Hong Kong SAR, China: Sparkling Wine Market 2024

Sparkling Wine Market Size in Hong Kong SAR, China

In 2022, after two years of growth, there was decline in the Hong Kong sparkling wine market, when its value decreased by -1.4% to $X. Overall, consumption saw a noticeable curtailment. Sparkling wine consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Sparkling Wine Production in Hong Kong SAR, China

In value terms, sparkling wine production stood at $X in 2022 estimated in export price. In general, production saw a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 16% against the previous year. Sparkling wine production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Sparkling Wine Exports

Exports from Hong Kong SAR, China

In 2022, sparkling wine exports from Hong Kong SAR dropped to X litres, shrinking by -9.7% on 2021. Over the period under review, exports showed a abrupt slump. The pace of growth was the most pronounced in 2021 when exports increased by 46% against the previous year. The exports peaked at X litres in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, sparkling wine exports dropped modestly to $X in 2022. Overall, exports, however, continue to indicate a moderate increase. The most prominent rate of growth was recorded in 2021 when exports increased by 87% against the previous year. As a result, the exports attained the peak of $X, and then reduced slightly in the following year.

Exports by Country

China (X litres) was the main destination for sparkling wine exports from Hong Kong SAR, with a 44% share of total exports. Moreover, sparkling wine exports to China exceeded the volume sent to the second major destination, Macao SAR (X litres), twofold. Singapore (X litres) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-7.2% per year) and Singapore (+22.6% per year).

In value terms, China ($X), Macao SAR ($X) and Singapore ($X) constituted the largest markets for sparkling wine exported from Hong Kong SAR worldwide, with a combined 70% share of total exports. These countries were followed by Taiwan (Chinese), Thailand, the United Arab Emirates and the UK, which together accounted for a further 15%.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +71.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average sparkling wine export price amounted to $X per litre, surging by 8.4% against the previous year. Overall, the export price recorded a strong increase. The pace of growth appeared the most rapid in 2015 an increase of 43%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per litre), while the average price for exports to the UK ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+21.2%), while the prices for the other major destinations experienced more modest paces of growth.

Sparkling Wine Imports

Imports into Hong Kong SAR, China

After two years of growth, supplies from abroad of sparkling wine decreased by -7.2% to X litres in 2022. The total import volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 44% against the previous year. As a result, imports attained the peak of X litres, and then dropped in the following year.

In value terms, sparkling wine imports fell notably to $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.5% against 2017 indices. The most prominent rate of growth was recorded in 2021 with an increase of 46%. As a result, imports reached the peak of $X, and then reduced rapidly in the following year.

Imports by Country

France (X litres), Singapore (X litres) and Italy (X litres) were the main suppliers of sparkling wine imports to Hong Kong SAR, with a combined 81% share of total imports. These countries were followed by Spain, Australia, Japan, Belgium and Germany, which together accounted for a further 13%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +15.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), France ($X) and Italy ($X) were the largest sparkling wine suppliers to Hong Kong SAR, with a combined 88% share of total imports. These countries were followed by Belgium, Spain, Japan, Australia and Germany, which together accounted for a further 7.2%.

Japan, with a CAGR of +12.7%, saw 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

The average sparkling wine import price stood at $X per litre in 2022, waning by -17.6% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 18%. The import price peaked at $X per litre in 2021, and then reduced markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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