Hong Kong SAR, China: Market for Lucerne (Alfalfa) Meal And Pellets 2022

Market Size for Lucerne (Alfalfa) Meal And Pellets in Hong Kong SAR, China

In 2021, the Hong Kong lucerne meal and pellets market decreased by -16.6% to $X, falling for the third year in a row after two years of growth. Overall, consumption showed a deep contraction. Lucerne meal and pellets consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Lucerne (Alfalfa) Meal And Pellets in Hong Kong SAR, China

In value terms, lucerne meal and pellets production expanded remarkably to $X in 2021 estimated in export price. In general, production, however, recorded a deep downturn. The growth pace was the most rapid in 2018 with an increase of 21%. Lucerne meal and pellets production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Lucerne (Alfalfa) Meal And Pellets

Exports from Hong Kong SAR, China

In 2021, shipments abroad of lucerne (alfalfa) meal and pellets increased by 159% to X tons, rising for the sixth consecutive year after two years of decline. Overall, exports showed significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 268%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, lucerne meal and pellets exports surged to $X in 2021. In general, exports saw a significant expansion. The growth pace was the most rapid in 2016 with an increase of 649%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for lucerne meal and pellets exports from Hong Kong SAR, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +75.8%.

In value terms, China ($X) also remains the key foreign market for lucerne meal and pellets exports from Hong Kong SAR.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +58.3%.

Export Prices by Country

In 2021, the average lucerne meal and pellets export price amounted to $X per ton, with a decrease of -25.4% against the previous year. Overall, the export price saw a abrupt downturn. The most prominent rate of growth was recorded in 2016 when the average export price increased by 104% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -9.9% per year.

Imports of Lucerne (Alfalfa) Meal And Pellets

Imports into Hong Kong SAR, China

In 2021, the amount of lucerne (alfalfa) meal and pellets imported into Hong Kong SAR fell dramatically to X tons, which is down by -89.4% on 2020 figures. Overall, imports saw a dramatic contraction. The pace of growth was the most pronounced in 2017 when imports increased by 28% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lucerne meal and pellets imports plummeted to $X in 2021. Over the period under review, imports recorded a significant decrease. The pace of growth was the most pronounced in 2017 with an increase of 19% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Australia (X tons) constituted the largest supplier of lucerne meal and pellets to Hong Kong SAR, accounting for a 88% share of total imports. Moreover, lucerne meal and pellets imports from Australia exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Australia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-41.7% per year) and the Netherlands (+13.3% per year).

In value terms, Australia ($X) constituted the largest supplier of lucerne meal and pellets to Hong Kong SAR, comprising 91% of total imports. The second position in the ranking was taken by the United States ($X), with a 4.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Australia amounted to -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-42.7% per year) and the Netherlands (+12.7% per year).

Import Prices by Country

The average lucerne meal and pellets import price stood at $X per ton in 2021, picking up by 46% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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