Hong Kong SAR, China: Frozen Vegetable Market 2024

Frozen Vegetable Market Size in Hong Kong SAR, China

The Hong Kong frozen vegetable market expanded markedly to $X in 2022, surging by X% 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). The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Frozen vegetable consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Frozen Vegetable Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of frozen vegetables were exported from Hong Kong SAR; reducing by X% against 2021 figures. Overall, exports recorded a perceptible slump. The growth pace was the most rapid in 2019 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen vegetable exports stood at $X in 2022. In general, total exports indicated a mild increase 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, exports decreased by X% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for frozen vegetable exports from Hong Kong SAR, with a X% share of total exports. Moreover, frozen vegetable exports to Macao SAR exceeded the volume sent to the second major destination, Malaysia (X tons), fourfold. Spain (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Spain (X% per year).

In value terms, Macao SAR ($X) remains the key foreign market for frozen vegetables exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with an X% share of total exports. It was followed by Spain, with a X% share.

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

Export Prices by Country

The average frozen vegetable 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%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

Frozen Vegetable Imports

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of frozen vegetables decreased by less than X% to X tons, falling for the third consecutive year after two years of growth. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of X%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen vegetable imports rose notably to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), China (X tons) and Canada (X tons) were the main suppliers of frozen vegetable imports to Hong Kong SAR, with a combined X% share of total imports. The Netherlands, Thailand, Belgium and Japan lagged somewhat behind, together comprising a further X%.

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

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

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

Import Prices by Country

In 2022, the average frozen vegetable import price amounted to $X per ton, growing by 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 2017 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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

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

Source: IndexBox Platform

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