Hong Kong SAR, China: Preserved Cows Meat Market 2024

Preserved Cows Meat Market Size in Hong Kong SAR, China

In 2021, the Hong Kong preserved cows meat market increased by 56% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, continues to indicate a slight setback. Preserved cows meat consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Preserved Cows Meat Production in Hong Kong SAR, China

In value terms, preserved cows meat production amounted to $X in 2021 estimated in export price. Over the period under review, production faced a precipitous contraction. The pace of growth was the most pronounced in 2020 when the production volume decreased by 99.9%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Preserved Cows Meat Exports

Exports from Hong Kong SAR, China

In 2021, exports of prepared or preserved meat or offal of bovine animals from Hong Kong SAR rose rapidly to X tons, picking up by 12% compared with the previous year. Overall, exports saw prominent growth. The growth pace was the most rapid in 2019 when exports increased by 3,365% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, preserved cows meat exports surged to $X in 2021. In general, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2019 when exports increased by 2,031% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for preserved cows meat exports from Hong Kong SAR, with a 87% share of total exports. Moreover, preserved cows meat exports to Vietnam exceeded the volume sent to the second major destination, Macao SAR (X tons), tenfold. The third position in this ranking was taken by Thailand (X tons), with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam stood at +38.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-9.5% per year) and Thailand (+31.2% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for prepared or preserved meat or offal of bovine animals exports from Hong Kong SAR, comprising 74% of total exports. The second position in the ranking was held by Macao SAR ($X), with a 22% share of total exports. It was followed by Thailand, with a 2.7% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam stood at +39.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-0.5% per year) and Thailand (+15.5% per year).

Export Prices by Country

In 2021, the average preserved cows meat export price amounted to $X per ton, with an increase of 15% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 33% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to South Korea ($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 South Korea (+26.9%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Cows Meat Imports

Imports into Hong Kong SAR, China

In 2021, preserved cows meat imports into Hong Kong SAR fell to X tons, shrinking by -2.7% compared with the year before. In general, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 118%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, preserved cows meat imports skyrocketed to $X in 2021. Overall, imports recorded a perceptible contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 119%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Brazil (X tons), the United States (X tons) and China (X tons) were the main suppliers of preserved cows meat imports to Hong Kong SAR, with a combined 40% share of total imports. These countries were followed by India, Poland, Russia, Australia, Uruguay, Argentina, Turkey, Japan, Venezuela and France, which together accounted for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Venezuela (with a CAGR of +68.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved cows meat suppliers to Hong Kong SAR were the United States ($X), Brazil ($X) and China ($X), together accounting for 45% of total imports. These countries were followed by Australia, Japan, India, Russia, Poland, Turkey, Venezuela, Argentina, Uruguay and France, which together accounted for a further 32%.

Venezuela, with a CAGR of +60.6%, saw 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 more modest paces of growth.

Import Prices by Country

The average preserved cows meat import price stood at $X per ton in 2021, jumping by 19% against the previous year. In general, import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, preserved cows meat import price increased by +102.5% against 2014 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 20%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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