Hong Kong SAR, China: Market for Gingerbread, Sweet Biscuits and Waffles 2024

Market Size for Gingerbread, Sweet Biscuits and Waffles in Hong Kong SAR, China

In 2022, the Hong Kong market for gingerbread, sweet biscuits and waffles decreased by -4.4% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption, however, posted a strong increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Gingerbread, Sweet Biscuits and Waffles in Hong Kong SAR, China

In value terms, gingerbread, sweet biscuit and waffle production declined to $X in 2022 estimated in export price. In general, production, however, showed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 153% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Exports of Gingerbread, Sweet Biscuits and Waffles

Exports from Hong Kong SAR, China

In 2022, the amount of gingerbread, sweet biscuits and waffles exported from Hong Kong SAR fell dramatically to X tons, waning by -36.5% against the previous year. Over the period under review, exports saw a noticeable setback. The pace of growth was the most pronounced in 2021 with an increase of 45%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, gingerbread, sweet biscuit and waffle exports contracted markedly to $X in 2022. Overall, exports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2021 with an increase of 78% against the previous year. As a result, the exports attained the peak of $X, and then declined significantly in the following year.

Exports by Country

China (X tons) was the main destination for gingerbread, sweet biscuit and waffle exports from Hong Kong SAR, accounting for a 62% share of total exports. Moreover, gingerbread, sweet biscuit and waffle exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), threefold. Singapore (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+6.1% per year) and Singapore (+18.0% per year).

In value terms, China ($X) remains the key foreign market for gingerbread, sweet biscuits and waffles exports from Hong Kong SAR, comprising 68% of total exports. The second position in the ranking was held by Macao SAR ($X), with an 18% share of total exports. It was followed by South Korea, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+6.2% per year) and South Korea (+63.0% per year).

Export Prices by Country

In 2022, the average export price for gingerbread, sweet biscuits and waffles amounted to $X per ton, declining by -13.3% against the previous year. Over the period under review, the export price, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 an increase of 56%. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Australia ($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 China (+16.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gingerbread, Sweet Biscuits and Waffles

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of gingerbread, sweet biscuits and waffles decreased by -12.1% to X tons, falling for the third year in a row after eight years of growth. Overall, total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -35.7% against 2019 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 18% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, gingerbread, sweet biscuit and waffle imports fell to $X in 2022. In general, imports, however, saw a temperate expansion. The pace of growth appeared the most rapid in 2017 with an increase of 25% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gingerbread, sweet biscuit and waffle to Hong Kong SAR, with a 32% share of total imports. Moreover, gingerbread, sweet biscuit and waffle imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+2.5% per year) and Japan (+1.7% per year).

In value terms, the largest gingerbread, sweet biscuit and waffle suppliers to Hong Kong SAR were China ($X), Japan ($X) and Denmark ($X), with a combined 51% share of total imports.

Denmark, with a CAGR of +49.7%, recorded the highest growth rate of the value of imports, in terms of 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 gingerbread, sweet biscuits and waffles amounted to $X per ton, picking up by 6.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 8.1% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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