Hong Kong SAR, China: Molluscs Market 2024

Molluscs Market Size in Hong Kong SAR, China

After two years of decline, the Hong Kong molluscs market increased by 15% to $X in 2021. In general, consumption continues to indicate a mild increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Molluscs Exports

Exports from Hong Kong SAR, China

After seven years of decline, overseas shipments of molluscs (scallops, mussels, cuttle fish, squid and octopus) increased by 12% to X tons in 2021. Over the period under review, exports, however, showed a dramatic descent. The pace of growth was the most pronounced in 2013 with an increase of 95%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, molluscs exports skyrocketed to $X in 2021. Overall, exports, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2013 when exports increased by 52%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for molluscs exports from Hong Kong SAR, with a 46% share of total exports. Moreover, molluscs exports to Macao SAR exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Macao SAR totaled +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (-16.2% per year) and the United States (-0.6% per year).

In value terms, Macao SAR ($X), the United States ($X) and Canada ($X) constituted the largest markets for molluscs exported from Hong Kong SAR worldwide, with a combined 82% share of total exports.

Macao SAR, with a CAGR of +3.1%, saw the highest rates of growth with regard to the value of exports, in terms of 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 molluscs export price stood at $X per ton in 2021, with an increase of 5.8% against the previous year. Over the period under review, the export price recorded buoyant growth. The most prominent rate of growth was recorded in 2018 an increase of 58% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Vietnam ($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 Taiwan (Chinese) (+2.8%), while the prices for the other major destinations experienced more modest paces of growth.

Molluscs Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of molluscs (scallops, mussels, cuttle fish, squid and octopus) increased by 20% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a abrupt slump. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, molluscs imports expanded remarkably to $X in 2021. Over the period under review, imports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 with an increase of 16% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of molluscs to Hong Kong SAR, with a 64% share of total imports. Moreover, molluscs imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. New Zealand (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.7% per year) and New Zealand (-8.0% per year).

In value terms, the largest molluscs suppliers to Hong Kong SAR were China ($X), Japan ($X) and New Zealand ($X), together comprising 87% of total imports. The Philippines, Taiwan (Chinese), Vietnam, Canada, Indonesia, Thailand, Chile and the United States lagged somewhat behind, together accounting for a further 9.3%.

Indonesia, with a CAGR of -1.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average molluscs import price amounted to $X per ton, waning by -7.2% against the previous year. Over the last nine years, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2019 an increase of 29% against the previous year. The import price peaked at $X per ton in 2020, and then fell in the following year.

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 Japan ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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