Lard and poultry fats market in Hong Kong

Earlier Report Observations

The market for lard and poultry fats in Hong Kong contracted significantly from over 42,700 tons in 2018 to around 34,700 tons in 2020. This decline coincided with a major shift in consumer preferences in Mainland China, where chicken consumption surpassed pork for the first time in 2018, reducing demand for pork-related fats. The market was further pressured in 2020 when soaring pig prices in China likely incentivized greater exports of animal fats from Hong Kong to the mainland, with export volumes doubling that year.

Market volume recovered to 38,064 tons in 2021, supported by a decline in China's self-sufficiency rates for both pork and poultry meat, which increased import demand. The expansion of large integrated agribusinesses also contributed to supply chain activity. Subsequently, the market stabilized near 38,000 tons in 2022 as China's domestic pig production capacity recovered rapidly and avian influenza affected poultry supply, balancing import pressures. A moderate contraction followed in 2023, aligning with a continued consumer shift toward chicken in China and a further dip in meat self-sufficiency rates.

Production lard and poultry fats in Hong Kong

In kind, 2017-2020, t

Hong Kong ranked 23rd globally in lard and poultry fats production between 2017 and 2020.

Top producers of lard and poultry fats, 2017-2020

World map of production of lard and poultry fats, 2017-2020

In 2020, Hong Kong produced 36 587 tons of lard and poultry fats, representing a 4.4% increase from 2019. Over the 2017-2020 period, production declined by 4.8%, with a compound annual growth rate of 1.6%. The lowest production level was recorded in 2019 at 35 029 tons, while the highest was in 2018 at 40 106 tons. The most significant decrease occurred in 2019, falling by 12.7%, while the largest increase was in 2018, rising by 4.4%.

Annual dynamics of production in Hong Kong in kind, 2017-2020, t

Exports lard and poultry fats from Hong Kong

Exports in kind, t

Hong Kong's exports of lard and poultry fats grew for the third consecutive year in 2020, reaching 4 323 tons. This marked an 89.9% increase compared to 2019. From 2017 to 2020, exports surged by 129.4%, translating to an annualized growth rate of 31.9%.

Annual dynamics of product's exports from Hong Kong in kind, 2017-2020, t

Between 2017 and 2020, China and the Philippines were the main importers of lard and poultry fats from Hong Kong, together accounting for 86.0% of total export volumes, with other countries making up the remaining share.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Hong Kong in kind, 2017-2020

Exports in value, K $ US

Export values showed notable fluctuations during this period. From a low in 2017 to a peak in 2020, exports increased 4.7-fold. In 2020, Hong Kong exported 6 961 thousand US dollars worth of lard and poultry fats, a 313.3% jump from the previous year. The most significant decline was recorded in 2019, dropping by 4.4%.

Annual dynamics of product's exports from Hong Kong in value, 2017-2020, K $ US

From 2017 to 2020, the Philippines and China dominated Hong Kong's lard and poultry fats exports in value terms, jointly representing 81.0% of total flows, while other destinations contributed smaller individual amounts.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Hong Kong in value, 2017-2020

Imports lard and poultry fats to Hong Kong

Imports in kind, t

Hong Kong's imports of lard and poultry fats fell for the second year in a row in 2020, totaling 2 460 tons. This represented a sharp 43.8% decrease year-over-year. Over the 2017-2020 period, imports dropped by 33.5%, with a compound annual decline of 12.7%. The highest import volume was recorded in 2018 at 4 692 tons, which also saw the largest increase of 26.8%.

Annual dynamics of product's imports to Hong Kong in kind, 2017-2020, t

Between 2017 and 2020, Hong Kong's imports of lard and poultry fats were primarily sourced from the Netherlands and Canada, which together accounted for 82.0% of total import volumes, with other countries playing a lesser role.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Hong Kong in kind, 2017-2020

Imports in value, K $ US

Hong Kong's imports of lard and poultry fats in value terms declined for the second consecutive year in 2020, amounting to 3 420 thousand US dollars. This was a steep 46.4% drop compared to the previous year. From 2017 to 2020, imports decreased by 31.4%, with a compound annual decline of 11.8%. The peak import value was in 2018 at 6 895 thousand US dollars, which also experienced the largest increase of 38.3%.

Annual dynamics of product's imports to Hong Kong in value, 2017-2020, K $ US

During 2017-2020, three key markets—the Netherlands, Canada, and China—collectively made up 92.4% of Hong Kong's total import value for lard and poultry fats.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Hong Kong in value, 2017-2020