Hong Kong SAR, China: Hop Market 2024

Hop Market Size in Hong Kong SAR, China

The Hong Kong hop market declined dramatically to $X in 2022, with a decrease of -95.1% against the previous year. Overall, consumption saw a sharp reduction. As a result, consumption attained the peak level of $X, and then shrank dramatically in the following year.

Hop Production in Hong Kong SAR, China

In value terms, hop production skyrocketed to $X in 2022 estimated in export price. In general, production, however, saw a abrupt downturn. Hop production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The average yield of hops in Hong Kong SAR totaled less than X kg per ha in 2022, approximately mirroring the previous year. In general, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of hops in Hong Kong SAR amounted to less than X ha, remaining constant against the previous year's figure. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern.

Hop Exports

Exports from Hong Kong SAR, China

In 2022, the amount of hops exported from Hong Kong SAR soared to X tons, rising by 2,863% against 2021. In general, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, hop exports surged to $X in 2022. Over the period under review, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for hop exports from Hong Kong SAR, accounting for a 50% share of total exports. Moreover, hop exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. Japan (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +33.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+83.7% per year) and Japan (+63.3% per year).

In value terms, China ($X) emerged as the key foreign market for hops exports from Hong Kong SAR, comprising 45% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 21% share of total exports. It was followed by Japan, with a 9.9% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +38.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+92.0% per year) and Japan (+68.0% per year).

Export Prices by Country

In 2022, the average hop export price amounted to $X per ton, rising by 7.7% against the previous year. Overall, the export price, however, recorded a slight decrease. The most prominent rate of growth was recorded in 2017 an increase of 96%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the Philippines ($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 Thailand (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Hop Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of hops were imported into Hong Kong SAR; increasing by 7,709% against the previous year. Over the period under review, imports continue to indicate a perceptible expansion. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, hop imports surged to $X in 2022. Overall, imports recorded a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of hop to Hong Kong SAR, with a 81% share of total imports. Moreover, hop imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), more than tenfold. China (X tons) ranked third in terms of total imports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+2,175.7% per year) and China (+24.3% per year).

In value terms, the United States ($X) constituted the largest supplier of hops to Hong Kong SAR, comprising 80% of total imports. The second position in the ranking was held by China ($X), with a 9.9% share of total imports. It was followed by New Zealand, with a 6.8% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +25.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+77.8% per year) and New Zealand (+1,663.3% per year).

Import Prices by Country

In 2022, the average hop import price amounted to $X per ton, approximately reflecting the previous year. Overall, the import price, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of 95%. As a result, import price reached the peak level of $X per ton, leveling off in the following year.

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 China ($X per ton), while the price for South Korea ($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 (+43.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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