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PROCESSED MEAT AND

SEAFOOD IN HONG KONG,


CHINA
Euromonitor International
November 2015

PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

LIST OF CONTENTS AND TABLES


Headlines ..................................................................................................................................... 1
Trends .......................................................................................................................................... 1
Competitive Landscape ................................................................................................................ 2
Prospects ..................................................................................................................................... 2
Category Data .............................................................................................................................. 3
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Table 7
Table 8
Table 9
Table 10
Table 11
Table 12
Table 13

Sales of Processed Meat and Seafood by Category: Volume 20102015 ............................................................................................................. 3


Sales of Processed Meat and Seafood by Category: Value 2010-2015 ....... 3
Sales of Processed Meat and Seafood by Category: % Volume
Growth 2010-2015 ....................................................................................... 4
Sales of Processed Meat and Seafood by Category: % Value Growth
2010-2015 .................................................................................................... 4
Sales of Frozen Processed Seafood by Type: % Value Breakdown
2010-2015 .................................................................................................... 4
Sales of Frozen Processed Poultry by Type: % Value Breakdown
2010-2015 .................................................................................................... 5
NBO Company Shares of Processed Meat and Seafood: % Value
2011-2015 .................................................................................................... 5
LBN Brand Shares of Processed Meat and Seafood: % Value 20122015 ............................................................................................................. 6
Distribution of Processed Meat and Seafood by Format: % Value
2010-2015 .................................................................................................... 6
Forecast Sales of Processed Meat and Seafood by Category: Volume
2015-2020 .................................................................................................... 7
Forecast Sales of Processed Meat and Seafood by Category: Value
2015-2020 .................................................................................................... 8
Forecast Sales of Processed Meat and Seafood by Category: %
Volume Growth 2015-2020 .......................................................................... 8
Forecast Sales of Processed Meat and Seafood by Category: %
Value Growth 2015-2020 ............................................................................. 8

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PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

PROCESSED MEAT AND SEAFOOD IN


HONG KONG, CHINA
HEADLINES
In 2015 retail sales grow by 3% in volume terms and 5% in current value terms to reach
37,000 tonnes and HK$2.5 billion
The WHOs carcinogen ruling on processed meat has little impact on the category
Chilled processed red meat records the fastest retail current value sales growth of 6% in 2015
The average current unit price continues to rise in 2015
AS Watsons Group leads in 2015 with a 12% retail value share
A 1% retail value CAGR at constant 2015 prices is expected over the forecast period to reach
HK$2.6 billion in 2020

TRENDS
In 2015, WHO announced that there was sufficient evidence linking processed meats like
ham, sausages and bacon to colorectal cancer. This announcement was picked up my most
media outlets across the world and subsequently attracted much public attention. In Hong
Kong, most consumers have become aware that processed meat increases the risk of cancer.
However, WHOs ruling did not have a strong impact on the categorys performance, mainly
because the announcement was made only in the last quarter of 2015. Moreover, the majority
of consumers who eat processed meat regularly have not witnessed any negative effect on
their health. Thus, they do not see a strong need to reduce their consumption of processed
meat as a result of WHOs announcement.
Processed meat and seafood saw retail current value growth of 5% in 2015, which was faster
than the review period CAGR. Many consumers prefer processed meat and seafood as they
can be stored for a longer period than fresh versions. This suits consumers hectic lifestyles
which reduce the time for cooking. Consumers also chose processed versions when
purchasing meat or seafood due to lower prices than fresh versions.
Chilled processed red meat recorded the fastest retail current value sales growth of 6% in
2015. Growth was boosted by the strong demand for ham. Ham is used in many dishes such
as macaroni and noodle soup which are consumed regularly by most consumers. Thus, the
demand for chilled processed red meat remained stable.
The majority of premium meat and seafood falls under chilled and frozen ranges. As a result,
retailers tend to market chilled and frozen options more aggressively as these products
generate higher profit margins than shelf stable options.
The average current unit price of processed meat and seafood continued to trend upwards.
However, the pace of growth slowed in 2015. This was largely due to the depreciation of the
Chinese currency, which saw prices of imported processed meat and seafood decline.
Supermarkets remained the dominant distribution channel for processed meat and seafood,
with a 74% share of retail value sales in 2015. The rate at which products are replenished or
restocked in supermarkets is much faster than in other important distribution channels, such
as independent small grocers. Thus, consumers preferred shopping in supermarkets as their
products are perceived to be fresher.

