High Market Penetration of Private Label Products in Hong Kong Seafood Industry
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.
·
The Fish & Seafood market in Hong
Kong accounted for nearly one-fifth of the Food retail sales in 2014
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.
Further Findings:
·
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.
To
know more click on the link below:
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Contact
Ken
Research
Kuljyoti
Dhingra
+91-124-4230204
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