Food - Hong Kong

Hong Kong

Revenue in the Food market amounts to US$31.09bn in 2024. The market is expected to grow annually by 5.24% (CAGR 2024-2029).
The market's largest segment is the segment Meat with a market volume of US$7.93bn in 2024.
In global comparison, most revenue is generated in China (US$1,601bn in 2024).
In relation to total population figures, per person revenues of US$4,147.00 are generated in 2024.
In the Food market, 1.4% of total revenue will be generated through online sales by 2024.
In the Food market, volume is expected to amount to 7,281.00m kg by 2029. The Food market is expected to show a volume growth of 2.9% in 2025.
The average volume per person in the Food market is expected to amount to 867.40kg in 2024.

Key regions: United States, Canada, China, India, South Korea

Definition:

The food market covers all edible products that are bought and consumed for nutrient-based purposes. The market includes both fresh and processed foods.

Structure:

The market consists of 13 different markets:

The Dairy products & Eggs market covers animal products, such as milk, eggs and products made from mammal’s milk and non-animal products, such as milk substitutes. This market is divided into six subsegments that include milk, milk substitutes, yogurt, cheese, eggs and other dairy products and eggs.
The Meat market covers animal products, such as pork, poultry, and free-from meat products, such as meat substitutes. This market is divided into three submarkets: fresh meat, processed meat, and meat substitutes.
The Fish & Seafood market covers products made from fish and seafood. This market is divided into three submarkets: fresh fish, fresh seafood, and processed fish & seafood.
Fruits & Nuts cover edible fruits and nuts. This market is divided into three submarkets: fresh fruits, processed & frozen fruits, and nuts.
The Vegetables market covers edible plants. This market is divided into two submarkets: fresh vegetables, processed & frozen vegetables.
The Bread & Cereal products market covers baked goods made from dough. Dough is made using flour, water, a leavening agent, and other optional ingredients. This market also covers products made from cereals that are usually used as part of a main meal. This market is divided into five submarkets: bread, pasta, rice, breakfast cereals and other cereal products.
The Oils and Fats market covers both edible oils and fats made from animals and plants. This market is divided into four submarkets: butter, margarine, edible oils, and other oils & fats.
The Sauces and Spices market covers additional ingredients used during the food preparation process and is divided into three submarkets: tomato ketchup, other sauces, and spices & culinary herbs.
The Convenience food market covers prepared food and meals that require little effort to prepare. This market is divided into two subsegments, soups and ready-to-eat meals.
The Spreads and Sweeteners market covers spreads and ingredients added to food or beverages to give it a sweet flavor. This market is divided into two subsegments, spreads and sweeteners.
The Confectionery & Snacks market covers sweet, savory, and salty food. This market is divided into two subsegments, confectionery and snacks.
The Baby food market covers food that is only meant to be consumed by babies and small children.
The Pet food market covers food that is intended for pet use only.

Additional Information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), and sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included. The out-of-home revenue data is only shown as a separate box at the market level.

For more information on the displayed data, click the info button on the right side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Food market in Hong Kong has seen minimal growth due to various factors such as changing consumer preferences, increasing competition, and the economic slowdown. Despite the slow growth rate, the market is driven by the convenience offered by online food services and the rising health awareness among consumers. Additionally, the demand for healthier and sustainable food options has also contributed to the market's growth. However, the market is facing challenges such as food safety concerns and fluctuating prices of key ingredients. To sustain growth, companies are focusing on product innovation and expanding into new sub-markets.

Customer preferences: In Hong Kong, there has been a noticeable shift towards healthier food options among consumers, driven by growing health and wellness concerns. This has led to an increased demand for organic and locally-sourced products, as well as a rise in popularity of plant-based and vegetarian diets. Additionally, with the rise of social media and influencer culture, there has been a growing interest in unique and photogenic food experiences, leading to a rise in food tourism and the emergence of food-centric events and festivals. These trends reflect the evolving lifestyle choices and preferences of Hong Kong consumers.

Trends in the market: In Hong Kong's Food Market, there is a current trend towards using technology to enhance the dining experience. This includes the use of mobile apps for ordering and payment, as well as digital menus and self-service kiosks. These trends are driven by the need for convenience and efficiency, as well as the desire for a more contactless dining experience in light of the COVID-19 pandemic. This trajectory is expected to continue as consumers become more accustomed to using technology in their daily lives. Industry stakeholders must adapt to these changes by investing in and implementing digital solutions to remain competitive in the market. Failure to do so could result in losing customers to competitors who offer a more seamless and technology-driven dining experience.

Local special circumstances: In Hong Kong, The Food market is heavily influenced by its unique geographical location as a major international trading hub. This allows for a diverse range of food products to be imported from all over the world, creating a melting pot of culinary influences. Additionally, Hong Kong's cultural diversity, with a fusion of Chinese and Western influences, plays a significant role in shaping The Food market. The city's strict food safety regulations also ensure high quality and standards for all food products, further distinguishing it from other markets.

Underlying macroeconomic factors: The Food market in Hong Kong is greatly impacted by macroeconomic factors such as the country's economic health, global economic trends, and fiscal policies. With a strong economy and stable political environment, Hong Kong has become a hub for international trade and investment, leading to a growing demand for high-quality food products. Additionally, the rising income levels and changing consumer preferences in Hong Kong have also contributed to the growth of The Food market. The government's support for the food industry and investments in infrastructure have further bolstered the market, providing opportunities for both local and international food businesses to thrive in Hong Kong.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.