The food and beverage (F&B) industry in Hong Kong is a vibrant and diverse sector that offers a unique culinary experience. From street food to Michelin-starred restaurants, the industry caters to every taste and budget. It reflects the city’s cultural diversity with a wide range of cuisines available. The F&B industry embraces modern trends, including food delivery services and sustainability. Despite challenges, it remains resilient and continues to thrive, contributing to Hong Kong’s vibrant culture and economy.
Food and beverage (F&B) industry in Hong Kong
The food and beverage (F&B) industry in Hong Kong has long been regarded as one of the most vibrant and diverse in Asia. With its rich culinary traditions, international influences, and entrepreneurial spirit, the city offers a gastronomic experience that is truly unique. From street food stalls to Michelin-starred restaurants, Hong Kong’s F&B industry caters to every palate and budget.
One of the defining characteristics of the F&B industry in Hong Kong is its incredible diversity. Hong Kong is a vibrant city that serves as a melting pot for various cultures, and this cultural diversity is beautifully mirrored in its dynamic and eclectic food scene. Visitors and locals alike can savor an array of cuisines, including Cantonese, Shanghainese, Sichuan, Japanese, Korean, Thai, Indian, Italian, French, and more. Whether you’re craving dim sum, hotpot, sushi, or pasta, you’ll find it all in Hong Kong.
Hong Kong’s F&B industry also encompasses a wide range of dining experiences. From humble dai pai dongs (open-air food stalls) serving up cheap and tasty local dishes to luxurious fine dining establishments offering exquisite tasting menus, there is something for everyone. The city boasts numerous Michelin-starred restaurants, with chefs from around the world making their mark on the culinary scene. These establishments not only showcase culinary excellence but also contribute to Hong Kong’s reputation as a global gastronomic destination.
The city’s fast-paced lifestyle has fueled the growth of another prominent aspect of the F&B industry in Hong Kong: quick-service restaurants and casual dining chains. From traditional cha chaan tengs (Hong Kong-style diners) to international fast-food franchises, these establishments cater to those seeking a quick and convenient meal. Hong Kong’s F&B landscape is dotted with popular chains offering a variety of cuisines at affordable prices, making dining out accessible to a wide range of people.
While traditional dining experiences play a significant role, Hong Kong’s F&B industry has also embraced modern trends and innovations. Food delivery services have become increasingly popular, allowing people to enjoy restaurant-quality meals in the comfort of their own homes. Online platforms and apps have revolutionized the way people discover, order, and review food, making it easier for consumers to explore different options and provide feedback. This digital transformation has undoubtedly reshaped the landscape of the F&B industry in Hong Kong.
In recent years, sustainability and healthy eating have emerged as important trends in the F&B industry globally, and Hong Kong is no exception. Organic and farm-to-table restaurants have gained traction, emphasizing locally sourced and environmentally friendly ingredients. The demand for vegetarian and vegan options has also increased, leading to the rise of plant-based eateries and menu items.
Despite its many successes, the F&B industry in Hong Kong has faced challenges, particularly in the wake of the COVID-19 pandemic. The city’s dining establishments have had to adapt to changing regulations, implement safety measures, and find innovative ways to reach customers. However, Hong Kong’s resilient spirit and entrepreneurial drive have allowed the industry to weather the storm and continue to thrive.
The F&B industry of Hong Kong is a dynamic and diverse sector that caters to the city’s residents and visitors with a wide range of culinary experiences. From traditional Cantonese cuisine to international flavors, from street food to Michelin-starred restaurants, Hong Kong’s F&B scene offers something for everyone. With its embrace of modern trends and innovations, coupled with a growing emphasis on sustainability and healthy eating, the industry remains at the forefront of the city’s cultural and economic landscape.
Hong Kong Food and Beverage (F&B) industry statistics analysis
The food and beverage (F&B) industry in Hong Kong encompasses a diverse range of sectors, including food, alcoholic drinks, non-alcohol drinks, and hot drinks. According to Statista Company, showing the statistics, and analysis of market trends within these sectors provides valuable insights into their growth and dynamics in the food and beverage (F&B) industry in Hong Kong.
