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Top Growth opportunities: Meat in Hong Kong

Top Growth opportunities: Meat in Hong Kong

Summary

Hong Kong has one of the fastest growing Meat sectors in value terms amongst developed markets, with a forecast CAGR for 2016-2021 of 5.6%. However, the market is relatively small when compared with other developed nations. In addition, Hong Kong is entirely dependent on food imports to meet its needs and the US is the country’s main supplier. The US protectionist policy and the appreciation of the US dollar against other currencies over the last few years have reduced the competitiveness of US products in the Hong Kong market.

Hong Kong presents a dynamic market with a sophisticated international community, where innovative and high-quality products are readily accepted, unlocking numerous opportunities for NPD. Hong Kong consumed fewer meat products per capita in the past than Austria, France, China or Portugal. However, this per capita rate reported the fastest growth between 2011 and 2016 in US dollar terms when none of the other comparison countries did - although the pattern of growth would suggest currency fluctuations were a factor. Nevertheless, Hong Kong is projected to have a far greater growth in per capita meat consumption than any of the comparison countries by 2021, and is projected to catch up with Austria. It is clearly a long term growth market for meat products.

The Meat Market in Hong Kong has been mostly driven by premiumization in the Frozen Meat, Fresh Meat, and Chilled Raw Packaged categories during 2011–2016. Many of these categories are dominated by products marketing themselves around taste and novelty for product development and marketing, as well as higher price points. Fresh Meat (Counter) is expected to register the fastest value growth as consumer’s associate freshness with higher quality products.

In Hong Kong, 64% of Meat value comes through sales in Supermarkets & Hypermarkets. This highlights them as the primary distribution channels for the market. Food & Drink Specialists in Meat often sell higher-priced items such as premium Meat cuts and types, which help it to account for 20.7% of the money spent on meat. This channel often caters to more discerning, or more knowledgeable consumers. Despite online food shopping being less prevalent in Hong Kong when compared to other developed countries, consumers are increasingly embracing the ease of online shopping with this channel accounting for almost 2% of total Meat value in 2016.

Hong Kong has a highly centralized supermarket retail network in which Hypermarkets & Supermarkets represent the leading distribution channel, accounting for 64.1% of overall meat distribution in 2016. It is followed by Food & Drinks Specialists and Convenience Stores with a share of 20.4% and 12.4% respectively.

The report Top Growth opportunities: Meat in Hong Kong, provides recommended actions and detailed analysis of how to target the best growth opportunities for meat producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of Meat markets in Hong Kong.

In depth this report access to -

  • Key consumer demographic groups driving consumption within the Hong Kong market. Improve your consumer targeting by understand who’s driving the market, what they want, and why.
  • A study of market value and volumes over 2011–2016 for Hong Kong, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
  • White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
  • Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
  • Examples of international and Hong Kong-specific product innovation targeting key consumer needs.
Companies mentioned in this report: Putian Food, Hong Kong Food, Maid, Valley Chef, Sajo, Sara Lee, CP Meat, Birds Eye, Danish Crown, Tulip.

Scope
  • Hong Kong presents a strong opportunity due the stable economic conditions and high living standards, which have fueled a sharp rise in per capita spending on meat products
  • Hong Kong’s Meat market showed strong growth between 2011-2016 and is forecast to maintain a healthy growth, albeit at a slower pace during 2016-2021
  • Food scandals over the past 5-10 years have raised concerns over Meat quality, and recent bans on imports of poultry Meat due to an outbreak of avian flu have resulted in lower supply levels and consequentially price increases.
  • Chilled Raw Packaged Meat - Whole Cuts and Frozen Meat are the largest categories by far in value terms in 2016. Fresh Meat (Counter), is forecast to maintain the fastest value growth during 2016-2021.
  • Men and Children are the demographic groups that dominate consumption in the Hong Kong Meat market
Reasons to buy
  • This report brings together consumer analysis and market data to provide actionable insight into the behavior of Hong Kong's Meat consumers.
  • This is based on GlobalData's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Meat sector.
  • Category, brand, and packaging dynamics are also examined.
  • This allows product and marketing strategies to be better aligned with the leading trends in the market.


