Milk and cream market in Hong Kong

Earlier Report Observations

The market for not concentrated, not sweetened milk and cream in Hong Kong opened the period at 86 468 t in 2018. Volume rose to 87 191 t in 2019, a growth supported by increasing per capita disposable income in China and Hong Kong which lifted dairy consumption, alongside the expansion of ruminant herd size and scale farming in China that bolstered raw milk supply. The market value, however, declined to $99.1 million that year. Volume growth continued into 2020, reaching 89 346 t, while value recovered to $103.2 million.

From 2021 to 2023, market volume stabilized, moving from 89 451 t to 88 325 t with only minor fluctuations. In contrast, the market value demonstrated a steady upward trend, climbing from $103.6 million to $108.4 million over the same three years, pointing to higher average prices or a consumer shift toward more premium product segments within the category.

The year 2024 saw significant regulatory and trade developments with the implementation of Hong Kong's Preservatives in Food (Amendment) Regulation 2024, which updated food safety standards. Concurrently, China's anti-subsidy probe and imposition of tariffs on EU dairy products, including specific high-fat milk and cream, directly affected import dynamics. Other notable factors included continued expansion of domestic milk and cream production capacity in China, a growing consumer preference for high-end and nutritious dairy products, and a rise in online retail sales channels in Hong Kong.

Production milk and cream in Hong Kong

In kind, 2017-2020, t

Top producers of milk and cream, 2017-2020

World map of production of milk and cream, 2017-2020

Hong Kong produced 60.0 t of milk and cream in 2020, showing only minor fluctuations compared to the previous year. The largest decline occurred in 2018 at 0.0%, while the largest increase was also recorded in 2018 at 0.0%.

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

In value, 2017-2020, K $ US

Milk and cream production in Hong Kong increased for the third consecutive year. In 2020, output was valued at 131.4 K $ US, reflecting a slight advance of 2.7% relative to the prior year. Over the period from 2017 to 2020, production grew by 40.3%, with a compound annual growth rate of 11.9%.

Annual dynamics of production in Hong Kong in value, 2017-2020, K $ US

Exports milk and cream from Hong Kong

Exports in kind, t

Foreign milk and cream supplies from Hong Kong declined for the third consecutive year. In 2020, exports stood at 7 560 t, indicating a reduction of 23.4% year-over-year. Between 2017 and 2020, exports decreased by 49%, equating to an annualized rate of 20.1%.

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

From 2017 to 2020, the country structure of exports in kind was primarily shaped by Macao and China, which together accounted for 99.5% of total flows.

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, M $ US

Milk and cream shipments from Hong Kong to abroad declined for the third consecutive year. In 2020, exports totalled 16.6 M $ US, representing a solid decline of 21.3% from 2019. Between 2017 and 2020, exports decreased by 28.4%, equating to an annualized rate of 10.6%.

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

Throughout 2017–2020, Macao and China remained the main destinations for exports in value terms, accounting together for 99.7% of total flows.

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 milk and cream to Hong Kong

Imports in kind, t

Milk and cream imports to Hong Kong declined for the second consecutive year. In 2020, import volume totalled 96 846 t, showing minimal change over the past year. The maximum value was recorded in 2018 at 97 874 t. The largest decline occurred in 2019 at 0.9%, while the largest increase was in 2018 at 2.2%.

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

Over 2017–2020, China (26.8% of imports in kind), Australia (17.0% of imports in kind), and Thailand (13.3% of imports in kind) remained the leading destinations in the country structure of imports in kind, with a combined share of 57.1% of total flows.

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, M $ US

Milk and cream imports to Hong Kong declined for the second consecutive year. In 2020, imports registered 119.6 M $ US, remaining virtually unchanged relative to the prior year. Over the period from 2017 to 2020, imports increased by 2.6%, with a compound annual growth rate of 0.9%. The maximum value was recorded in 2018 at 124.4 M $ US. The largest decline occurred in 2019 at 3.5%, while the largest increase was in 2018 at 6.7%.

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

Over 2017–2020, China (18.8% of imports in value terms), Australia (17.4% of imports in value terms), and Thailand (13.9% of imports in value terms) made the biggest contribution to imports in value terms, jointly accounting for 50.2% of total flows.

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

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