Hong Kong SAR, China: Grape Wine Spirits Market 2024

Grape Wine Spirits Market Size in Hong Kong SAR, China

In 2022, the Hong Kong grape wine spirits market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, showed a deep slump. Grape wine spirits consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Grape Wine Spirits Production in Hong Kong SAR, China

In value terms, grape wine spirits production stood at $X in 2022 estimated in export price. Overall, production, however, saw a abrupt decrease. The growth pace was the most rapid in 2016 with an increase of 403%. Grape wine spirits production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Grape Wine Spirits Exports

Exports from Hong Kong SAR, China

In 2022, grape wine spirits exports from Hong Kong SAR contracted markedly to X litres, dropping by -39.4% compared with 2021. Overall, exports continue to indicate a abrupt descent. The growth pace was the most rapid in 2021 with an increase of 21% against the previous year. The exports peaked at X litres in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, grape wine spirits exports contracted remarkably to $X in 2022. In general, exports saw a abrupt setback. The pace of growth was the most pronounced in 2021 when exports increased by 27%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

China (X litres) was the main destination for grape wine spirits exports from Hong Kong SAR, with a 64% share of total exports. Moreover, grape wine spirits exports to China exceeded the volume sent to the second major destination, Macao SAR (X litres), threefold. The third position in this ranking was taken by Singapore (X litres), with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled -10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-8.3% per year) and Singapore (-0.4% per year).

In value terms, the largest markets for grape wine spirits exported from Hong Kong SAR were China ($X), Macao SAR ($X) and Singapore ($X), with a combined 92% share of total exports. These countries were followed by Russia, Indonesia and Vietnam, which together accounted for a further 4.7%.

Russia, with a CAGR of +260.4%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination 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 grape wine spirits export price amounted to $X per litre, declining by -7.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per litre in 2021, and then shrank in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per litre), while the average price for exports to Singapore ($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 Indonesia (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Grape Wine Spirits Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of spirits obtained from distilled grape wine or grape marc decreased by -10.2% to X litres, falling for the fourth year in a row after two years of growth. Over the period under review, imports saw a deep downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 8.1%. Imports peaked at X litres in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, grape wine spirits imports contracted notably to $X in 2022. In general, imports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2018 when imports increased by 14% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Singapore (X litres), France (X litres) and China (X litres) were the main suppliers of grape wine spirits imports to Hong Kong SAR, together accounting for 83% of total imports. These countries were followed by Spain, Belgium, the Philippines and Japan, which together accounted for a further 12%.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +61.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest grape wine spirits suppliers to Hong Kong SAR were Singapore ($X), China ($X) and France ($X), together comprising 88% of total imports. These countries were followed by Belgium, Japan, Spain and the Philippines, which together accounted for a further 6.7%.

Japan, with a CAGR of +68.3%, saw the highest growth rate of the value of imports, in terms of 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 grape wine spirits import price stood at $X per litre in 2022, shrinking by -9.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 26% against the previous year. As a result, import price attained the peak level of $X per litre, and then dropped in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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