Hong Kong SAR, China: Market for Non-Soap Washing and Cleaning Preparations 2024

Market Size for Non-Soap Washing and Cleaning Preparations in Hong Kong SAR, China

In 2022, the Hong Kong market for non-soap washing and cleaning preparations decreased by -20.6% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption showed a pronounced decline. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Non-Soap Washing and Cleaning Preparations

Exports from Hong Kong SAR, China

In 2022, non-soap washing and cleaning preparations exports from Hong Kong SAR reduced rapidly to X tons, with a decrease of -17.8% on the year before. Over the period under review, exports, however, recorded slight growth. The most prominent rate of growth was recorded in 2018 with an increase of 75%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, non-soap washing and cleaning preparations exports declined notably to $X in 2022. In general, exports, however, continue to indicate mild growth. The pace of growth was the most pronounced in 2018 with an increase of 46% against the previous year. The exports peaked at $X in 2021, and then dropped significantly in the following year.

Exports by Country

China (X tons) was the main destination for non-soap washing and cleaning preparations exports from Hong Kong SAR, with a 44% share of total exports. Moreover, non-soap washing and cleaning preparations exports to China exceeded the volume sent to the second major destination, Japan (X tons), twofold. Macao SAR (X tons) ranked third in terms of total exports with a 21% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.1% per year) and Macao SAR (+3.3% per year).

In value terms, China ($X) remains the key foreign market for non-soap washing and cleaning preparations exports from Hong Kong SAR, comprising 53% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 20% share of total exports. It was followed by Japan, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+4.2% per year) and Japan (+1.2% per year).

Export Prices by Country

In 2022, the average export price for non-soap washing and cleaning preparations amounted to $X per ton, shrinking by -13.2% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 61% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Japan ($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 Macao SAR (+0.9%), while the prices for the other major destinations experienced a decline.

Imports of Non-Soap Washing and Cleaning Preparations

Imports into Hong Kong SAR, China

In 2022, supplies from abroad of non-soap washing and cleaning preparations decreased by -28.1% to X tons, falling for the fourth year in a row after four years of growth. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 28%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, non-soap washing and cleaning preparations imports contracted rapidly to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 15% against the previous year. Imports peaked at $X in 2021, and then contracted markedly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of non-soap washing and cleaning preparations to Hong Kong SAR, with a 64% share of total imports. Moreover, non-soap washing and cleaning preparations imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), eightfold. Malaysia (X tons) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+0.4% per year) and Malaysia (-1.7% per year).

In value terms, China ($X) constituted the largest supplier of non-soap washing and cleaning preparations to Hong Kong SAR, comprising 55% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by Thailand, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.5% per year) and Thailand (+0.3% per year).

Import Prices by Country

In 2022, the average import price for non-soap washing and cleaning preparations amounted to $X per ton, picking up by 16% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2021 when the average import price increased by 16% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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