Hong Kong SAR, China: Peanut Butter Market 2024

Peanut Butter Market Size in Hong Kong SAR, China

In 2022, the Hong Kong peanut butter market increased by 17% to $X, rising for the third consecutive year after three years of decline. Over the period under review, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 +23.5% against 2019 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Peanut Butter Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of peanut butter and prepared or preserved groundnuts decreased by -7.8% to X tons, falling for the sixth year in a row after two years of growth. Overall, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 55% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, peanut butter exports reduced to $X in 2022. Over the period under review, exports faced a abrupt slump. The growth pace was the most rapid in 2016 with an increase of 6.7% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for peanut butter exports from Hong Kong SAR, with a 77% share of total exports. Moreover, peanut butter exports to Macao SAR exceeded the volume sent to the second major destination, China (X tons), ninefold. The third position in this ranking was held by the United States (X tons), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR amounted to +4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-29.6% per year) and the United States (-0.4% per year).

In value terms, Macao SAR ($X) remains the key foreign market for peanut butter and prepared or preserved groundnuts exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was held by China ($X), with a 6.1% share of total exports. It was followed by the United States, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to Macao SAR stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-32.9% per year) and the United States (+0.9% per year).

Export Prices by Country

In 2022, the average peanut butter export price amounted to $X per ton, which is down by -3.7% against the previous year. Overall, the export price showed a mild downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by 82% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Macao SAR ($X per ton) and Canada ($X per ton), while the average price for exports to China ($X per ton) and the United States ($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 Canada (+2.0%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into Hong Kong SAR, China

In 2022, overseas purchases of peanut butter and prepared or preserved groundnuts increased by 15% to X tons for the first time since 2016, thus ending a five-year declining trend. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 79%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, peanut butter imports rose significantly to $X in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 21% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of peanut butter to Hong Kong SAR, accounting for a 63% share of total imports. Moreover, peanut butter imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by Indonesia (X tons), with an 11% 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 (+5.9% per year) and Indonesia (-5.0% per year).

In value terms, China ($X) constituted the largest supplier of peanut butter and prepared or preserved groundnuts to Hong Kong SAR, comprising 49% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by Indonesia, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.6% per year) and Indonesia (-2.5% per year).

Import Prices by Country

The average peanut butter import price stood at $X per ton in 2022, approximately mirroring the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 32%. The import price peaked at $X per ton in 2021, and then reduced modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+10.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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