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PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

COMPETITIVE LANDSCAPE
AS Watsons Group led processed meat and seafood in 2015 with a 12% retail value share,
followed closely by Dairy Farm International Holdings Ltd, with an 11% share. Both
companies leveraged on the strong performances of their private label brands, First Choice
and Best Buy, respectively. With the economy slowing down, many consumers are cautious
about spending. These private label brands were preferred by many consumers due to their
lower prices.
Shineway Food (HK) Co Ltd recorded the highest retail value sales growth in 2015. The shelf
space afforded to Shineways products in supermarkets expanded significantly, which drove
fast growth in retail value sales. The brand also gained popularity by offering prices that are
affordable for most consumers.
In-store advertising/promotion was the main marketing strategy of most companies.
Companies tend to try to influence consumer decision making through price promotions and
strategic product shelf displays.
The competitive landscape was highly fragmented in 2015. There was no clear winner
between international and domestic players. Domestic players traditionally hold an edge over
international players due to higher brand awareness among local consumers. However, over
the review period, the reputation of domestic brands was affected by the frequent occurrence
of food scandals in China. Consumers shied away from purchasing domestic brands as many
manufacturers used ingredients imported from Mainland China. For safety reasons, more
consumers shifted to international brands as their products are manufactured in other
countries.

PROSPECTS
Processed meat and seafood is projected to see a 1% retail value CAGR at constant 2015
prices over the forecast period. This is an improvement on the marginally negative review
period CAGR at constant 2015 prices. The demand for processed meat and seafood is likely
to remain unaffected by WHOs ruling. Processed meat is a key component of the local diet
and most people have grown accustomed to consuming such products over many years. It
would therefore be difficult for consumers to change this eating habit overnight. Moreover,
with the rising demand for convenience, consumers will continue to prefer processed meat
and seafood as they are easier to cook and prepare than fresh options.
Chilled processed red meat is predicted to see the fastest retail value CAGR of 2% at
constant 2015 prices over the forecast period. This type of food, such as ham, is a common
ingredient in most local consumers diet, thus steady demand is anticipated. Manufacturers
are also expected to launch new flavours in an attempt to create excitement for a maturing
category.
At constant 2015 prices, the average unit price of processed meat and seafood is set to
decline over the forecast period. This is largely due to the depreciating Chinese currency,
which is likely to reduce manufacturing costs for most players and exert downward pressure
on retail prices of processed meat and seafood.
Supermarkets is likely to remain the dominant distribution channel over the forecast period.
While internet retailing is gaining traction in Hong Kong, it may see value shares stagnate
within processed meat and seafood. Few online grocers offer delivery options for
chilled/frozen processed meat and seafood as the logistics of doing so is complicated. While
online players are likely to find a solution over the forecast period, most consumers will still

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PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

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frequent supermarkets so they can assess the freshness of these products before
purchases.

CATEGORY DATA
Table 1

Sales of Processed Meat and Seafood by Category: Volume 2010-2015

'000 tonnes

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:

2010

2011

2012

2013

2014

2015

15.4
4.6
2.9
7.9
17.2
9.4
1.8

15.8
4.7
3.0
8.1
17.7
9.7
1.9

16.1
4.8
3.1
8.3
18.1
10.0
1.9

16.6
4.9
3.2
8.5
18.5
10.3
1.9

17.0
5.0
3.3
8.7
19.0
10.6
1.9

17.5
5.1
3.4
8.9
19.6
10.9
2.0

6.0

6.1

6.2

6.4

6.5

6.7

32.6

33.4

34.2

35.1

35.9

37.1

Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources

Table 2

Sales of Processed Meat and Seafood by Category: Value 2010-2015

HKD million

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:

