Hong Kong: Food Service - Hotel Restaurant Institutional
Hong Kong is an attractive market for innovative U.S. food and beverage products as well as a gateway to the region. Hong Kong is the sixth-largest export market for U.S. consumer-oriented agricultural products. In 2020, travel restrictions in response to the COVID-19 pandemic decimated tourism to the city and negatively impacted the hospitality sector. Hong Kong’s restaurant receipts dropped 29 percent to $10.2 billion. This drop is smaller than those seen in other tourism-dependent markets as locals spent more on food services in lieu of international travel. Nonetheless, the resulting lower demand from hotels, restaurants, and institutions hampered food imports in 2020. The Hong Kong government has launched multiple stimulus measures to help local residents and businesses cope with the COVID-19 adversity. These measures are expected to aid Hong Kong’s economic recovery in the fourth quarter of 2021 and beyond as the pandemic situation improves, and borders reopen.