Hong Kong SAR, China: Whisky Market 2024

Whisky Market Size in Hong Kong SAR, China

The Hong Kong whisky market was finally on the rise to reach $X in 2022, after two years of decline. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -24.7% against 2019 indices. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Whisky Production in Hong Kong SAR, China

In value terms, whisky production rose sharply to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 197%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Whisky Exports

Exports from Hong Kong SAR, China

Whisky exports from Hong Kong SAR dropped to X litres in 2022, shrinking by -7.9% against the previous year's figure. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 313% against the previous year. As a result, the exports reached the peak of X litres, and then dropped in the following year.

In value terms, whisky exports stood at $X in 2022. Overall, exports, however, saw a measured expansion. The pace of growth was the most pronounced in 2021 when exports increased by 147% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the near future.

Exports by Country

China (X litres) was the main destination for whisky exports from Hong Kong SAR, with a 49% share of total exports. Moreover, whisky exports to China exceeded the volume sent to the second major destination, Macao SAR (X litres), threefold. Singapore (X litres) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-8.7% per year) and Singapore (+4.6% per year).

In value terms, the largest markets for whisky exported from Hong Kong SAR were China ($X), Macao SAR ($X) and Singapore ($X), with a combined 77% share of total exports. These countries were followed by Russia, Mongolia, the Netherlands, the UK and Vietnam, which together accounted for a further 15%.

In terms of the main countries of destination, Russia, with a CAGR of +89.9%, saw 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 whisky export price amounted to $X per litre, increasing by 9.2% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whisky export price decreased by -34.8% against 2020 indices. The pace of growth was the most pronounced in 2020 an increase of 67%. As a result, the export price reached the peak level of $X per litre. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per litre), while the average price for exports to Mongolia ($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 Russia (+52.5%), while the prices for the other major destinations experienced more modest paces of growth.

Whisky Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of whisky increased by 5.1% to X litres, rising for the second consecutive year after two years of decline. In general, imports, however, saw a mild slump. The most prominent rate of growth was recorded in 2021 with an increase of 18%. Over the period under review, imports hit record highs at X litres in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, whisky imports rose sharply to $X in 2022. Overall, total imports indicated a strong 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, imports increased by +78.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 63%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the UK (X litres) constituted the largest whisky supplier to Hong Kong SAR, with a 47% share of total imports. Moreover, whisky imports from the UK exceeded the figures recorded by the second-largest supplier, China (X litres), threefold. The third position in this ranking was taken by Singapore (X litres), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the UK totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+38.1% per year) and Singapore (-7.3% per year).

In value terms, the largest whisky suppliers to Hong Kong SAR were the UK ($X), Singapore ($X) and China ($X), together comprising 80% of total imports.

In terms of the main suppliers, China, with a CAGR of +59.3%, recorded the highest growth rate of the value of imports, 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 whisky import price amounted to $X per litre, picking up by 4.5% against the previous year. Overall, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whisky import price increased by +44.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 38% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per litre), while the price for India ($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 (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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