Cooking ingredients and meals in 2024: The big picture
Overall retail growth of cooking ingredients and meals in Hong Kong remains tepid in 2024, with low single-digit growth in value sales terms and a marginal decline in volume terms. Shifting consumer behaviour towards dining out and travelling abroad continues to negatively impact the demand for cooking ingredients and meals.
Key trends in 2024
Product development that caters for convenience is helping to attract busy consumers in 2024. In Hong Kong, fast-paced lifestyles are reducing the amount of time people have to spend eating at home.
Competitive landscape
Private label is regaining some value share and sales growth within the competitive landscape of cooking ingredients and meals. Sales are being supported by the high cost of living in Hong Kong, forcing some consumers to prioritise their everyday spending.
Channel developments
Overall, the demand for groceries is shifting, with a reduction in at-home consumption. However, this is being partially offset by the revitalisation of the foodservice channel in general.
What next for cooking ingredients and meals?
Both retail volume and value growth rates of cooking ingredients and meals are expected to be low over the forecast period. In the face of sluggish growth, local cooking ingredients and meals will come under increasing pressure from the offer of retailers located in the Greater Bay Area, and brands in Hong Kong must devise effective strategies to navigate the challenges.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Hong Kong, China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in Hong Kong, China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in Hong Kong, China report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in Hong Kong, China?
- Which are the leading brands in Cooking Ingredients and Meals in Hong Kong, China?
- How are products distributed in Cooking Ingredients and Meals in Hong Kong, China?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in Hong Kong, China?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in Hong Kong, China
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in Hong Kong, China
KEY DATA FINDINGS
Weak retail demand for edible oils due to increasingly busy lifestyles and slowdown in home cooking
Price-sensitive consumers appreciate more affordable pricing
Increasing competition from mainland China pressurises local grocery retailers
Rising health and wellness trend to drive development of healthier edible oils
Premiumisation within olive oil to continue
Low penetration of e-commerce as consumers less likely to make bulk purchases
Meals and Soups in Hong Kong, China
KEY DATA FINDINGS
Overall stable demand, with ready meals leading category growth
Functional soup with premium ingredients gains popularity
Convenience and affordability continue to drive growth of e-commerce
Continual focus on developing convenience meals and soup options
Innovative packaging emerges from mainland China
Retailers expand offering in meals and soups
Sauces, Dips and Condiments in Hong Kong, China
KEY DATA FINDINGS
Sales adversely impacted by greater mobility and trend of “travelling north”
Recipe sauces attract consumers searching for convenience
Flavour diversification of chili sauces
Rising demand for healthier sauce and dip options
Future development of vegetarian options
Lee Kum Kee likely to retain convincing leadership with wide portfolio and innovation
Sweet Spreads in Hong Kong, China
KEY DATA FINDINGS
Low retail growth as consumers spend greater time outside of the home
Growing popularity of honey among health-conscious consumers
Local breakfast culture triggers rising foodservice demand for sweet spreads
Growing health and wellness trend to drive up sales of nut and seed based spreads
Future product innovation with focus on natural, no artificial preservatives, and no added sugar
Foodservice to remain stronger performer due to frequent out-of-home consumption
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
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This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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