2010

2011

2012

2013

2014

2015

980.2
242.1
217.5
520.5
1,117.4
627.6
102.0

1,010.4
244.6
228.4
537.4
1,150.0
638.9
106.6

1,042.2
248.2
238.7
555.3
1,190.5
656.8
111.1

1,089.7
258.1
253.0
578.5
1,235.2
681.8
115.5

1,151.8
269.3
268.2
614.3
1,285.6
709.1
119.0

1,208.3
279.2
283.7
645.4
1,339.1
737.4
124.0

387.7

404.4

422.6

437.8

457.5

477.7

2,097.6

2,160.4

2,232.7

2,324.8

2,437.4

2,547.4

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PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

Table 3

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Sales of Processed Meat and Seafood by Category: % Volume Growth 20102015

% volume growth

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
Source:

2014/15

2010-15 CAGR

2010/15 Total

3.0
2.8
4.1
2.7
3.2
3.5
2.4
3.0
3.1

2.6
2.3
3.4
2.5
2.6
3.0
1.9
2.2
2.6

13.6
11.8
18.0
13.1
13.8
16.2
9.8
11.3
13.7

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Table 4

Sales of Processed Meat and Seafood by Category: % Value Growth 20102015

% current value growth

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
Source:

2014/15

2010-15 CAGR

2010/15 Total

4.9
3.7
5.8
5.1
4.2
4.0
4.2
4.4
4.5

4.3
2.9
5.5
4.4
3.7
3.3
4.0
4.3
4.0

23.3
15.3
30.4
24.0
19.8
17.5
21.5
23.2
21.4

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Table 5

Sales of Frozen Processed Seafood by Type: % Value Breakdown 2010-2015

% retail value rsp

Crabsticks
Fish Fingers
Fish Processed Fillets
Processed Shrimp/Prawns
Smoked Salmon

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2010

2011

2012

2013

2014

2015

31.0
9.5
31.0
8.5
7.0

31.0
7.5
32.0
9.0
7.5

31.0
7.5
32.0
9.5
7.0

30.9
7.5
32.0
9.5
7.1

30.9
7.5
32.0
9.5
7.1

30.8
7.5
32.0
9.8
7.2

PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

Others
Total
Source:

13.0
100.0

Passport

13.0
100.0

13.0
100.0

13.0
100.0

13.0
100.0

12.7
100.0

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Table 6

Sales of Frozen Processed Poultry by Type: % Value Breakdown 2010-2015

% retail value rsp

Nuggets
Sausages
Seasoned Chicken Breast
Fillet/Patties
Seasoned Chicken Wings
Others
Total
Source:

2010

2011

2012

2013

2014

2015

16.8
30.0
17.2

16.9
30.0
17.5

17.0
30.0
17.5

17.0
30.0
17.5

16.9
30.2
17.1

16.8
30.2
17.0

22.0
14.0
100.0

22.5
13.1
100.0

22.8
12.7
100.0

23.0
12.5
100.0

22.8
13.1
100.0

22.8
13.2
100.0

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Table 7

NBO Company Shares of Processed Meat and Seafood: % Value 2011-2015

% retail value rsp


Company
AS Watson Group
Dairy Farm
International Holdings
Ltd
China National Cereals,
Oils & Foodstuffs Imp &
Exp Corp (COFCO)
Lucullus Food & Wines
Del Monte Asia Pte Ltd
Four Seas Fish Balls Co
Ltd
Stockton Further
Processing Ltd
Guangdong Foodstuffs
Import & Export (Group)
Corp
Simplot Australia Pty Ltd
Hong Kong Ham Holdings
Ltd
General Mills Hong Kong
Ltd
Danish Crown Amba
Nomad Foods Ltd
Wilson Foods Intertrade
(HK) Ltd
Shineway Food (HK) Co Ltd
Kibun Hong Kong Co Ltd
Hormel Foods Corp
Iglo Group
Cheong Kee Special Food
Products Co Ltd
Birds Eye Iglo Group

