Hong Kong SAR, China: Soups Market 2024

Soups Market Size in Hong Kong SAR, China

For the fourth consecutive year, the Hong Kong soups market recorded growth in sales value, which increased by 2% to $X in 2021. The market value increased at an average annual rate of +5.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Soups consumption peaked in 2021 and is likely to see gradual growth in the near future.

Soups Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of soups and broths decreased by -26.5% to X tons, falling for the third consecutive year after three years of growth. Overall, total exports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -38.5% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 60%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, soups exports dropped remarkably to $X in 2021. Over the period under review, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 28% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Macao SAR (X tons) and China (X tons) were the main destinations of soups exports from Hong Kong SAR.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Macao SAR (with a CAGR of +8.3%).

In value terms, Macao SAR ($X) and China ($X) appeared to be the largest markets for soups exported from Hong Kong SAR worldwide.

Macao SAR, with a CAGR of +5.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, increasing by 6.8% against the previous year. In general, the export price, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2015 when the average export price increased by 30% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major external 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 China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Macao SAR (-2.6%).

Soups Imports

Imports into Hong Kong SAR, China

In 2021, the amount of soups and broths imported into Hong Kong SAR reduced modestly to X tons, standing approx. at the previous year's figure. The total import volume increased at an average annual rate of +5.2% 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 with an increase of 18%. As a result, imports attained the peak of X tons, and then declined modestly in the following year.

In value terms, soups imports reduced to $X in 2021. The total import value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when imports increased by 17%. As a result, imports reached the peak of $X, and then contracted slightly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest soups supplier to Hong Kong SAR, accounting for a 48% share of total imports. Moreover, soups imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+66.8% per year) and the United States (-8.9% per year).

In value terms, China ($X) constituted the largest supplier of soups and broths to Hong Kong SAR, comprising 39% of total imports. The second position in the ranking was held by Australia ($X), with a 19% share of total imports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+59.7% per year) and Japan (+9.6% per year).

Import Prices by Country

In 2021, the average soups import price amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 11%. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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