Hong Kong SAR, China: Market for Lucerne (Alfalfa) Meal And Pellets 2024

Market Size for Lucerne (Alfalfa) Meal And Pellets in Hong Kong SAR, China

In 2021, the Hong Kong lucerne meal and pellets market decreased by -0.8% to $X, falling for the third consecutive year after three years of growth. Over the period under review, consumption showed a pronounced decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Production of Lucerne (Alfalfa) Meal And Pellets in Hong Kong SAR, China

In value terms, lucerne meal and pellets production amounted to $X in 2021 estimated in export price. In general, production, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2018 with an increase of 16% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports from Hong Kong SAR, China

In 2021, shipments abroad of lucerne (alfalfa) meal and pellets increased by 159% to X tons, rising for the sixth consecutive year after two years of decline. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 268%. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in the near future.

In value terms, lucerne meal and pellets exports soared to $X in 2021. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 649% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

China (X tons) was the main destination for lucerne meal and pellets exports from Hong Kong SAR, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +75.8%.

In value terms, China ($X) also remains the key foreign market for lucerne (alfalfa) meal and pellets exports from Hong Kong SAR.

From 2012 to 2021, the average annual growth rate of value to China stood at +58.3%.

Export Prices by Country

The average lucerne meal and pellets export price stood at $X per ton in 2021, reducing by -25.4% against the previous year. In general, the export price saw a deep contraction. The most prominent rate of growth was recorded in 2016 an increase of 104% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -9.9% per year.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports into Hong Kong SAR, China

For the fourth consecutive year, Hong Kong SAR recorded decline in overseas purchases of lucerne (alfalfa) meal and pellets, which decreased by -30% to X tons in 2021. In general, imports saw a significant curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 28%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lucerne meal and pellets imports shrank dramatically to $X in 2021. Overall, imports recorded a sharp descent. The most prominent rate of growth was recorded in 2014 with an increase of 21% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Australia (X tons) constituted the largest supplier of lucerne meal and pellets to Hong Kong SAR, accounting for a 74% share of total imports. Moreover, lucerne meal and pellets imports from Australia exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), tenfold. The third position in this ranking was held by the United States (X tons), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia totaled -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-1.8% per year) and the United States (-43.3% per year).

In value terms, Australia ($X) constituted the largest supplier of lucerne (alfalfa) meal and pellets to Hong Kong SAR, comprising 73% of total imports. The second position in the ranking was held by New Zealand ($X), with a 10% share of total imports. It was followed by the United States, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value from Australia stood at -3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-7.6% per year) and the United States (-43.8% per year).

Import Prices by Country

The average lucerne meal and pellets import price stood at $X per ton in 2021, with an increase of 9.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.7%. The pace of growth was the most pronounced in 2020 when the average import price increased by 36% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 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 New Zealand ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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