COUNTRY PROFILE
Discover more about the Hong Kong market including overviews about the retail, foodservice, and food-processing sectors. Events, resources, and more are linked throughout the profile.
3%
GDP forecasted for 2025 for Hong Kong
15th
largest U.S. export market for processed foods
95%
of all food consumed in Hong Kong is imported.
$1.2 Billion
U.S. exports of consumer-oriented agricultural products to Hong Kong in 2024.
Euromonitor reports that Hong Kong has a free market economy, highly dependent on international trade. Hong Kong has no tariffs on imported goods. Hong Kong continues to link its currency closely to the U.S. dollar.
USDA’s Foreign Agricultural Service (FAS) Agricultural Trade Office (ATO) in Hong Kong hereinafter referred to as “FAS Post Hong Kong” reports that despite its small population Hong Kong are the 21st largest market for U.S. agricultural exports, 11th largest export market for U.S. consumer-oriented agricultural products and 15th largest U.S. export market for processed foods. Hong Kong has always been an attractive market for innovative U.S. food and beverage products as well as a gateway to the region.
In 2023, its per capita GDP was $59,218, on a “PPP” or purchasing parity basis one of the highest in Asia. Consumers are sophisticated and enjoy cosmopolitan food and beverages. Due to limited arable land, around 95% of food is imported.
Top U.S. exports of processed food products exported to Hong Kong in 2024 included:
$5.4 Billion
estimated total of retail sales of packaged food products in 2024
60%
Supermarkets account for 60% of all retail food sales in Hong Kong.
$6.7 Billion
estimated total of the packaged food market by 2029
According to Euromonitor, retail sales in the packaged food market in Hong Kong reached US$5.4 billion in 2024. By the year 2029, the retail sales in the packaged food market in Hong Kong is expected to reach nearly US$6.7 billion, a growth rate of 19.2% and US$1 billion from 2025.
FAS Post Hong Kong reports that in 2023, Hong Kong’s retail food sales remained stable at $12.1 billion. The Hong Kong food retail market is made up of supermarkets, convenience stores, and traditional markets. Supermarkets account for over 60% of retail food sales.
FAS Post Hong Kong reports that Hong Kong’s top growing imported consumer-oriented products are condiments and sauces, fresh vegetables, prepared foods, eggs, distilled spirits, processed vegetables, coffee, pet food, non-alcoholic drinks, and beer.
$1 Billion
reached for U.S. exports of consumer-oriented food and beverages
$4.6 Billion
in restaurant food and beverage purchases in 2023
12,000
restaurants boast Hongkong
FAS Post Hong Kong reports that in the first ten months of 2024, U.S. exports of consumer-oriented food and beverages to Hong Kong reached nearly $1 billion, on par with the same period in 2023. Hong Kong’s economy grew 3% in 2024, and some industry contacts are cautiously optimistic that increased visitors, particularly from Mainland China, will increase hotel and foodservice revenues in 2025.
Hong Kong boasts over 12,000 restaurants which range from local “dives” to high-end fine dining outlets. Fast food outlets suit Hong Kong’s quick-paced lifestyle where dining out twice per day at convenient locations is not uncommon.
FAS Post Hong Kong reports that local food processing is very limited in Hong Kong due to the high cost of land and labor resources. Locally produced key products include instant noodles, pasta, biscuits, pastries, cakes, and drinks. Other related activities include the canning, preserving and processing of seafood (fish, shrimps, prawns, and crustaceans), dairy products (fresh milk, yogurt, and ice-cream), edible oils and seasonings.
FAS Post Hong Kong reports that the best prospects for U.S. exporters of processed food ingredients for this sector include shelled nuts, fats and oils, protein concentrates, flavoring, oilseed flour meal, baking inputs, potato products, processed eggs, and beverage ingredients.
