May 2016, Gurgaon
• Tremendous rise in demand for seafood and fishery in Hong Kong leading to sharp increase in imports of sea food by Hong Kong.
• Creation of market of sustainably harvested seafood due to ‘WWF’s sustainable food guide 2013’.
Ken Research announced its latest publication on “Consumer and Market Insights: Fish & Seafood in Hong Kong” which aptly elucidates the latest scenario of sea food and fishery industry of Hong Kong. The publication outlines the insights of consumer preferences and demand, role of imports in seafood sector, major inclination towards certain products within Hong Kong’s seafood market.
Hong Kong has extremely sophisticated and competitive sea food industry accelerating at a tremendous pace. Major chunk of mushrooming domestic demand for sea food is basically fulfilled by imports since size of domestic supply is small as compared to the demand. Hong Kong also serves as trading hub for supply of sea food into china and its neighboring regions which in turn also contributes to boost in import of sea food. Economic growth in the country has led to sky rocketing demand for seafood. Hong Kong’s young population of prosperous consumers usually buy imported seafood products because they believe it to be high quality fulfilling the standards of food safety. Traditionally there was outrageous demand for fresh and live seafood but since such fancy fresh food items are extremely expensive and since young consumers look for convenient ready to made meals demand for frozen and precooked gourmet food items has risen powerfully in recent past. Since Hong Kong does not have any import restriction and zero tariff on import of sea food its demand has enhanced at a high pace. Further, better cold storage facilities, advertisement campaigns, introduction to various cuisines has also led to sky-reaching demand for seafood and fishery.
Major exporters of seafood to Hong Kong include China, Japan, US, Australia, Norway and Canada. Major seafood items imported include frozen shrimps, prawns, sea cucumber, live fish, smoked fish, crab, shellfish, scallops, clams, mussels, lobsters, oysters, king crab, etc. Demand for both value for money products like mussels and fancy delicacies like king prawns and crabs are high.
WWF recently launched ‘WWF’s 2013 sustainable seafood guide’ which has led to substantial rise in consumption of sustainably harvested sea food. It has played a pivotal role in promoting and advertising sustainable food habits amongst seafood lovers of Hong Kong. Many eminent traders have started trading only those seafood items that comply to the norms of sustainable sea food guide to fulfill demand for sustainably harvested sea food items creating huge market of such type of seafood.
*Dried Fish & Seafood will be the fastest growing value category, registering a CAGR of 4.5% during 2015-2020.
* The Fish & Seafood market in Hong Kong accounted for nearly one-fifth of the Food retail sales in 2014.
* Private label products had high market penetration of 16.8% in 2015. They compete with brands, which has resulted in private label products gaining market share from brands during 2012-2015.
* Four Seas Mercantile Holdings Ltd and Denis Group are the leading market players in the country.
Some noteworthy trends in global seafood industry include:
* Boost in demand for sea food globally.
* Consumer’s inclination towards globally harvested sea food items.
* Increase in demand for healthy sea food without additives and preservatives.
* Rise in demand for value for money seafood.
Key topics Covered in the Report:
– Detailed analysis of sea food industry of Hong Kong.
– Consumer trends, preferences and behavior.
– Causes of increasing demand for seafood in Hong Kong.
– Major seafood items imported by Hong Kong.
– Contribution of WWF in promoting sustainable seafood practices.
– Scope and trends of global seafood industry.
– Latest trends and condition of domestic seafood industry.
To know more click on the link below:
Consumer and Market Insights: Fish & Seafood in Greece
Consumer and Market Insights: Fish & Seafood in Canada
Ken Research Private Limited