Sucrose in solid form market in Hong Kong

Earlier Report Observations

The market for sucrose in solid form in Hong Kong showed significant volume fluctuations between 2018 and 2023. Physical market size peaked at 210 thousand tonnes in 2019, then contracted by 22% to 164 thousand tonnes in 2020 and by a further 16% to 138 thousand tonnes in 2021. It stabilized around 140 thousand tonnes in 2022 before a modest decline to 135 thousand tonnes in 2023. In value terms, the market demonstrated more consistent growth after 2021, rising from USD 74.9 million to USD 95.1 million by 2023, indicating rising prices or a shift in demand composition.

Toward the end of the observed period, new factors emerged with potential influence on the market. In December 2024, the Hong Kong Food and Environmental Hygiene Department amended the Preservatives and Antioxidants Regulations, revising rules for food additives which could affect processing and labeling requirements for products containing sucrose. Concurrently, the 2023 municipal solid waste monitoring report showed a decrease in food waste and plastic packaging disposal, pointing to shifts in consumer behavior and environmental policy. Regional consumer index studies in the first half of 2024 also noted a recovery in demand for packaged food and beverages in Taiwan, reflecting broader regional consumption trends.

Production sucrose in solid form in Hong Kong

In kind, 2017-2020, t

Top producers of sucrose in solid form, 2017-2020

World map of production of sucrose in solid form, 2017-2020

Hong Kong's production of sucrose in solid form saw a two-year improvement before declining. In 2020, production reached 10 488 tonnes, marking a slight year-over-year decrease of 1.2%. Over the period from 2017 to 2020, overall production increased by 8.4%, with a compound annual growth rate of 2.7%. The peak was recorded in 2019 at 10 617 tonnes, while the largest annual increase occurred in 2018 at 6.1%.

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

In value, 2017-2020, K $ US

Following a two-year decline, Hong Kong's production value of sucrose in solid form rebounded. In 2020, the output was valued at 6 124 thousand US dollars, reflecting a moderate increase of 3.3% compared to 2019. From 2017 to 2020, however, production value decreased by 5.7%, with a compound annual growth rate of -1.9%. The lowest value was recorded in 2019 at 5 930 thousand US dollars, and the largest annual decline occurred in 2018 at 5.3%.

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

Exports sucrose in solid form from Hong Kong

Exports in kind, K t

Hong Kong's exports of sucrose in solid form declined for the third consecutive year. In 2020, exports amounted to 8.5 thousand tonnes, showing a sharp year-over-year contraction of 32.2%. Over the period from 2017 to 2020, exports decreased by 55.9%, with a compound annual growth rate of -23.9%.

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

From 2017 to 2020, Macao and China consistently accounted for 83.3% of total exports in volume, indicating a high degree of market concentration, with a long tail of smaller markets making up the remainder.

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

Exports of sucrose in solid form from Hong Kong declined for the third year in a row. In 2020, exports totalled 4 968 thousand US dollars, corresponding to a dramatic year-over-year decline of 29.1%. Over the period from 2017 to 2020, exports decreased by 61.6%, with a compound annual growth rate of -27.3%.

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

Between 2017 and 2020, Macao, with 42.6% of exports in value terms, China at 37.3%, and Asia, not elsewhere specified, at 12.1%, led the export structure. Together, these three accounted for 91.9% of total export 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 sucrose in solid form to Hong Kong

Imports in kind, K t

In 2020, Hong Kong's imports of sucrose in solid form totalled 162.2 thousand tonnes, which is 23.5% less compared to 2019. Between 2017 and 2020, imports decreased by 7.5%, equating to an annualized rate of -2.6%. The highest value was recorded in 2019 at 212.0 thousand tonnes, with the largest annual increase also occurring in 2019 at 29.5%.

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

From 2017 to 2020, South Korea and Thailand formed a dominant pair for imports in volume, jointly accounting for 80.2% of total flows, while other countries represented the remaining share.

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

In 2020, Hong Kong's imports of sucrose in solid form amounted to 72 862 thousand US dollars, representing a strong drop of 21.6% compared with 2019. Between 2017 and 2020, imports decreased by 25.7%, equating to an annualized rate of -9.4%. The largest annual increase was recorded in 2019 at 17.0%.

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

Throughout 2017 to 2020, South Korea, with 44.8% of imports in value terms, Thailand at 30.3%, and China at 10.9%, formed the core of imports. Together, these three accounted for 86.0% of total import 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