Hong Kong SAR, China: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in Hong Kong SAR, China

The Hong Kong whole fresh milk market expanded slightly to $X in 2022, growing by 3.4% against the previous year. The market value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Whole fresh milk consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Whole Fresh Milk Production in Hong Kong SAR, China

In value terms, whole fresh milk production reached $X in 2022 estimated in export price. Over the period under review, the total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.9% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 17% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Whole Fresh Milk Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of whole fresh milk increased by 3.8% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, exports showed a noticeable expansion. The pace of growth was the most pronounced in 2016 when exports increased by 40%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, whole fresh milk exports reached $X in 2022. In general, total exports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 +4.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 36%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for whole fresh milk exports from Hong Kong SAR, with a 99% share of total exports. It was followed by China (X tons), with a 0.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR amounted to +3.8%.

In value terms, Macao SAR ($X) remains the key foreign market for whole fresh milk exports from Hong Kong SAR, comprising 99% of total exports. The second position in the ranking was taken by China ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR stood at +5.0%.

Export Prices by Country

In 2022, the average whole fresh milk export price amounted to $X per ton, flattening at the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, whole fresh milk export price increased by +66.7% against 2016 indices. The pace of growth appeared the most rapid in 2019 an increase of 17%. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per ton), while the average price for exports to China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Whole Fresh Milk Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of whole fresh milk were imported into Hong Kong SAR; remaining stable against the previous year's figure. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 11% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, whole fresh milk imports reached $X in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 9.9%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Thailand (X tons) and Australia (X tons) were the main suppliers of whole fresh milk imports to Hong Kong SAR, together accounting for 64% of total imports. Vietnam, Japan, France, Belgium, Germany, New Zealand, the United States and Indonesia lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +33.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest whole fresh milk suppliers to Hong Kong SAR were Thailand ($X), China ($X) and Australia ($X), with a combined 65% share of total imports. Japan, Vietnam, France, Germany, Belgium, the United States, New Zealand and Indonesia lagged somewhat behind, together comprising a further 29%.

In terms of the main suppliers, France, with a CAGR of +27.1%, saw 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 whole fresh milk import price amounted to $X per ton, growing by 3.3% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 6.6%. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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