Hong Kong SAR, China: Meat Dishes Market 2024

Meat Dishes Market Size in Hong Kong SAR, China

The Hong Kong meat dishes market declined notably to $X in 2022, reducing by -15.5% 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). In general, consumption recorded a perceptible descent. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Meat Dishes Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of meat dishes was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 141% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, meat dishes exports totaled $X in 2022. Overall, exports, however, recorded a abrupt decline. The growth pace was the most rapid in 2019 when exports increased by 103% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X tons), Macao SAR (X tons) and Vietnam (X tons) were the main destinations of meat dishes exports from Hong Kong SAR, with a combined 100% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +16.7%), while the other leaders experienced mixed trend patterns.

In value terms, Macao SAR ($X) remains the key foreign market for meat dishes exports from Hong Kong SAR, comprising 69% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 29% share of total exports. It was followed by Vietnam, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR totaled +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+24.0% per year) and Vietnam (-31.3% per year).

Export Prices by Country

In 2022, the average meat dishes export price amounted to $X per ton, falling by -29.6% against the previous year. Overall, the export price, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2020 an increase of 90%. The export price peaked at $X per ton in 2021, and then shrank dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Vietnam (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Meat Dishes Imports

Imports into Hong Kong SAR, China

Meat dishes imports into Hong Kong SAR dropped to X tons in 2022, declining by -13.3% on 2021. Over the period under review, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when imports increased by 30%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, meat dishes imports reduced to $X in 2022. In general, imports continue to indicate a pronounced reduction. The growth pace was the most rapid in 2013 with an increase of 27% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest meat dishes supplier to Hong Kong SAR, with a 52% share of total imports. Moreover, meat dishes imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. The third position in this ranking was taken by Brazil (X tons), with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-11.4% per year) and Brazil (-3.0% per year).

In value terms, China ($X) constituted the largest supplier of meat dishes to Hong Kong SAR, comprising 52% of total imports. The second position in the ranking was held by the United States ($X), with an 8.7% share of total imports. It was followed by Thailand, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.5% per year) and Thailand (+14.1% per year).

Import Prices by Country

In 2022, the average meat dishes import price amounted to $X per ton, increasing by 1.8% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, meat dishes import price increased by +73.5% against 2015 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 15%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+23.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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