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Hong Kong SAR, China - Lamb And Sheep Meat - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Apr 1, 2024

Hong Kong SAR, China - Lamb And Sheep Meat - Market Analysis, Forecast, Size, Trends and Insights

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Article Publishing Date: Mar 5, 2024

Imports of Lamb and Sheep Meat Surge to $4.8M in Hong Kong in November 2023

Hong Kong Lamb and Sheep Meat Imports

For the third month in a row, Hong Kong recorded growth in overseas purchases of lamb and sheep meat, which increased by 82% to 635 tons in November 2023. Over the period under review, imports showed resilient growth. The most prominent rate of growth was recorded in September 2023 with an increase of 89% month-to-month. Imports peaked in November 2023.

In value terms, lamb and sheep meat imports skyrocketed to $4.8M (IndexBox estimates) in November 2023. Overall, total imports indicated a moderate expansion from November 2022 to November 2023: its value increased at an average monthly rate of +3.4% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on November 2023 figures, imports increased by +133.4% against August 2023 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.Hong Kong Lamb and Sheep Meat Imports By Country (Thousand USD)

COUNTRYImport Value of Lamb and Sheep Meat in Hong Kong (thousand USD)
Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023Apr 2023May 2023Jun 2023Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023
New Zealand1,4152,0862,4671,2461,7512,3402,0741,3891,6659451,7721,1252,260
Australia8509071,0718621,1238911,3063969826466609511,375
China632551915398791544959569536327832674889
United Kingdom23524624318447.913194.637123.011339.4176136
Others12625525.411817120.262.932.444.242.544.132.6182
Total3,2594,0454,7212,8083,8843,9264,4982,7573,2502,0743,3482,9594,841

Imports by Country

Australia (291 tons), New Zealand (158 tons) and China (111 tons) were the main suppliers of lamb and sheep meat imports to Hong Kong, with a combined 88% share of total imports.

From November 2022 to November 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +9.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, New Zealand ($2.3M), Australia ($1.4M) and China ($889K) appeared to be the largest lamb and sheep meat suppliers to Hong Kong, with a combined 93% share of total imports.

Australia, with a CAGR of +4.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Imports by Type

In November 2023, frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (437 tons) constituted the largest type of lamb and sheep meat supplied to Hong Kong, accounting for a 69% share of total imports. Moreover, frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) exceeded the figures recorded for the second-largest type, frozen sheep (including lamb) boneless cuts (145 tons), threefold. Fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (32 tons) ranked third in terms of total imports with a 5% share.

From November 2022 to November 2023, the average monthly growth rate of the volume of import of frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) totaled +6.8%. With regard to the other supplied products, the following average monthly rates of growth were recorded: frozen sheep (including lamb) boneless cuts (+12.3% per month) and fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) (-2.7% per month).

In value terms, frozen sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses) ($2.8M) constituted the largest type of lamb and sheep meat supplied to Hong Kong, comprising 57% of total imports. The second position in the ranking was taken by frozen sheep (including lamb) boneless cuts ($1M), with a 21% share of total imports. It was followed by fresh or chilled sheep (including lamb) cuts with bone in (excluding carcasses and half-carcasses), with a 15% share.

Import Prices by Country

In November 2023, the lamb and sheep meat price stood at $7,626 per ton (CIF, Hong Kong), reducing by -10% against the previous month. Overall, the import price saw a perceptible reduction. The most prominent rate of growth was recorded in April 2023 when the average import price increased by 18% against the previous month. As a result, import price reached the peak level of $14,601 per ton. From May 2023 to November 2023, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was New Zealand ($14,314 per ton), while the price for Russia ($1,857 per ton) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Iceland (0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for lamb and sheep meat in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 977 - Meat of sheep

Country coverage:

  • Hong Kong SAR

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in Hong Kong SAR, China
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. COUNTRIES WITH TOP YIELDS
    4. TOP EXPORTING COUNTRIES
    5. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION, PRODUCING ANIMALS AND YIELD

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Yield And Growth
    16. Exports And Growth
    17. Export Prices And Growth
    18. Market Size And Growth
    19. Per Capita Consumption
    20. Imports And Growth
    21. Import Prices
    22. Production, In Physical Terms, 2012–2023
    23. Production, In Value Terms, 2012–2023
    24. Producing Animals Slaughtered, 2012–2023
    25. Yield, 2012–2023
    26. Imports, In Physical Terms, 2012–2023
    27. Imports, In Value Terms, 2012–2023
    28. Imports, In Physical Terms, By Country, 2023
    29. Imports, In Physical Terms, By Country, 2012–2023
    30. Imports, In Value Terms, By Country, 2012–2023
    31. Import Prices, By Country Of Origin, 2012–2023
    32. Exports, In Physical Terms, 2012–2023
    33. Exports, In Value Terms, 2012–2023
    34. Exports, In Physical Terms, By Country, 2023
    35. Exports, In Physical Terms, By Country, 2012–2023
    36. Exports, In Value Terms, By Country, 2012–2023
    37. Export Prices, By Country Of Destination, 2012–2023

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