Hong Kong SAR, China: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in Hong Kong SAR, China

For the fourth consecutive year, the Hong Kong frozen fish fillet market recorded growth in sales value, which increased by 27% to $X in 2022. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +44.0% against 2017 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Frozen Fish Fillet Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of frozen fish fillet were exported from Hong Kong SAR; leveling off at the previous year. Over the period under review, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 59%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, frozen fish fillet exports reached $X in 2022. In general, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 51% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for frozen fish fillet exports from Hong Kong SAR, with a 72% share of total exports. Moreover, frozen fish fillet exports to Macao SAR exceeded the volume sent to the second major destination, Malaysia (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+10.9% per year) and the United States (-31.6% per year).

In value terms, Macao SAR ($X) remains the key foreign market for frozen fish fillet exports from Hong Kong SAR, comprising 78% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR amounted to +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+11.0% per year) and the United States (-27.0% per year).

Export Prices by Country

The average frozen fish fillet export price stood at $X per ton in 2022, growing by 4.8% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 30%. The export price peaked at $X per ton in 2012; afterwards, it flattened through to 2022.

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 Macao SAR ($X per ton), while the average price for exports to Malaysia ($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 (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Fish Fillet Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of frozen fish fillet were imported into Hong Kong SAR; growing by 6.4% against 2021 figures. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 20%. 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, frozen fish fillet imports surged to $X in 2022. Overall, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +34.5% against 2017 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 58%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest frozen fish fillet supplier to Hong Kong SAR, with a 57% share of total imports. Moreover, frozen fish fillet imports from Vietnam exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Norway (X tons) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from Vietnam amounted to -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.5% per year) and Norway (+49.0% per year).

In value terms, China ($X), Vietnam ($X) and Japan ($X) appeared to be the largest frozen fish fillet suppliers to Hong Kong SAR, with a combined 73% share of total imports. Norway, New Zealand, Thailand, Taiwan (Chinese) and Malaysia lagged somewhat behind, together accounting for a further 19%.

Norway, with a CAGR of +52.5%, recorded the highest growth rate of 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 frozen fish fillet import price stood at $X per ton in 2022, picking up by 22% against the previous year. Overall, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen fish fillet import price increased by +95.6% against 2015 indices. The growth pace was the most rapid in 2017 when the average import price increased by 32% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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 Taiwan (Chinese) (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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