HONG KONG
Market Overview
- Largest market for U.S. table eggs in 2016, taking 27% of total exports
- A key market for U.S. egg products
- 2016 U.S. eggs & egg products export value exceeded U.S. $38 million
- Annual per capita egg consumption high at 230
Table Eggs
- 99.9% of demand met by imports
- Annual imports exceed 2 billion pieces
- China – largest supplier with 50+% share
- U.S. – second largest, around 25% and returning to pre-AI share
- Other suppliers include Spain and Japan
Egg Products
- Annual Consumption – around 3,000 tons
- Fourth largest export market for egg products
- Overall demand for egg products has grown
- Liquid Eggs – over 95%; growing in popularity with HRI sector for safety and convenience benefits
- Dried Egg Powder – limited usage; mostly by pasta manufacturers, yet prefer shell eggs for better flavor
- More interest in Dried Egg Whites, but too expensive
- Bulk pack is another constraint
- U.S. – largest supplier; used to take 40-50% share (pre-AI), but dropped to 15% in 2015; taking time for U.S. egg products to regain lost market share after AI in 2015
- Major Competitors – Canada, Belgium, Japan, Australia
- 2015 AI crisis paved way for European egg products
- Europe supplies 15-20% lower priced vs. U.S.
- Longer shelf life for U.S. chilled liquid egg vs. European products
Market Opportunity
- While bakery sector takes about 25% of egg consumption, U.S. eggs and egg products usage is relatively low
- Lack of knowledge among bakery chefs on advantages of using U.S. eggs and egg products, especially dried egg products, in various baking applications
- U.S. egg products usage also low across Hotel, Restaurant and Institutional (HRI) and bakery sectors due to inadequate product knowledge as to their economic value
- Hong Kong presents tremendous opportunities to rebuild market share to pre-AI levels and expand sales, especially to those who can capture the benefit of premium quality, safety and functionality of U.S. egg products
Also, change consumer perception that eggs are high in cholesterol by increasing consumer awareness of the nutritional and quality attributes of U.S. eggs