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2011

2012

2013

2014

2015

11.9
10.7

12.0
10.8

12.0
10.8

12.0
10.9

12.0
10.9

10.2

10.0

10.1

10.0

10.0

8.6
6.2
6.2

8.6
6.2
6.1

8.7
6.2
6.1

8.7
6.1
6.0

8.8
6.1
6.0

5.8

5.9

5.9

5.9

5.9

5.8

5.8

5.9

5.8

5.8

4.9
3.6

4.9
3.6

4.9
3.6

4.9
3.7

4.9
3.7

2.7

2.7

2.7

2.7

2.7

2.4
1.9

2.4
1.9

2.4
1.9

2.4
1.9

2.4
2.3
1.9

1.3
1.2
1.1
2.3
-

1.4
1.2
1.1
2.3
-

1.4
1.2
1.1
2.3
-

1.4
1.2
1.1
2.3
-

1.5
1.2
1.0
-

PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

Others
Total
Source:

Passport

13.3
100.0

12.9
100.0

13.0
100.0

12.9
100.0

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Table 8

LBN Brand Shares of Processed Meat and Seafood: % Value 2012-2015

% retail value rsp


Brand

Company

Dragon Island
No Frills

Lucullus Food & Wines


Dairy Farm
International Holdings Ltd
AS Watson Group
China National Cereals,
Oils & Foodstuffs Imp &
Exp Corp (COFCO)
Del Monte Asia Pte Ltd
Four Seas Fish Balls Co
Ltd
Stockton Further
Processing Ltd
Guangdong Foodstuffs
Import & Export (Group)
Corp
AS Watson Group
Simplot Australia Pty Ltd
Hong Kong Ham Holdings Ltd
China National Cereals,
Oils & Foodstuffs Imp &
Exp Corp (COFCO)
General Mills Hong Kong
Ltd
Danish Crown Amba
Dairy Farm
International Holdings Ltd
Nomad Foods Ltd
Wilson Foods Intertrade
(HK) Ltd
Shineway Food (HK) Co Ltd
Kibun Hong Kong Co Ltd
Hormel Foods Corp
Iglo Group
Birds Eye Iglo Group
Cheong Kee Special Food
Products Co Ltd

Best Buy
Maling

Del Monte
Four Seas
Valley Chef
Pearl River

Select
John West
Maid
Great Wall

Wanchai Ferry
Tulip
First Choice
Birds Eye
Armour
Shineway
Kibun
Hormel
Birds Eye
Birds Eye
Cheong Kee
Others
Total
Source:

13.0
100.0

2012

2013

2014

2015

8.6
8.4

8.7
8.4

8.7
8.5

8.8
8.5

7.2
6.5

7.2
6.6

7.2
6.5

7.2
6.5

6.2
6.1

6.2
6.1

6.1
6.0

6.1
6.0

5.9

5.9

5.9

5.9

5.8

5.9

5.8

5.8

4.8
4.9
3.6
3.5

4.8
4.9
3.6
3.5

4.9
4.9
3.7
3.5

4.9
4.9
3.7
3.5

2.7

2.7

2.7

2.7

2.4
2.4

2.4
2.4

2.4
2.4

2.4
2.4

1.9

1.9

1.9

2.3
1.9

1.4
1.2
1.1
2.3
-

1.4
1.2
1.1
2.3
-

1.4
1.2
1.1
2.3
-

1.5
1.2
1.0
-

13.0
100.0

12.9
100.0

13.0
100.0

12.9
100.0

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Table 9

Distribution of Processed Meat and Seafood by Format: % Value 2010-2015

% retail value rsp

Store-Based Retailing

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2010

2011

2012

2013

2014

2015

99.5

99.5

99.5

99.5

99.5

99.5

PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

- Grocery Retailers
-- Modern Grocery
Retailers
--- Convenience Stores
--- Discounters
--- Forecourt Retailers
--- Hypermarkets
--- Supermarkets
-- Traditional Grocery
Retailers
--- Food/drink/tobacco
specialists
--- Independent Small
Grocers
--- Other Grocery
Retailers
- Non-Grocery Specialists
-- Health and Beauty
Specialist Retailers
-- Other Foods NonGrocery Specialists
- Mixed Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:

