Hong Kong SAR, China: Fats Preparation Machinery Market 2024

Fats Preparation Machinery Market Size in Hong Kong SAR, China

In 2022, the Hong Kong fats preparation machinery market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption posted prominent growth. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Fats Preparation Machinery Production in Hong Kong SAR, China

In value terms, fats preparation machinery production contracted sharply to $X in 2022 estimated in export price. In general, production showed a abrupt decrease. The pace of growth appeared the most rapid in 2021 with an increase of 308% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Fats Preparation Machinery Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of machinery for the extraction or preparation of animal or fixed vegetable fats or oils decreased by -27.3% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed prominent growth. The pace of growth appeared the most rapid in 2021 when exports increased by 317%. As a result, the exports reached the peak of X units, and then reduced dramatically in the following year.

In value terms, fats preparation machinery exports contracted sharply to $X in 2022. Over the period under review, exports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 603% against the previous year. As a result, the exports attained the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Uzbekistan (X units) was the main destination for fats preparation machinery exports from Hong Kong SAR, with a 53% share of total exports. Moreover, fats preparation machinery exports to Uzbekistan exceeded the volume sent to the second major destination, the United States (X units), threefold. The Philippines (X units) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Uzbekistan totaled +65.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.1% per year) and the Philippines (+41.0% per year).

In value terms, Uzbekistan ($X) remains the key foreign market for machinery for the extraction or preparation of animal or fixed vegetable fats or oils exports from Hong Kong SAR, comprising 43% of total exports. The second position in the ranking was taken by the United States ($X), with a 7.2% share of total exports. It was followed by the Philippines, with a 6% share.

From 2012 to 2022, the average annual growth rate of value to Uzbekistan stood at +61.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-12.0% per year) and the Philippines (+50.7% per year).

Export Prices by Country

The average fats preparation machinery export price stood at $X per unit in 2022, falling by -21.4% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 69% against the previous year. As a result, the export price attained the peak level of $X per unit, and then dropped markedly in the following year.

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 the Philippines ($X per unit), while the average price for exports to Argentina ($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 France (+26.7%), while the prices for the other major destinations experienced mixed trend patterns.

Fats Preparation Machinery Imports

Imports into Hong Kong SAR, China

Fats preparation machinery imports into Hong Kong SAR skyrocketed to X units in 2022, picking up by 67% compared with the year before. In general, imports saw a resilient increase. The growth pace was the most rapid in 2020 with an increase of 1,340%. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, fats preparation machinery imports stood at $X in 2022. Overall, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 2,017% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of fats preparation machinery to Hong Kong SAR, with a 53% share of total imports. Moreover, fats preparation machinery imports from China exceeded the figures recorded by the second-largest supplier, India (X units), eightfold. The third position in this ranking was held by Denmark (X units), with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +23.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-7.4% per year) and Denmark (0.0% per year).

In value terms, China ($X) constituted the largest supplier of machinery for the extraction or preparation of animal or fixed vegetable fats or oils to Hong Kong SAR, comprising 93% of total imports. The second position in the ranking was taken by Singapore ($X), with a 1.9% share of total imports. It was followed by Denmark, with a 0.7% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +38.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-9.3% per year) and Denmark (-32.7% per year).

Import Prices by Country

The average fats preparation machinery import price stood at $X per unit in 2022, waning by -39.2% against the previous year. Overall, the import price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2016 when the average import price increased by 125% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2022, the average import prices remained at a somewhat 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 China ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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