Opportunity for US imported beef in Hong Kong

US - According to the United States Department of Agriculture (USDA), imports of beef and beef products are among the major import items into Hong Kong, with a market size of US$167 million (in 2005) and an annual average growth in import value of 6% over the past five years.

19 October 2006

1 minute read

North America

The USDA believes that US beef has been historically highly regarded in Hong Kong and is typically ‘the first choice for high-end restaurants and sophisticated consumers’. For this reason, US beef is considered by the USDA as a product with good future prospects in Hong Kong.

According to the report, imported meat in Hong Kong at retail is mainly sold through supermarkets. Total retail sales of food and drinks over 2005 reached US$6.4 billion, up 6% on 2004. Over the January to August 2006 period, retail sales of food, drinks and tobacco in supermarkets continued to increase by 6.3% compared with the same period in 2005.

Nonetheless, the Hong Kong hotel, restaurant and institutional (HRI) sector, which generally serves high value imported beef, has been strong for the first half of 2006, with restaurant receipts 10% higher (to US$3.9 billion) than the same period in 2005. This sector is expected to grow further in 2007 as a result of steady economic growth with burgeoning tourism, and rising stock and property markets.

Source: mla.com.au