Hong Kong SAR, China: Market for Frozen Fish And Seafood 2024

Market Size for Frozen Fish And Seafood in Hong Kong SAR, China

In 2022, the Hong Kong frozen fish and seafood market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Frozen fish and seafood consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Frozen Fish And Seafood in Hong Kong SAR, China

In value terms, frozen fish and seafood production dropped modestly to $X in 2022 estimated in export price. In general, production continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. Frozen fish and seafood production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Frozen Fish And Seafood

Exports from Hong Kong SAR, China

In 2022, the amount of frozen fish and seafood exported from Hong Kong SAR plummeted to X tons, shrinking by X% compared with the previous year's figure. In general, exports faced a deep reduction. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, frozen fish and seafood exports declined sharply to $X in 2022. Overall, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for frozen fish and seafood exports from Hong Kong SAR, accounting for a X% share of total exports. Moreover, frozen fish and seafood exports to South Korea exceeded the volume sent to the second major destination, Macao SAR (X tons), threefold. Thailand (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (X% per year) and Thailand (X% per year).

In value terms, South Korea ($X), Macao SAR ($X) and the United States ($X) constituted the largest markets for frozen fish and seafood exported from Hong Kong SAR worldwide, with a combined X% share of total exports. Malaysia, Ecuador, Thailand, Vietnam, Taiwan (Chinese) and China lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Ecuador, with a CAGR of X%, 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

The average frozen fish and seafood export price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2019 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Thailand ($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 Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Fish And Seafood

Imports into Hong Kong SAR, China

Frozen fish and seafood imports into Hong Kong SAR declined to X tons in 2022, waning by X% compared with 2021 figures. In general, imports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, frozen fish and seafood imports fell modestly to $X in 2022. Over the period under review, imports saw a mild downturn. The pace of growth was the most pronounced in 2013 when imports increased by X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest frozen fish and seafood supplier to Hong Kong SAR, with a X% share of total imports. Moreover, frozen fish and seafood imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. Japan (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of frozen fish and seafood to Hong Kong SAR, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with an X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Vietnam (X% per year).

Import Prices by Country

The average frozen fish and seafood import price stood at $X per ton in 2022, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2016 an increase of X%. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: 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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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