Hong Kong SAR, China - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSpice Price in Hong Kong SAR - 2023
Contents:
- Spice Price in Hong Kong SAR (CIF) - 2022
- Spice Price in Hong Kong SAR (FOB) - 2022
- Spice Imports in Hong Kong SAR
- Spice Exports in Hong Kong SAR
Spice Price in Hong Kong SAR (CIF) - 2022
The average spice import price stood at $4,736 per ton in 2022, shrinking by -14.8% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 45% against the previous year. As a result, import price attained the peak level of $11,761 per ton. From 2019 to 2022, the average import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($14,872 per ton), while the price for India ($2,965 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Spice Price in Hong Kong SAR (FOB) - 2022
In 2022, the average spice export price amounted to $5,797 per ton, reducing by -19.7% against the previous year. Overall, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spice export price decreased by -38.0% against 2018 indices. The growth pace was the most rapid in 2016 an increase of 30% against the previous year. The export price peaked at $9,346 per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($11,612 per ton), while the average price for exports to China ($2,832 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+27.5%), while the prices for the other major destinations experienced more modest paces of growth.
Spice Imports in Hong Kong SAR
In 2022, overseas purchases of spices decreased by -14.2% to 6K tons, falling for the second year in a row after two years of growth. Over the period under review, imports saw a deep contraction. The pace of growth appeared the most rapid in 2020 with an increase of 9%. As a result, imports reached the peak of 7.6K tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, spice imports fell notably to $28M in 2022. In general, imports faced a precipitous contraction. The most prominent rate of growth was recorded in 2020 with an increase of 5.7% against the previous year. As a result, imports reached the peak of $67M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
Import of Spice in Hong Kong SAR (Million USD) | |||||
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COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
China | 12.1 | 12.5 | 5.5 | 7.9 | -13.2% |
Thailand | 2.2 | 2.2 | 2.9 | 4.5 | 26.9% |
India | 2.6 | 2.3 | 3.8 | 3.4 | 9.4% |
United States | 2.0 | 2.4 | 1.6 | 1.8 | -3.5% |
Indonesia | 2.6 | 2.3 | 3.0 | 1.4 | -18.6% |
Vietnam | 1.3 | 1.7 | 2.2 | 1.4 | 2.5% |
Malaysia | 1.7 | 1.1 | 1.3 | 1.2 | -11.0% |
Singapore | 0.7 | 0.8 | 1.0 | 0.9 | 8.7% |
Japan | 0.6 | 1.1 | 1.7 | 0.9 | 14.5% |
Pakistan | 0.5 | 0.7 | 0.8 | 0.8 | 17.0% |
Italy | 0.2 | 0.5 | 0.4 | 0.6 | 44.2% |
Iran | 31.8 | 34.2 | 8.8 | 0.1 | -85.3% |
Others | 5.0 | 5.2 | 5.6 | 3.4 | -12.1% |
Total | 63.4 | 67.0 | 38.7 | 28.3 | -23.6% |
Top Suppliers of Spice to Hong Kong SAR in 2022:
- China (1908.2 tons)
- India (1134.8 tons)
- Thailand (1029.0 tons)
- Indonesia (286.0 tons)
- Vietnam (245.8 tons)
- Pakistan (240.3 tons)
- Malaysia (218.6 tons)
- Singapore (146.5 tons)
- Japan (129.3 tons)
- United States (120.9 tons)
- Italy (96.1 tons)
- Iran (5.4 tons)
Spice Exports in Hong Kong SAR
Spice exports from Hong Kong SAR reduced rapidly to 880 tons in 2022, which is down by -32.6% on the year before. Overall, exports saw a abrupt downturn. The growth pace was the most rapid in 2021 when exports increased by 6.8% against the previous year.
In value terms, spice exports shrank notably to $5.1M in 2022. In general, exports saw a dramatic contraction. The pace of growth was the most pronounced in 2021 when exports increased by 2.3% against the previous year.
Export of Spice in Hong Kong SAR (Thousand USD) | |||||
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COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Macao SAR | 1,565 | 1,473 | 1,378 | 1,352 | -4.8% |
China | 2,436 | 2,210 | 4,902 | 972 | -26.4% |
Canada | 657 | 597 | 565 | 669 | 0.6% |
Netherlands | 343 | 373 | 470 | 371 | 2.7% |
United States | 727 | 591 | 754 | 341 | -22.3% |
Australia | 173 | 222 | 251 | 317 | 22.4% |
United Kingdom | 678 | 341 | 365 | 315 | -22.5% |
United Arab Emirates | N/A | N/A | N/A | 144 | 0% |
Mexico | 37.3 | 269 | 11.1 | 136 | 53.9% |
Taiwan (Chinese) | 2,825 | 1,571 | 4.1 | 32.5 | -77.4% |
Vietnam | N/A | 425 | 49.7 | N/A | -88.3% |
South Africa | 122 | 351 | 107 | N/A | -6.3% |
Saudi Arabia | 4,024 | N/A | N/A | N/A | 0% |
Others | 792 | 790 | 566 | 455 | -16.9% |
Total | 14,381 | 9,213 | 9,424 | 5,103 | -29.2% |
Top Export Markets for Spice from Hong Kong SAR in 2022:
- China (343.1 tons)
- Macao SAR (185.8 tons)
- Canada (94.8 tons)
- United States (53.3 tons)
- Netherlands (36.3 tons)
- Australia (34.3 tons)
- United Arab Emirates (32.0 tons)
- United Kingdom (27.1 tons)
- Mexico (20.0 tons)
- Taiwan (Chinese) (4.2 tons)
This report provides an in-depth analysis of the spice market 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 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
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:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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