Food market
The Food market is set to achieve a revenue of US$30.95 billion in 2023, with an anticipated annual growth rate of 5.21% (CAGR 2023-2028). Among its segments, Meat stands out as the largest, boasting a market volume of US$7.32 billion in 2023. Globally, China takes the lead in revenue generation, reaching an impressive US$1,319.00 billion in 2023.
When considering the overall population, the per-person revenue for 2023 is estimated at US$4,043.00. Online sales are predicted to contribute 11.8% to the total revenue of the Food market by 2023. Looking ahead, the market volume is projected to reach 7,209.00 million kilograms by 2028, with a growth rate of 3.5% expected in 2024. On an individual level, the average volume per person in the Food market is anticipated to be 825.00 kilograms in 2023.
Alcoholic drinks market
The alcoholic drinks market’s revenue in Hong Kong is projected to amount to US$2,531.00 million in 2023. The market is expected to grow annually by 7.58% between 2023 and 2027. The largest segment within this market is beer, with a market volume of US$1,287.00 million in 2023. China generates the highest revenue in the global comparison, with an estimated US$336.40 billion in 2023.
Within the alcoholic drinks market, it is expected that 6.4% of total revenue will be generated through online sales by 2023. Additionally, by 2027, 65% of spending and 38% of volume consumption in the alcoholic drinks market will be attributable to out-of-home consumption, such as in bars and restaurants. The volume in the alcoholic drinks market is expected to reach 236.70 million liters by 2027, with a projected volume growth of 3.6% in 2024. In 2023, it is anticipated that the average person in the alcoholic drinks market will consume approximately 26.98 liters.
Non-alcoholic drinks market
The non-alcoholic drinks market’s revenue is projected to reach US$3.59 billion in 2023, with an expected annual growth rate of 5.50% between 2023 and 2027. The largest segment within this market is soft drinks, with a market volume of US$1.95 billion in 2023. The United States generates the highest revenue in the global comparison, with an estimated US$496.50 billion in 2023.
Similar to the alcoholic drinks market, 7.3% of total revenue in the non-alcoholic drinks market is expected to be generated through online sales by 2023. By 2027, 27% of spending and 14% of volume consumption in this market will be attributable to out-of-home consumption. The volume in the non-alcoholic drinks market is projected to amount to 1,658.00 million liters by 2027, with volume growth of 3.2% expected in 2024. The average volume per person in this market is expected to reach 208.30 liters in 2023.
Hot drinks market
The hot drinks market is expected to generate revenue of US$2,583.00 million in 2023, growing at an annual rate of 2.20% between 2023 and 2025. The largest segment within this market is coffee, with a market volume of US$1,848.00 million in 2023. China leads in generating revenue on a global scale, with an estimated US$130.80 billion in 2023.
Online sales are projected to contribute 5.9% of total revenue in the hot drinks market by 2023. Out-of-home consumption is projected to account for 80% of spending and 16% of volume consumption in this market by 2025. The volume in the hot drinks market is expected to amount to 26.61 million kilograms by 2025, with a slight volume decline of -0.1% projected in 2024. The average volume per person in this market is expected to be 3.48 kilograms in 2023.
These statistics and market analysis provide an overview of the projected revenue, market volume, user penetration, and consumption patterns within the food and beverage industry in Hong Kong. It highlights the significance of different sectors within the industry and provides insights into their growth potential and consumer behavior trends. This analysis of statistics provides more information about Hong Kong Food and Beverage to businesses, policymakers, and industry professionals seeking to understand the dynamics and opportunities within the thriving food and beverage industry in Hong Kong.
The food and beverage (F&B) industry in Hong Kong is a dynamic and integral part of the city’s cultural fabric and economic landscape. With its diverse culinary offerings, from traditional Cantonese cuisine to international flavors, and its embrace of modern trends and sustainability, the industry caters to the evolving preferences of residents and visitors. Despite challenges, the F&B industry in Hong Kong demonstrates resilience and adaptability, ensuring its ongoing growth and contribution to the city’s vibrant dining scene.
