Welcome to Hong Kong Coaching Day organized by Food from Finland!
Hong Kong is one of the focus markets for Food from Finland to support export of Finnish food and beverage products. That is why we at Food from Finland want to have up-to-date market information and share it among Finnish food and beverage companies!
On the coaching day, we will share current market development and trend, market outlook, practices of food and beverage export to Hong Kong. The coaching day is organized through Webinar on 4th May, from 9am to 2pm. Please fill in the registration form and we will inform you on more detailed training schedule and webinar link.
Hong Kong is an unique international market with diversity. It holds a strategic market position for many foreign companies expanding to Asian countries, especially mainland China. In 2018, Mainland China was the largest market for Hong Kong’s processed food and beverage exports, accounting for 41% of the total, followed by Vietnam on 20%. Therefore, Hong Kong is also considered a market for many exporters as a bridge to mainland China.
While over 90% of food and beverage products are imported in Hong Kong, the food and beverages industry in Hong Kong largely centers on re-export activities. In 2018, re-exports accounted for more than 90% of Hong Kong’s total exports of food and beverages, according to HKTDC.com.
According to Euromonitor, 2019 saw further consistent and stable growth in sales of packaged food in Hong Kong. This is a sign of a stable and mature industry. Hong Kong’s consumers embraced a more diverse range of packaged food options, with adherence and loyalty to specific product types having been significantly weakened. Instead of sticking to one product choice, consumers are increasingly eager to try more novel options.
Multinational companies in food manufacturing still dominates the market, however, these companies mainly sell baby products and mostly aiming at mainland China tourists in Hong Kong. Supermarkets remains the leading retail distribution channel for packaged food in Hong Kong. The main reason is the strong coverage of the leading chained players, with supermarkets present in all parts of the territory.
According to Euromonitor’s forecast research, rising health consciousness is likely to lead many packaged food players to focus their new product development on the health and wellness trend. The government is likely to play a major role by imposing new regulations that encourage manufacturers to improve nutritional content, while the requirement to clearly display ingredient lists on packaging is likely to result in a more informed consumer base.
When the outbreak of Coronavirus also largely influenced tourism, restaurant and bar business, as well as normal lifestyle in Hong Kong, many supermarket chains also started to seek business opportunities in e-commerce.
Considering the diversity and demand of the market, Finnish food and beverage companies can seek the opportunity to attract health conscious consumers in Hong Kong.