  • Introducing a top growth market for Meat
    • Top opportunity markets
    • GlobalData Consumer's opportunity scoring methodology
    • Top 10 global growth opportunities scores
    • Top global issues
    • Assessment against global strategic issues
    • GlobalData's strategic issues map
    • Predicted future issues for the global Meat sector
    • Hong Kong reward and risk assessment
    • Opportunity score - Hong Kong Overview
    • Consumer Meat spending trends - peer group comparisons
    • Political, Economic, Social and Technological: Analysis
    • Enablers and inhibitors of growth
    • Summary of the Meat Market in Hong Kong
  • Market insight - identifying the opportunities to move into
    • Market growth by category
    • Value growth of the HK Meat market broken down by category
    • Contribution to change by value
      • Table Category values (US$ millions)
    • Volume growth of HK Meat market by Category
    • Contribution to change by volume
      • Table Category volumes (millions Kg)
    • Level of premiumization by category
    • Category analysis - key drivers of change in Meat
  • Retail and distribution insight - key channels and retailers driving growth
    • Meat retail channel share - Hong Kong
    • Key Retail Channel trends
    • Routes to market - retail overview
      • Table Supermarkets dominate the food retail landscape
    • Routes to market - key retailers
    • Drivers of change in the Meat Sector
  • Company and brand insight - the competitive landscape defined
    • Meat category fragmentation
    • Company and brand strength
    • Private label penetration
      • Table Private label growth compared to brands by categories (in value terms), in the Hong Kong's Meat market, 2011-2016
    • Brand Share by leading supplier for total Meat
    • International and domestic brand analysis
      • Table Top 5 International Meat brands
      • Table Top 5 Domestic Meat brands
    • Company and brand strength
  • Consumer insight - who, what, when, where and why
    • Strategic issues map - pitfalls and opportunities
    • Key consumer driver implications for Meat
    • Key consumer trends in Hong Kong Meat
    • Consumer groups - Key consumer targets
      • Table 2015 Consumption volume shares by consumer group
    • Consumer groups - key consumption motivators
      • Table Ambient Meat
      • Table Chilled Raw Packaged Meat - Processed
      • Table Chilled Raw Packaged Meat - Whole Cuts
      • Table Cooked Meats - Counter
      • Table Cooked Meats - Packaged
      • Table Fresh Meat - Counter
      • Table Frozen Meat
    • Key Health & Wellness trends
  • Product and packaging insights -
    • Key Product Insights in Meat
    • Trends and strategic issues - other notable product trends
    • Product insights - Key product innovation case studies
    • Key product innovation case
    • Key Packaging Insights
    • Trends and strategic issues - packaging material trends
    • Trends and strategic issues - packaging closure
    • Product launch key takeouts
  • White spaces and innovation opportunities - space to move into
    • Highest growth segments to target when entering the Hong Kong market
    • Consumer spaces to target
      • Table Top volume CAGR categories 2011 - 2016
    • Subcategory focus - further opportunities
    • Product launch key takeouts
    • Recommendations for new ways to enter the Meat Sector in Hong Kong
    • Recommendations for new ways to enter the Meat Sector in Hong Kong
    • Category Definitions: Loose & Unpackaged sales of fresh and cooked Meat are tracked
    • Category Definitions: Ambient Meat
    • Category Definitions: Frozen Meat
    • Category Definitions: Chilled Raw Packaged Meat - Whole Cuts
    • Category Definitions: Chilled Raw Packaged Meat - Processed
    • Category Definitions: Cooked Meats - Counter
    • Category Definitions: Cooked Meats - Packaged
    • Category Definitions: Fresh Meat (Counter)
    • Channel Definitions
    • Product Attribute Definitions: Food Minus
    • Product Attribute Definitions: Functional & Fortified
    • Product Attribute Definitions: Naturally Healthy (NH)
    • Product Attribute Definitions: Food Intolerance (FI)
    • Accreditation Definitions
    • Consumer Benefit Definitions: Performance
    • Consumer Benefit Definitions: Health Management
    • Consumer Benefit Definitions: Weight & Shape Management
    • Consumer Benefit Definitions: Beauty From Within
    • Consumer Benefit Definitions: General Wellbeing
    • Consumer Packaged Goods Retail Data
    • Health & Wellness data is built using detailed store audits incombination with market volumes

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