Hong Kong SAR, China: Chocolate Market 2024

Chocolate Market Size in Hong Kong SAR, China

In 2023, the Hong Kong chocolate market increased by X% to $X, rising for the second consecutive year after four years of decline. In general, the total consumption indicated a temperate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. As a result, consumption attained the peak level of $X. From 2018 to 2023, the growth of the market failed to regain momentum.

Chocolate Production in Hong Kong SAR, China

In value terms, chocolate production declined modestly to $X in 2023 estimated in export price. Over the period under review, production, however, posted buoyant growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2023, production growth failed to regain momentum.

Chocolate Exports

Exports from Hong Kong SAR, China

Chocolate exports from Hong Kong SAR soared to X tons in 2023, jumping by X% compared with 2022. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at X tons in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

In value terms, chocolate exports skyrocketed to $X in 2023. The total export value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for chocolate exports from Hong Kong SAR, with a X% share of total exports. Moreover, chocolate exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), sixfold. South Korea (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (X% per year) and South Korea (X% per year).

In value terms, China ($X) remains the key foreign market for chocolate and cocoa products exports from Hong Kong SAR, comprising X% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2023, the average chocolate export price amounted to $X per ton, standing approx. at the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Chocolate Imports

Imports into Hong Kong SAR, China

In 2023, the amount of chocolate and cocoa products imported into Hong Kong SAR soared to X tons, increasing by X% on 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2023, imports stood at a somewhat lower figure.

In value terms, chocolate imports soared to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2023, imports failed to regain momentum.

Imports by Country

China (X tons), Italy (X tons) and the Netherlands (X tons) were the main suppliers of chocolate imports to Hong Kong SAR, with a combined X% share of total imports. The United States, Belgium, Singapore, the UK, Japan, Australia, Germany, Taiwan (Chinese), Malaysia and Poland lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest chocolate suppliers to Hong Kong SAR were China ($X), Italy ($X) and the Netherlands ($X), together comprising X% of total imports. Belgium, Singapore, Japan, the United States, the UK, Australia, Germany, Poland, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further X%.

Taiwan (Chinese), with a CAGR of X%, 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 chocolate import price stood at $X per ton in 2023, surging by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, average import prices reached the maximum in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform