Hong Kong SAR, China: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Hong Kong SAR, China

In 2021, the Hong Kong waffle and wafer market increased by 14% to $X for the first time since 2016, thus ending a four-year declining trend. In general, consumption saw a prominent increase. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Waffle And Wafer Exports

Exports from Hong Kong SAR, China

In 2021, approx. X tons of waffles and wafers were exported from Hong Kong SAR; waning by -24.9% compared with the year before. Over the period under review, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2015 when exports increased by 46%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, waffle and wafer exports dropped rapidly to $X in 2021. Overall, exports recorded a perceptible slump. The growth pace was the most rapid in 2015 when exports increased by 68%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for waffle and wafer exports from Hong Kong SAR, with a 52% share of total exports. Moreover, waffle and wafer exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), twofold. Canada (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+2.4% per year) and Canada (+109.1% per year).

In value terms, the largest markets for waffle and wafer exported from Hong Kong SAR were China ($X), Macao SAR ($X) and the Netherlands ($X), together accounting for 86% of total exports. Australia, Canada and Taiwan (Chinese) lagged somewhat behind, together comprising a further 9.9%.

Canada, with a CAGR of +48.5%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 2021, the average waffle and wafer export price amounted to $X per ton, increasing by 8.5% against the previous year. Over the last nine years, it increased at an average annual rate of +3.8%. The pace of growth appeared the most rapid in 2014 an increase of 39%. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+36.3%), while the prices for the other major destinations experienced more modest paces of growth.

Waffle And Wafer Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of waffles and wafers increased by 4.4% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports showed temperate growth. The most prominent rate of growth was recorded in 2013 when imports increased by 46% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, waffle and wafer imports stood at $X in 2021. In general, imports saw temperate growth. The most prominent rate of growth was recorded in 2016 when imports increased by 71% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest waffle and wafer supplier to Hong Kong SAR, with a 46% share of total imports. Moreover, waffle and wafer imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. The third position in this ranking was held by Indonesia (X tons), with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+4.2% per year) and Indonesia (-12.1% per year).

In value terms, the largest waffle and wafer suppliers to Hong Kong SAR were Italy ($X), China ($X) and the UK ($X), together accounting for 68% of total imports. Japan, Indonesia, Thailand, Singapore and Malaysia lagged somewhat behind, together accounting for a further 23%.

Singapore, with a CAGR of +47.9%, recorded the highest growth rate of 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 waffle and wafer import price stood at $X per ton in 2021, almost unchanged from the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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