Hong Kong SAR, China: Preserved Turkey Market 2024

Preserved Turkey Market Size in Hong Kong SAR, China

In 2021, the Hong Kong preserved turkey market increased by 5.2% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Preserved Turkey Production in Hong Kong SAR, China

In value terms, preserved turkey production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 37%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Preserved Turkey Exports

Exports from Hong Kong SAR, China

Preserved turkey exports from Hong Kong SAR surged to X tons in 2021, growing by 78% on the year before. Over the period under review, exports saw a measured expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 141% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, preserved turkey exports skyrocketed to $X in 2021. In general, exports continue to indicate mild growth. The most prominent rate of growth was recorded in 2017 with an increase of 142% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for preserved turkey exports from Hong Kong SAR, with a 87% share of total exports. Moreover, preserved turkey exports to Vietnam exceeded the volume sent to the second major destination, Macao SAR (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to Vietnam amounted to +108.0%.

In value terms, the largest markets for preserved turkey exported from Hong Kong SAR were Vietnam ($X) and Macao SAR ($X).

Vietnam, with a CAGR of +38.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2021, the average preserved turkey export price amounted to $X per ton, falling by -5.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 94% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

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 Vietnam stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Macao SAR (-1.2%).

Preserved Turkey Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of prepared or preserved meat or offal of turkeys decreased by -44.3% to X tons, falling for the fourth year in a row after three years of growth. Overall, imports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2015 when imports increased by 130% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, preserved turkey imports shrank to $X in 2021. Over the period under review, imports faced a abrupt decline. The pace of growth appeared the most rapid in 2015 when imports increased by 107%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest supplier of preserved turkey to Hong Kong SAR, accounting for a 44% share of total imports. Moreover, preserved turkey imports from the Netherlands exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Germany (X tons), with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands amounted to +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.1% per year) and Germany (-29.1% per year).

In value terms, the United States ($X), the Netherlands ($X) and the UK ($X) constituted the largest preserved turkey suppliers to Hong Kong SAR, with a combined 61% share of total imports.

The UK, with a CAGR of +7.7%, saw the highest growth rate of the value of imports, among 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 preserved turkey import price amounted to $X per ton, surging by 56% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +4.2% 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 turkey import price increased by +96.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 66% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+20.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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