Hong Kong SAR, China: Insecticide Market 2024

Insecticide Market Size in Hong Kong SAR, China

The Hong Kong insecticide market shrank markedly to $X in 2021, waning by -23.3% 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). Overall, consumption, however, continues to indicate a prominent increase. Over the period under review, the market reached the peak level at $X in 2020, and then shrank notably in the following year.

Insecticide Exports

Exports from Hong Kong SAR, China

After two years of growth, overseas shipments of insecticides decreased by -19.6% to X tons in 2021. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 37%. As a result, the exports reached the peak of X tons, and then declined significantly in the following year.

In value terms, insecticide exports surged to $X in 2021. The total export value increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana (X tons) was the main destination for insecticide exports from Hong Kong SAR, accounting for a 30% share of total exports. Moreover, insecticide exports to Ghana exceeded the volume sent to the second major destination, Togo (X tons), twofold. China (X tons) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume to Ghana stood at +158.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+105.4% per year) and China (-16.9% per year).

In value terms, China ($X), Ghana ($X) and Togo ($X) appeared to be the largest markets for insecticide exported from Hong Kong SAR worldwide, with a combined 58% share of total exports. These countries were followed by Japan, Cambodia, Benin, Nigeria and Vietnam, which together accounted for a further 23%.

Benin, with a CAGR of +191.5%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average insecticide export price stood at $X per ton in 2021, jumping by 58% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+51.5%), while the prices for the other major destinations experienced more modest paces of growth.

Insecticide Imports

Imports into Hong Kong SAR, China

Insecticide imports into Hong Kong SAR contracted sharply to X tons in 2021, dropping by -29.4% against the year before. In general, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 50%. Imports peaked at X tons in 2020, and then contracted significantly in the following year.

In value terms, insecticide imports skyrocketed to $X in 2021. Overall, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2018 when imports increased by 26% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of insecticide to Hong Kong SAR, with a 75% share of total imports. Moreover, insecticide imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), more than tenfold. The third position in this ranking was held by Australia (X tons), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+17.8% per year) and Australia (+68.6% per year).

In value terms, the largest insecticide suppliers to Hong Kong SAR were China ($X), Japan ($X) and Australia ($X), together accounting for 83% of total imports.

In terms of the main suppliers, Australia, with a CAGR of +57.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average insecticide import price stood at $X per ton in 2021, surging by 70% against the previous year. In general, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+9.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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