Hong Kong SAR, China: Sauce And Seasoning Market 2024

Sauce And Seasoning Market Size in Hong Kong SAR, China

In 2021, after three years of decline, there was significant growth in the Hong Kong sauce and seasoning market, when its value increased by 26% to $X. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Sauce And Seasoning Production in Hong Kong SAR, China

In value terms, sauce and seasoning production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, showed a abrupt contraction. Sauce and seasoning production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Sauce And Seasoning Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of sauces and seasonings was finally on the rise to reach X tons after two years of decline. In general, exports continue to indicate a slight increase. The pace of growth was the most pronounced in 2013 when exports increased by 12%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, sauce and seasoning exports stood at $X in 2021. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 12%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for sauce and seasoning exports from Hong Kong SAR, accounting for a 33% share of total exports. Moreover, sauce and seasoning exports to the United States exceeded the volume sent to the second major destination, China (X tons), twofold. Australia (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+5.6% per year) and Australia (+1.6% per year).

In value terms, the largest markets for sauce and seasoning exported from Hong Kong SAR were the United States ($X), China ($X) and Macao SAR ($X), together accounting for 49% of total exports. These countries were followed by Japan, Australia, South Korea, the UK, the Netherlands, Canada and Taiwan (Chinese), which together accounted for a further 39%.

The Netherlands, with a CAGR of +4.8%, recorded the highest growth rate of the value of exports, among 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 sauce and seasoning export price stood at $X per ton in 2021, remaining constant against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 4.5% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the United States ($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) (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Sauce And Seasoning Imports

Imports into Hong Kong SAR, China

In 2021, the amount of sauces and seasonings imported into Hong Kong SAR expanded modestly to X tons, with an increase of 3.5% on the previous year. The total import volume increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 9.2% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, sauce and seasoning imports surged to $X in 2021. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of sauce and seasoning to Hong Kong SAR, accounting for a 59% share of total imports. Moreover, sauce and seasoning imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. Thailand (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.9% per year) and Thailand (+4.5% per year).

In value terms, China ($X) constituted the largest supplier of sauces and seasonings to Hong Kong SAR, comprising 54% of total imports. The second position in the ranking was taken by Japan ($X), with an 18% share of total imports. It was followed by the United States, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.1% per year) and the United States (-3.1% per year).

Import Prices by Country

The average sauce and seasoning import price stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 the UK ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :