Hong Kong SAR, China: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Market Size for Spirits, Liqueurs And Other Spirituous Beverages in Hong Kong SAR, China

In 2022, the Hong Kong market for spirits, liqueurs and other spirituous beverages increased by 661% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Spirits, Liqueurs And Other Spirituous Beverages in Hong Kong SAR, China

In value terms, production of spirits, liqueurs and other spirituous beverages reduced to $X in 2022 estimated in export price. Overall, production recorded temperate growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 310% against the previous year. Production of peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports from Hong Kong SAR, China

In 2022, overseas shipments of spirits, liqueurs and other spirituous beverages increased by 18% to X litres, rising for the second year in a row after two years of decline. Overall, exports enjoyed a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of 157%. Over the period under review, the exports of reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, exports of spirits, liqueurs and other spirituous beverages soared to $X in 2022. Over the period under review, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +38.9% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 25% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

China (X litres), Macao SAR (X litres) and Vietnam (X litres) were the main destinations of exports of spirits, liqueurs and other spirituous beverages from Hong Kong SAR, with a combined 91% share of total exports.

From 2012 to 2022, 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 +17.0%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Macao SAR ($X) and Vietnam ($X) were the largest markets for spirits, liqueurs and other spirituous beverages exported from Hong Kong SAR worldwide, together comprising 90% of total exports.

Among the main countries of destination, Macao SAR, with a CAGR of +25.1%, 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 export price for spirits, liqueurs and other spirituous beverages amounted to $X per litre, approximately reflecting the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 53% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per litre in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per litre), while the average price for exports to Macao SAR ($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 Singapore (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports into Hong Kong SAR, China

In 2022, the amount of spirits, liqueurs and other spirituous beverages imported into Hong Kong SAR expanded modestly to X litres, picking up by 2.5% compared with the previous year. In general, imports, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2015 with an increase of 14% against the previous year. Over the period under review, imports of hit record highs at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, imports of spirits, liqueurs and other spirituous beverages soared to $X in 2022. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 44%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X litres) constituted the largest supplier of spirits, liqueurs and other spirituous beverages to Hong Kong SAR, accounting for a 62% share of total imports. Moreover, imports of spirits, liqueurs and other spirituous beverages from China exceeded the figures recorded by the second-largest supplier, Japan (X litres), eightfold. The third position in this ranking was held by Sweden (X litres), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+19.2% per year) and Sweden (+9.3% per year).

In value terms, China ($X) constituted the largest supplier of spirits, liqueurs and other spirituous beverages to Hong Kong SAR, comprising 69% of total imports. The second position in the ranking was held by Thailand ($X), with an 8.8% share of total imports. It was followed by Vietnam, with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+65.8% per year) and Vietnam (+42.4% per year).

Import Prices by Country

In 2022, the average import price for spirits, liqueurs and other spirituous beverages amounted to $X per litre, increasing by 27% against the previous year. In general, the import price recorded a buoyant expansion. The growth pace was the most rapid in 2016 an increase of 43% against the previous year. Over the period under review, average import prices hit record highs at $X per litre in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 Singapore ($X per litre), while the price for Japan ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+23.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform