Hong Kong SAR, China: Wine Market 2024

Wine Market Size in Hong Kong SAR, China

The Hong Kong wine market skyrocketed to $X in 2021, growing by 26% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Wine consumption peaked in 2021 and is likely to see gradual growth in the immediate term.

Wine Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of wine were finally on the rise to reach X litres after two years of decline. Over the period under review, exports, however, recorded a deep setback. Over the period under review, the exports attained the peak figure at X litres in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, wine exports soared to $X in 2021. In general, exports, however, recorded a mild reduction. The most prominent rate of growth was recorded in 2015 with an increase of 94% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

China (X litres) was the main destination for wine exports from Hong Kong SAR, accounting for a 72% share of total exports. Moreover, wine exports to China exceeded the volume sent to the second major destination, Macao SAR (X litres), fourfold.

From 2012 to 2021, the average annual growth rate of volume to China stood at -10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-1.9% per year) and Singapore (+11.4% per year).

In value terms, China ($X), Macao SAR ($X) and Singapore ($X) constituted the largest markets for wine exported from Hong Kong SAR worldwide, together comprising 71% of total exports.

In terms of the main countries of destination, Singapore, with a CAGR of +15.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average wine export price amounted to $X per litre, surging by 14% against the previous year. In general, the export price posted a strong expansion. The growth pace was the most rapid in 2016 when the average export price increased by 33%. As a result, the export price attained the peak level of $X per litre. From 2017 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per litre), while the average price for exports to China ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of wine was finally on the rise to reach X litres after five years of decline. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 21%. As a result, imports attained the peak of X litres. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, wine imports surged to $X in 2021. Over the period under review, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Australia (X litres), France (X litres) and Singapore (X litres) were the main suppliers of wine imports to Hong Kong SAR, together accounting for 58% of total imports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +19.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of wine to Hong Kong SAR, comprising 43% of total imports. The second position in the ranking was taken by the UK ($X), with a 14% share of total imports. It was followed by Australia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from France amounted to +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-2.2% per year) and Australia (+9.2% per year).

Import Prices by Country

The average wine import price stood at $X per litre in 2021, with an increase of 18% against the previous year. In general, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wine import price increased by +12.5% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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