Hong Kong SAR, China: Market for Salted, Dried or Smoked Meat, and Offal 2024

Market Size for Salted, Dried or Smoked Meat, and Offal in Hong Kong SAR, China

The Hong Kong market for salted, dried or smoked meat, and offal surged to $X in 2022, with an increase of 71% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate prominent growth. Consumption of peaked in 2022 and is expected to retain growth in years to come.

Exports of Salted, Dried or Smoked Meat, and Offal

Exports from Hong Kong SAR, China

In 2022, shipments abroad of salted, dried or smoked meat, and offal increased by 124% to X tons, rising for the second year in a row after three years of decline. In general, exports recorded a buoyant increase. The growth pace was the most rapid in 2021 when exports increased by 207% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, exports of salted, dried or smoked meat, and offal soared to $X in 2022. Over the period under review, exports saw strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons), Vietnam (X tons) and Macao SAR (X tons) were the main destinations of exports of salted, dried or smoked meat, and offal from Hong Kong SAR, together comprising 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +194.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, South Korea ($X) emerged as the key foreign market for salted, dried or smoked meat, and offal exports from Hong Kong SAR, comprising 60% of total exports. The second position in the ranking was held by Vietnam ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea stood at +149.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+121.7% per year) and Macao SAR (-5.4% per year).

Export Prices by Country

In 2022, the average export price for salted, dried or smoked meat, and offal amounted to $X per ton, jumping by 56% against the previous year. In general, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for salted, dried or smoked meat, and offal decreased by -3.9% against 2020 indices. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+10.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Salted, Dried or Smoked Meat, and Offal

Imports into Hong Kong SAR, China

In 2022, imports of salted, dried or smoked meat, and offal into Hong Kong SAR skyrocketed to X tons, growing by 64% against the previous year's figure. Over the period under review, imports showed resilient growth. The most prominent rate of growth was recorded in 2021 when imports increased by 79% against the previous year. Over the period under review, imports of reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, imports of salted, dried or smoked meat, and offal soared to $X in 2022. In general, imports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 85%. Over the period under review, imports of reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

India (X tons), Vietnam (X tons) and Pakistan (X tons) were the main suppliers of imports of salted, dried or smoked meat, and offal to Hong Kong SAR, with a combined 45% share of total imports. Turkey, China, the United Arab Emirates, Egypt, Bangladesh, the Netherlands, Italy, Spain, the United States and Japan lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +701.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest salted, dried or smoked meat, and offal suppliers to Hong Kong SAR were Vietnam ($X), India ($X) and Turkey ($X), with a combined 44% share of total imports. Pakistan, the United Arab Emirates, China, the United States, Italy, Spain, the Netherlands, Bangladesh, Japan and Egypt lagged somewhat behind, together comprising a further 43%.

The United Arab Emirates, with a CAGR of +694.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for salted, dried or smoked meat, and offal amounted to $X per ton, surging by 10% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for salted, dried or smoked meat, and offal increased by +13.9% against 2020 indices. The growth pace was the most rapid in 2015 an increase of 37%. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform