With 12.000 restaurants (2021) and a large number of bars, Hong Kong has long been known as one of the world’s culinary capitals. Locals like dining out with their friends, families, and co- workers. Working professionals work long hours and would rather eat out due to the convenience, variety, and competitive pricing of dining options. On top of that, normally a major demand is also generated from 56 million visitors every year. In this article, we will show the Hong Kong food and Beverage Market.
Why is the Hong Kong food market attractive?
Hong Kong, a bustling metropolis known for its rich culture and delectable cuisine, boasts a diverse food scene that has captivated locals and tourists alike. One of the prime attractions for food enthusiasts is the lively and vibrant “Hong Kong Food Market,” where culinary wonders from all corners of the world converge to create a unique gastronomic experience.
1. A Melting Pot of Culinary Delights
The Hong Kong Food Market serves as a melting pot of culinary delights, reflecting the city’s cosmopolitan nature and diverse cultural influences. Strolling through the market’s bustling alleys, one can find a wide array of food stalls, each presenting its own signature dishes. From traditional Cantonese cuisine to international flavors, the market caters to all taste buds.
2. Traditional Cantonese Cuisine
As the heart of Cantonese culinary traditions, the Hong Kong Food Market proudly showcases an abundance of local delicacies. Dim Sum, a timeless classic, steals the spotlight with its bite-sized portions of dumplings, buns, and other savory treats. Be sure to try iconic dishes like Har Gow (shrimp dumplings) and Char Siu Bao (barbecue pork buns) for an authentic Cantonese experience.
3. A World of International Flavors
Beyond Cantonese cuisine, the market embraces a diverse range of international flavors, making it a haven for global food explorers. Visitors can savor Japanese sushi, Korean kimchi, Indian curries, Italian pasta, and much more. This fusion of tastes allows visitors to embark on a culinary journey around the world without leaving the city.
4. The Cultural Experience
The Hong Kong Food Market is not merely a place to indulge in scrumptious dishes; it also offers a glimpse into the city’s vibrant culture. As you interact with the friendly vendors and fellow food enthusiasts, you’ll witness the lively atmosphere that embodies the spirit of Hong Kong’s community.
Hong Kong food market products
Although Hong Kong’s local market is relatively small, it holds strategic importance for many food exporting companies aiming to penetrate the vast Chinese and neighboring Asian markets. This bustling city serves as a pivotal trading hub, offering a gateway for re-exporting goods into mainland China, Macau, and other Asian markets. In 2020, the total processed food and beverage exports from Hong Kong reached an impressive €4.09 billion. Among these exports, mainland China emerged as the primary destination, accounting for 56%, followed by Macau with 18%. A remarkable 84% of Hong Kong’s food and beverage exports were attributed to re-exports.
In recent years, the food retailing and catering landscape in Hong Kong has undergone significant changes in response to shifts in the local population’s lifestyles. As a result, supermarkets, fast food outlets, and theme restaurants have experienced steady growth and have become integral to the shopping and dining habits of Hong Kongers.
Leading supermarkets have adapted to meet the diverse demands of consumers, transforming into comprehensive “superstore” outlets. These innovative spaces now encompass enticing “wet market” corners, offering an array of chilled and live seafood, meat, and poultry products. In addition to that, in-store bakeries, take-away food services, and specialty selections have been introduced to enhance the overall shopping experience.
Furthermore, Hong Kong’s prominent food and beverage retailers have been witnessing a noteworthy trend of retail expansion in the higher-end sector. This development underscores the evolving demands and preferences of the discerning consumer base in the region. As Hong Kong continues to thrive as a culinary hotspot, its food market products play a pivotal role in shaping the gastronomic landscape of the entire Asian region.
Hong Kong food and beverage industry
Hong Kong’s supermarkets and convenience stores offer consumers a vast selection of options, ranging from Asian goods to well-known multinational brands.
The market in Hong Kong demonstrates a healthy demand for gourmet products while being price-conscious and seeking “value for money” goods. At the same time, consumers are willing to spend more on new products and high-quality items.
Consumers in Hong Kong are familiar with European products, considering them high-end goods, particularly Belgian chocolate and beers. The image of a European manufacturing environment and high food safety standards aids in promoting Belgian food exports to Hong Kong.
