Hong Kong SAR, China: Soap Market 2024

Soap Market Size in Hong Kong SAR, China

In 2021, the Hong Kong soap market decreased by -39.2% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, continues to indicate a temperate expansion. As a result, consumption reached the peak level of $X, and then shrank notably in the following year.

Soap Exports

Exports from Hong Kong SAR, China

In 2021, shipments abroad of soap decreased by -15.1% to X tons, falling for the third year in a row after three years of growth. Overall, exports saw a pronounced decline. The pace of growth was the most pronounced in 2018 when exports increased by 23%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, soap exports soared to $X in 2021. The total export value increased at an average annual rate of +5.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons), Macao SAR (X tons) and the United States (X tons) were the main destinations of soap exports from Hong Kong SAR, with a combined 83% share of total exports. These countries were followed by Japan, Singapore, Pakistan, the UK, the Philippines and Australia, which together accounted for a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Pakistan (with a CAGR of +72.2%), while the other leaders experienced more modest paces of growth.

In value terms, Macao SAR ($X) remains the key foreign market for soap exports from Hong Kong SAR, comprising 57% of total exports. The second position in the ranking was taken by China ($X), with a 22% share of total exports. It was followed by the United States, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value to Macao SAR stood at +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+3.8% per year) and the United States (+8.0% per year).

Export Prices by Country

The average soap export price stood at $X per ton in 2021, picking up by 38% against the previous year. Over the period under review, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +8.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soap export price increased by +75.4% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Macao SAR ($X per ton), while the average price for exports to Pakistan ($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 Macao SAR (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Soap Imports

Imports into Hong Kong SAR, China

In 2021, the amount of soap imported into Hong Kong SAR dropped notably to X tons, waning by -38.8% compared with 2020. Over the period under review, total imports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +8.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 77%. As a result, imports reached the peak of X tons, and then shrank notably in the following year.

In value terms, soap imports fell notably to $X in 2021. Overall, total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +4.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 59% against the previous year. As a result, imports reached the peak of $X, and then contracted sharply in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest soap supplier to Hong Kong SAR, accounting for a 62% share of total imports. Moreover, soap imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), eightfold. Thailand (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+1.6% per year) and Thailand (+6.5% per year).

In value terms, China ($X) constituted the largest supplier of soap to Hong Kong SAR, comprising 56% of total imports. The second position in the ranking was held by Japan ($X), with a 7.6% share of total imports. It was followed by France, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.0% per year) and France (+10.1% per year).

Import Prices by Country

In 2021, the average soap import price amounted to $X per ton, growing by 7.8% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 8.7%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+2.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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