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Hong Kong Food and Drink Report 2008

Published by: Business Monitor International

Published: Apr. 18, 2008 - 73 Pages


Table of Contents


Executive Summary



Business Environment

Regional Food & Drink Business Environment Ratings

Table: Asia Pacific Food & Drink Business Environment Ratings - Q108

Hong Kong’s Food & Drink Business Environment Rating

SWOT Analysis

Mass Grocery Retail

Hong Kong Mass Grocery Retail Industry SWOT

Food and Drink

Hong Kong Food & Drink Industry SWOT

Macroeconomic Outlook

Table: Economic Activity



Retail

Regional Overview: Declining Role Of Independent Retail In Asia Pacific

Table: MGR Versus Independent/Traditional Retailers In Selected Asia Pacific Markets, 2006 (store numbers)

Table: MGR versus Independent/Traditional Retailers In Selected Asia Pacific Markets, 2006 (sales, US$mn)

Industry Forecast Scenario

Hong Kong Mass Grocery Retail Sales by Format (US$bn) - Historical Data & Forecasts

Table: Sales Breakdown by Retail Format Type

Industry Developments

Market Overview

Table: Structure of Hong Kong’s Mass Grocery Retail Market by Estimated Number of Outlets

Table: Structure of Hong Kong’s Mass Grocery Retail Sales (US$mn) by Format

Table: Average Sales per Outlet by Format, 2006



Food and Drink

Food Regional Overview: Confectionery in the Asia Pacific region

Table: Leading Global Chocolate Manufacturers

Table: Leading Confectionery Companies in the Asia Pacific Region

Drink Regional Overview: Wine In The Asia Pacific Region

Table: Australian Wine Exports To Selected Asian Markets

Table: Wine Sales In Selected Asia Pacific Markets - Historical Data And Forecasts (mn litres)

Industry Forecast Scenario

Food

Table: Hong Kong Food Consumption - Historical Data & Forecasts

Table: Hong Kong Food Sub-Sector Indicators - Historical Data & Forecasts

Table: Food, Drink & Tobacco Sectoral Trade Forecasts



Drink

Table: Hong Kong Beverage Sub-Sector Indicators - Historical Data & Forecasts

Industry Developments

Food

Drink

Market Overview

Food

Drink



Tobacco

Industry Forecast Scenario

Table: Cigarette Value & Volume Sales - Historical Data & Forecasts

Industry Developments

Market Overview



Competitive Landscape

Key Players

Mass Grocery Retail

Table: Key Players in Hong Kong's Mass Grocery Retail Sector

Food and Drink

Table: Key Players in Hong Kong's Food & Drink Sector

Regional Company Case Studies

Food: Unilever In The Asia Pacific Region

Table: Per Capita Food Consumption in Selected Asia Pacific Markets (US$)

Drink: San Miguel Corporation In The Asia Pacific Region

Table: San Miguel Corporation In The Asia Pacific Region

Table: San Miguel Corporation Revenue And Earnings Growth By Operating Division, Q107 (%)

Table: San Miguel Corporation - Sales By Market (US$mn)

Table: San Miguel Corporation - Key Historical Data

Mass Grocery Retail: Metro In The Asia Pacific Region

Table: Metro Group - Five-Year Financial Results

Company Analysis

Mass Grocery Retail

Dairy Farm International

AS Watson

Food

Golden Resources

Drink

Tsit Wing

San Miguel Hong Kong

Vitasoy International



Food & Drink Ratings Appendix

Introduction: Revised Methodology

Ratings Overview

Ratings System

Indicators

Limits of Potential Returns

Risks to Realisation of Potential Returns

Weighting

Weighting



BMI Forecast Modelling

How We Generate Our Industry Forecasts

Retail Industry

Sources

Abstract

Activity levels in Hong Kong’s small but very mature food and beverage industry throughout 2007 highlight just how profitable a market this remains for investors. However, while high consumer spending ensures that interest and dynamism remain high, the last 12 months have seen a marked trend of local investors turning away from the islands in search of higher growth opportunities elsewhere. This report examines this trend and assesses its implications for industry sales growth and the competitive landscape. Two events from 2007 sum up this trend, one financial, one strategic. Hong Kong instant noodle producer Tingyi (Cayman Islands) Holding Corp announced H107 sales growth of 35.2% to US$1.5bn. The company has typically had to rely on Hong Kong for sales of its high value, convenience noodle products and yet it confirmed in August 2007 that China had been almost the solitary driver of this impressive growth. Hong Kong may well remain an important testing ground for new product development for Tingyi in 2008, and yet going forward, the future success of the company lies on the mainland. Tingyi’s progress in China coincided with news that San Miguel Brewery Hong Kong, the local subsidiary of the Philippines food and beverage giant, was to close one of its two Hong Kong brewing facilities and shift production to China. The decision was taken on the back of rising distribution costs, stronger long-term opportunities in China and the perceived challenges of Hong Kong’s alcoholic drinks regulatory environment - mainly excise hikes.

The increased commitment of manufacturers to China to the detriment of Hong Kong is both contributing to, and a product of, the growth outlook for Hong Kong’s food and beverage industry. To 2012, BMI expects total food consumption in Hong Kong to fall by 3.7% to US$11.2bn; discounting continues to grip the industry and manufacturers are forced to compete on price just to preserve market share in this increasingly crowded market. However, that said, even with this fall, per capita food consumption is still forecast to stand at a regionally impressive US$1,482 in 2012.

This conflict - a lack of growth opportunities, but attractive current spending levels - explains the approach currently being taken by manufacturers in Hong Kong. For example, San Miguel has already confirmed that it might consider utilising its now defunct brewing facility for soft drink or spirits production; the company is loathe to abandon the factory altogether because of the sales and profitability opportunities that do exist in the market.

Throughout 2008, this is likely to remain a prevalent feature of the market. Manufacturers will have to continue to juggle their priorities, looking to Hong Kong for immediate profits and the mainland for longterm growth.

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