against the previous year. Over the period under review, the export price saw significant growth. The growth pace was the most rapid in 2020 when the average export price increased by 216%. The export price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+23.5%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of frozen cuttlefishes decreased by -23.3% to X tons, falling for the eighth consecutive year after two years of growth. In general, imports recorded a dramatic decline. The pace of growth appeared the most rapid in 2013 when imports increased by 19%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, frozen cuttlefishes imports dropped to $X in 2021. Overall, imports continue to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of frozen cuttlefishes to Hong Kong SAR, accounting for a 58% share of total imports. Moreover, frozen cuttlefishes imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fourfold. Japan (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -41.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-20.2% per year) and Japan (-18.1% per year).

In value terms, China ($X) constituted the largest supplier of frozen cuttlefishes to Hong Kong SAR, comprising 60% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by Taiwan (Chinese), with a 13% share.

From 2012 to 2021, the average annual growth rate of value from China totaled -29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-8.3% per year) and Taiwan (Chinese) (-6.4% per year).

Import Prices by Country

The average frozen cuttlefishes import price stood at $X per ton in 2021, increasing by 23% against the previous year. In general, the import price enjoyed buoyant growth. The pace of growth appeared the most rapid in 2019 when the average import price increased by 115%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+22.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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