Hong Kong SAR, China: Meat-Preparation Industrial Machinery Market 2024

Meat-Preparation Industrial Machinery Market Size in Hong Kong SAR, China

In 2022, the Hong Kong meat-preparation industrial machinery market decreased by -21.9% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption continues to indicate a mild descent. As a result, consumption attained the peak level of $X, and then fell markedly in the following year.

Meat-Preparation Industrial Machinery Exports

Exports from Hong Kong SAR, China

In 2022, exports of industrial machinery for the preparation of meat or poultry from Hong Kong SAR plummeted to X units, falling by -46.3% against 2021. Overall, exports saw a pronounced decline. The pace of growth was the most pronounced in 2013 when exports increased by 131% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, meat-preparation industrial machinery exports reduced notably to $X in 2022. Over the period under review, exports recorded a deep downturn. The pace of growth appeared the most rapid in 2014 with an increase of 218%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units), France (X units) and China (X units) were the main destinations of meat-preparation industrial machinery exports from Hong Kong SAR, with a combined 68% share of total exports. Germany, Canada, Macao SAR and Australia lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +20.3%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for industrial machinery for the preparation of meat or poultry exports from Hong Kong SAR, comprising 41% of total exports. The second position in the ranking was taken by the United States ($X), with an 18% share of total exports. It was followed by Macao SAR, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to -15.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+4.4% per year) and Macao SAR (-14.9% per year).

Export Prices by Country

The average meat-preparation industrial machinery export price stood at $X per unit in 2022, dropping by -50.5% against the previous year. Over the period under review, the export price saw a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when the average export price increased by 157%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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 ($X per unit), while the average price for exports to Australia ($X per unit) 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 (-0.3%), while the prices for the other major destinations experienced a decline.

Meat-Preparation Industrial Machinery Imports

Imports into Hong Kong SAR, China

After two years of growth, purchases abroad of industrial machinery for the preparation of meat or poultry decreased by -30.9% to X units in 2022. Overall, imports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2020 with an increase of 52% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, meat-preparation industrial machinery imports fell significantly to $X in 2022. In general, imports, however, enjoyed a modest increase. The pace of growth appeared the most rapid in 2014 with an increase of 88% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Italy (X units), China (X units) and Taiwan (Chinese) (X units) were the main suppliers of meat-preparation industrial machinery imports to Hong Kong SAR, together comprising 92% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +16.0%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Italy ($X) constituted the largest supplier of industrial machinery for the preparation of meat or poultry to Hong Kong SAR, comprising 25% of total imports. The second position in the ranking was held by China ($X), with a 9.3% share of total imports. It was followed by the United States, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy amounted to -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.2% per year) and the United States (+2.9% per year).

Import Prices by Country

In 2022, the average meat-preparation industrial machinery import price amounted to $X per unit, surging by 18% against the previous year. Overall, the import price posted a resilient expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 92%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average 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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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