Hong Kong SAR, China: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Hong Kong SAR, China

In 2022, the Hong Kong odoriferous substance mixture market increased by 7.7% to $X, rising for the third year in a row after six years of decline. Over the period under review, the total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +46.1% against 2019 indices. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Odoriferous Substance Mixture Production in Hong Kong SAR, China

In value terms, odoriferous substance mixture production reached $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the production volume increased by 42%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Odoriferous Substance Mixture Exports

Exports from Hong Kong SAR, China

In 2022, the amount of mixtures of odoriferous substances and their preparations exported from Hong Kong SAR declined to X tons, reducing by -9.4% against the previous year's figure. The total export volume increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 10%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, odoriferous substance mixture exports declined to $X in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 8.5%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for odoriferous substance mixture exports from Hong Kong SAR, with a 55% share of total exports. Moreover, odoriferous substance mixture exports to China exceeded the volume sent to the second major destination, Thailand (X tons), sixfold. Indonesia (X tons) ranked third in terms of total exports with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+0.9% per year) and Indonesia (+4.6% per year).

In value terms, China ($X) remains the key foreign market for mixtures of odoriferous substances and their preparations exports from Hong Kong SAR, comprising 54% of total exports. The second position in the ranking was held by Thailand ($X), with an 8.8% share of total exports. It was followed by Indonesia, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+2.0% per year) and Indonesia (+5.5% per year).

Export Prices by Country

In 2022, the average odoriferous substance mixture export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 17%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Indonesia ($X per ton) and Vietnam ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+1.2%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Hong Kong SAR, China

In 2022, the amount of mixtures of odoriferous substances and their preparations imported into Hong Kong SAR contracted to X tons, declining by -10.3% against 2021 figures. Over the period under review, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 24%. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, odoriferous substance mixture imports fell to $X in 2022. In general, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +18.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 37% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Singapore (X tons) and the United States (X tons) were the main suppliers of odoriferous substance mixture imports to Hong Kong SAR, together comprising 73% of total imports. The UK, India, France, Germany, Switzerland, Spain and Japan lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +11.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest odoriferous substance mixture suppliers to Hong Kong SAR were China ($X), Singapore ($X) and the United States ($X), with a combined 72% share of total imports. The UK, India, France, Germany, Switzerland, Spain and Japan lagged somewhat behind, together comprising a further 22%.

Among the main suppliers, India, with a CAGR of +13.3%, 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 odoriferous substance mixture import price stood at $X per ton in 2022, which is down by -3.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 11%. As a result, import price reached the peak level of $X per ton, and then contracted in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were France ($X per ton) and Spain ($X per ton), while the price for Singapore ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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