Key facts
- South Korean firm Biofx will grow gourmet ginseng in Hong Kong.
- A 123-year-old Japanese confectioner also chose Hong Kong for its first overseas venture.
- Hong Kong's F&B market is a major import and reexport hub.
- Processed food and beverage exports (including reexports) were US$5.9 billion in 2024.
- Consumer-oriented food imports were US$20.5 billion in 2024.
- Tourist arrivals in the first half of 2024 increased 64% year-on-year.
Foreign companies continue to view Hong Kong as a prime destination for fine dining, despite a general downturn in the city's food and beverage sector. This trend is exemplified by the recent establishment of overseas ventures by a South Korean hydroponic ginseng grower and a 123-year-old Japanese confectioner.
Jack Kwon, founder and CEO of Seoul-based Biofx, has partnered with Hong Kong hydroponics firm Farm66. This collaboration, formalized last Thursday, aims to cultivate Korean gourmet ginseng within the city for local consumers and restaurants, marking Biofx's first international expansion.
Hong Kong's food and beverage market is characterized by its liberal and competitive nature, bolstered by a free-trade policy, zero tariffs, and minimal licensing requirements. Its robust infrastructure and logistics further solidify its role as a key Asian hub for imports, reexports, and market testing.
In 2024, Hong Kong's processed food and beverage exports, including reexports, amounted to approximately HK$46.5 billion (US$5.9 billion), with reexports constituting over 84% of this total. Tourism remains a significant driver of F&B demand, with 44 million visitors recorded in 2024, contributing to a rebound in consumption, though still below pre-pandemic levels.
Overall imports of agricultural products reached about US$24.1 billion in 2024, with consumer-oriented foods accounting for US$20.5 billion, a slight 2.1% decrease year-on-year. Despite lingering effects of the COVID-19 pandemic, physical retail foot traffic is increasing, and tourist arrivals saw a substantial 64% year-on-year rise in the first half of 2024, reaching 21 million visitors.
Hong Kong consumers exhibit a strong preference for quality and wellness, with a majority planning to increase spending on fresh produce, meat, and organic foods, reflecting concerns about food safety and sustainability. While e-commerce is growing, it represents a smaller portion of the F&B market compared to nearby regions, due to established consumer habits favoring in-person shopping.