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 highly advanced and developed seafood market. Various factors are responsible for commendable rise of demand for seafood. Domestic demand for seafood is so high that it has surpassed home supply which subsequently escalated demand for imports substantially. Since, Hong Kong is major supplier of fishery and other seafood items to its neighboring nations (including China), huge influx of seafood imports is witnessed in economy to fulfill the purpose of trade. Hong Kong’s youth is prime consumer of seafood imports. Economic growth in the country has led to enhancement of wealth of young citizens who are prime buyers of seafood. Further, people are demanding more of imported sea food assuming it to be superior to domestically harvested sea food in terms of food quality, hygiene and safety. This has created outrageous demand for seafood imports in Hong Kong economy. Traditionally, there was huge demand for unprocessed and fresh fish and seafood products but now demand for prepackaged and processed sea food is rising since they are relatively inexpensive, readily available and more convenient. Since, young consumers look for convenient ready to made meals demand for frozen and precooked gourmet food items has risen powerfully in recent past. Hong Kong has promoted free trade of seafood with no import limitation and import tariffs which has drastically improved demand for seafood since seafood can now be imported at very low cost. Other factors like aggressive advertisement campaigns for promoting more consumption of imported seafood and improved cold storage technologies has sky rocketed demand for seafood. Globalization has introduced consumers with new tastes, different cuisines and new methods of cooking which played a significant role in intensifying demand for seafood.
Chief 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 and more. Demand for fancy delicacies like king prawns and crabs and value for money products like small fishes and mussels are also increasing rapidly.
“WWF 2013 Sustainable Food Guide” has played a fundamental role in marketing and publicizing ecologically acceptable food practices. Demand for sea food which are extracted in environment friendly manner from nature is rising since people are realizing their responsibility towards environment. Many eminent traders have also started trading those seafood which are harvested without reckless exploitation of sea resources.
- 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.
Global Seafood Sector
Seafood sector not only limits to fishing but also includes activities like processing, marketing, packaging, transporting, etc. This has not only contributed to massive global and regional trade but has played crucial role in increasing employment and livelihoods across Nations leading to enhancement in contribution of seafood industry to world’s GDP. Global demand and consumption for sea food is increasing, exports are expanding specially for developing countries which are improving their GDP and has led mind boggling influx of foreign exchange in such countries. Further, sustainability of fishery is becoming utmost goal worldwide which aided regeneration of fisheries and prevented their over exploitation.
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.
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