Hong Kong SAR, China: Plastic Box Market 2024

Plastic Box Market Size in Hong Kong SAR, China

In 2022, the Hong Kong plastic box market increased by 27% to $X, rising for the second consecutive year after two years of decline. Overall, consumption showed a resilient increase. Plastic box consumption peaked in 2022 and is likely to see gradual growth in the near future.

Plastic Box Production in Hong Kong SAR, China

In value terms, plastic box production dropped to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2018 with an increase of 65% against the previous year. Plastic box production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Plastic Box Exports

Exports from Hong Kong SAR, China

In 2022, approx. X tons of plastic boxes, cases, crates and similar packing articles were exported from Hong Kong SAR; dropping by -35.9% compared with 2021. Overall, exports saw a deep downturn. The most prominent rate of growth was recorded in 2021 with an increase of 5.4% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic box exports dropped sharply to $X in 2022. In general, exports faced a drastic downturn. The pace of growth was the most pronounced in 2021 when exports increased by 19% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), South Korea (X tons) and the United States (X tons) were the main destinations of plastic box exports from Hong Kong SAR, with a combined 53% 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 South Korea (with a CAGR of +22.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic box exported from Hong Kong SAR were China ($X), South Korea ($X) and the United States ($X), with a combined 53% share of total exports.

South Korea, with a CAGR of +23.9%, saw the highest growth rate of 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

In 2022, the average plastic box export price amounted to $X per ton, increasing by 2.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2021 an increase of 13%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the Philippines ($X per ton) and Vietnam ($X per ton), while the average price for exports to Singapore ($X per ton) and Macao SAR ($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 the Philippines (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Box Imports

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of plastic boxes, cases, crates and similar packing articles increased by 0.3% to X tons, rising for the second consecutive year after seven years of decline. Over the period under review, imports, however, saw a abrupt slump. The growth pace was the most rapid in 2013 when imports increased by 12% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic box imports rose notably to $X in 2022. In general, imports, however, recorded a perceptible decline. The pace of growth appeared the most rapid in 2013 with an increase of 16%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest plastic box supplier to Hong Kong SAR, with a 78% share of total imports. Moreover, plastic box imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), more than tenfold. The third position in this ranking was taken by Macao SAR (X tons), with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+23.7% per year) and Macao SAR (+1.3% per year).

In value terms, China ($X) constituted the largest supplier of plastic boxes, cases, crates and similar packing articles to Hong Kong SAR, comprising 78% of total imports. The second position in the ranking was taken by Singapore ($X), with a 5% share of total imports. It was followed by Macao SAR, with a 4.1% share.

From 2012 to 2022, the average annual growth rate of value from China stood at -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+24.6% per year) and Macao SAR (+2.1% per year).

Import Prices by Country

In 2022, the average plastic box import price amounted to $X per ton, surging by 7.1% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 8.2% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for Singapore ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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