Traditionally, Hong Kong consumers shop daily due to their preference for fresh food. Traditional marketplaces, such as street (wet) markets and locally owned stores, still see a lot of shopping. Overall, street market sales lean toward fresh foods, while supermarkets dominate in processed, chilled and frozen, high-value added, and canned food products. Street markets and supermarkets are increasingly competing with one another.
To compete, major supermarket chains have transformed their stores into one-stop-shops, enabling business growth through the setting up of “wet market” corners (fish and meat counters selling chilled and live seafood, meat, and poultry products), in-store bakeries, take-away food services, and specialty selections.
The increase in dual-income families has led to a higher demand for convenience food, making ready-to-cook meals more popular. The major supermarket chains have responded by installing pre-prepared sections to serve ready-to-eat foods.
Food and beverage industry analysis in Hong Kong in 2023
Definition:
The food market encompasses all edible products purchased and consumed for their nutritional value. This market includes a wide range of both fresh and processed foods.
Structure:
The market comprises 13 distinct segments:
1. Dairy Products & Eggs: This segment includes animal products like milk, eggs, and products derived from mammal’s milk, as well as non-animal alternatives like milk substitutes. It further divides into six subsegments, covering milk, milk substitutes, yogurt, cheese, eggs, and other dairy products.
2. Meat: Encompassing animal products such as pork, poultry, and meat substitutes, this segment is divided into three subsegments: fresh meat, processed meat, and meat substitutes.
3. Fish & Seafood: Focusing on products made from fish and seafood, this segment is categorized into three subsegments: fresh fish, fresh seafood, and processed fish & seafood.
4. Fruits & Nuts: This segment includes edible fruits and nuts and is further divided into three subsegments: fresh fruits, processed & frozen fruits, and nuts.
5. Vegetables: Covering edible plants, this segment splits into two subsegments: fresh vegetables and processed & frozen vegetables.
6. Bread & Cereal Products: Encompassing baked goods made from dough and products made from cereals typically used in main meals, this segment is divided into five subsegments: bread, pasta, rice, breakfast cereals, and other cereal products.
7. Oils and Fats: This segment includes edible oils and fats derived from animals and plants, and it divides into four subsegments: butter, margarine, edible oils, and other oils & fats.
8. Sauces and Spices: Covering additional ingredients used during food preparation, this segment is categorized into three subsegments: tomato ketchup, other sauces, and spices & culinary herbs.
9. Convenience Food: This segment includes prepared food and meals that require minimal effort to prepare. It splits into two subsegments, soups, and ready-to-eat meals.
10. Spreads and Sweeteners: Encompassing spreads and sweetening ingredients added to food or beverages, this segment is divided into two subsegments, spreads, and sweeteners.
11. The Confectionery & Snacks segment includes sweet, savory, and salty foods, and divides into two subsegments: confectionery and snacks.
12. Baby Food: This segment includes food specifically meant for consumption by babies and small children.
13. Pet Food: Covering food intended exclusively for pet use.
Some highlight insights
- In 2023, experts estimate that the Food market will reach a revenue of US$31.11 billion and project its annual growth rate to be 5.02% (CAGR 2023-2028).
- The largest segment in the market is Meat, with a market volume of US$7.45 billion in 2023.
- In a global comparison, China leads with the highest revenue generation, reaching US$1,492.00 billion in 2023.
- Considering the total population figures, experts predict that per person revenues will amount to US$4,065.00 in 2023.
- By 2023, experts expect online sales to contribute to 11.8% of the total revenue in the Food market.
- Experts project the market volume to reach 7,216.00 million kilograms by 2028, with a growth rate of 3.5% in 2024.
- In 2023, experts anticipate the average volume per person in the Food market to be 826.00 kilograms.
Conclusion
The Hong Kong food market and its thriving food and beverage industry are a testament to the city’s culinary prowess. From traditional dim sum to Michelin-starred dining, and embracing sustainability and technology, Hong Kong offers a gastronomic journey like no other. Explore this culinary wonderland and savor the flavors that make Hong Kong a true food lover’s paradise.