Passport

98.0
78.5

98.0
78.0

98.0
77.2

98.0
76.3

98.0
75.5

98.0
74.2

78.5
19.5

78.0
20.0

77.2
20.8

76.3
21.7

75.5
22.5

74.2
23.8

1.5

2.0

2.9

3.7

4.5

5.7

9.0

8.8

8.6

8.5

8.4

8.3

9.0

9.2

9.3

9.5

9.6

9.8

1.5
0.5
0.5
100.0

1.5
0.5
0.5
100.0

1.5
0.5
0.5
100.0

1.5
0.5
0.5
100.0

1.5
0.5
0.5
100.0

1.5
0.5
0.5
100.0

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Table 10

Forecast Sales of Processed Meat and Seafood by Category: Volume 20152020

'000 tonnes

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:

2015

2016

2017

2018

2019

2020

17.5
5.1
3.4
8.9
19.6
10.9
2.0

18.0
5.3
3.6
9.1
20.2
11.3
2.0

18.4
5.4
3.7
9.3
20.8
11.6
2.1

18.9
5.5
3.8
9.6
21.3
12.0
2.2

19.3
5.6
3.9
9.8
21.9
12.3
2.2

19.7
5.7
4.1
10.0
22.4
12.6
2.3

6.7

6.8

7.0

7.2

7.3

7.4

37.1

38.1

39.2

40.2

41.2

42.1

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PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

Table 11

Passport

Forecast Sales of Processed Meat and Seafood by Category: Value 20152020

HKD million

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed
Seafood
- Frozen Processed
Seafood
Meat Substitutes
- Chilled Meat
Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat
Substitutes
Processed Meat and
Seafood
Source:

2015

2016

2017

2018

2019

2020

1,208.3
279.2
283.7
645.4
1,339.1
737.4
124.0

1,225.7
279.1
290.5
656.1
1,345.1
736.7
125.5

1,241.6
278.8
296.9
666.0
1,350.3
735.2
127.4

1,255.4
278.1
302.8
674.4
1,354.2
733.0
129.5

1,265.5
277.2
308.0
680.4
1,357.2
730.1
132.0

1,273.2
276.0
312.6
684.6
1,359.1
726.4
134.6

477.7

482.9

487.8

491.7

495.1

498.1

2,547.4

2,570.8

2,592.0

2,609.6

2,622.7

2,632.3

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Table 12

Forecast Sales of Processed Meat and Seafood by Category: % Volume


Growth 2015-2020

% volume growth

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
Source:

Table 13

2015/16

2015-20 CAGR

2015/20 Total

2.8
2.5
3.9
2.5
3.0
3.3
2.5
2.8
2.9

2.5
2.2
3.4
2.2
2.7
3.0
2.7
2.3
2.6

12.9
11.4
18.0
11.8
14.3
15.7
14.2
11.9
13.6

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Forecast Sales of Processed Meat and Seafood by Category: % Value


Growth 2015-2020

% constant value growth


2015/2016

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2015-20 CAGR

2015/20 TOTAL

PROCESSED MEAT AND SEAFOOD IN HONG KONG, CHINA

Processed Meat
- Shelf Stable Meat
- Chilled Processed Meat
- Frozen Processed Meat
Processed Seafood
- Shelf Stable Seafood
- Chilled Processed Seafood
- Frozen Processed Seafood
Meat Substitutes
- Chilled Meat Substitutes
- Frozen Meat Substitutes
- Shelf Stable Meat Substitutes
Processed Meat and Seafood
Source:

Passport

1.4
0.0
2.4
1.7
0.4
-0.1
1.2
1.1
0.9

1.1
-0.2
2.0
1.2
0.3
-0.3
1.7
0.8
0.7

Euromonitor International from trade associations, trade press, company research, trade interviews,
trade source

Euromonitor International

5.4
-1.1
10.2
6.1
1.5
-1.5
8.6
4.3
3.3