Hong Kong: US Seafood Makes a Splash in the Fragrant Harbor
Link to report:
In 2021, U.S. seafood exports to Hong Kong recovered 31 percent year-on-year to $180 million, and taking over a significant share in niche market segments such as lobsters, eels, oysters, and other frozen mollusks products. Hong Kong has a vast seafood market with an import value of $4 billion in 2021, recovering 20 percent despite the COVID-19 pandemic. Hong Kong’s affluent consumers are willing to pay premium prices for premium seafood. As in other developed markets, sustainable seafood is gradually catching the attention of stakeholders and consumers at large. However, substantial impact has yet to be seen in the mainstream procurement or consumption choices. Lastly, a local company has expanded its offerings of protein substitutes to include seafood alternatives. While Hong Kong’s food import demand lowered in the first half of 2022, improvement in the local pandemic situation and easing of government measures may reinvigorate the city’s hospitality sector and ultimately seafood demand.