Hong Kong SAR, China: Vermouth Market 2024

Vermouth Market Size in Hong Kong SAR, China

For the third consecutive year, the Hong Kong vermouth market recorded growth in sales value, which increased by 0.2% to $X in 2022. In general, consumption, however, recorded a slight descent. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Vermouth Production in Hong Kong SAR, China

In value terms, vermouth production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, saw a slight contraction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 23%. Vermouth production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Vermouth Exports

Exports from Hong Kong SAR, China

In 2022, the amount of vermouth exported from Hong Kong SAR fell remarkably to X litres, reducing by -15.9% compared with the previous year. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 108%. Over the period under review, the exports hit record highs at X litres in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, vermouth exports expanded significantly to $X in 2022. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 159% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Macao SAR (X litres) was the main destination for vermouth exports from Hong Kong SAR, with a 83% share of total exports. Moreover, vermouth exports to Macao SAR exceeded the volume sent to the second major destination, Singapore (X litres), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR stood at -5.6%.

In value terms, Macao SAR ($X) remains the key foreign market for vermouth exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was taken by Singapore ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR totaled -5.6%.

Export Prices by Country

In 2022, the average vermouth export price amounted to $X per litre, with an increase of 31% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 122% against the previous year. Over the period under review, the average export prices reached the maximum at $X per litre in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per litre), while the average price for exports to Macao SAR totaled $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+3.2%), while the prices for the other major destinations experienced a decline.

Vermouth Imports

Imports into Hong Kong SAR, China

In 2022, vermouth imports into Hong Kong SAR skyrocketed to X litres, with an increase of 27% against the previous year. Overall, imports, however, continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2021 when imports increased by 121% against the previous year. Over the period under review, imports reached the maximum at X litres in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, vermouth imports skyrocketed to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 221% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Italy (X litres), the Netherlands (X litres) and France (X litres) were the main suppliers of vermouth imports to Hong Kong SAR, together accounting for 100% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +26.6%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest vermouth suppliers to Hong Kong SAR were Italy ($X), the Netherlands ($X) and France ($X), together comprising 100% of total imports.

The Netherlands, with a CAGR of +34.9%, recorded 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

In 2022, the average vermouth import price amounted to $X per litre, with an increase of 20% against the previous year. Overall, the import price posted a buoyant increase. The pace of growth appeared the most rapid in 2018 when the average import price increased by 124%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+29.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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