Hong Kong F&B Insights 2024: Leaders Reveal Top Industry Trends

The food and beverage (F&B) industry in Hong Kong has demonstrated remarkable resilience and growth amidst the pandemic's aftermath. With the lifting of social restrictions last year, a vital aspect of the city's culture—socialising while dining out and enjoying social gatherings with food at its centre—has joyously resumed, contributing significantly to the industry's rebound.

This resurgence is reflected in the growing number of licensed restaurants and an encouraging report by JIL, which indicates that the F&B industry's growth rate in the first two months of 2023 was 2.3%. Notably, this rate aligns with the full-year growth rate of 2019, a pre-pandemic period, highlighting a strong and hopeful recovery trajectory for the sector.

As we kick off 2024, The Beat Asia once again casts a glimpse into the crystal ball of incoming trends, bringing together a panel of experts for our new year’s special on the biggest F&B movements to look out for in the year ahead. With an eye on the ever-evolving landscape, we’ve brought together an intimate roundtable to host a few of Hong Kong's most notable figures in the food and beverage industry.

These innovators, entrepreneurs, and key players are poised to discuss the significant shifts, breakthroughs, and challenges faced last year, while also casting a vision for what 2024 may hold. Sharing their insights, they aim to chart a course for success in a year that promises to blend innovative culinary trends with dynamic hospitality experiences for Hong Kong in the year 2024.

Food and Beverage Hospitality in Hong Kong: 2024 Forecast

Abby Cadman and Tegan Waters, Founders of Feste Group

There is a time for understated minimalism and a time for ostentatious extravagance – 2024 will be a year of extremes.Ever since Hong Kong finally reopened, people have come out of their COVID-era hibernation and stepped back into a world of vibrant celebrations. We’re revelling in the joy of creating shared experiences without any limitations. Unfortunately, corporates are still recovering after years of restrictions and global economic downturns. We’re seeing a growing trend of entertaining on a shoestring budget, wanting a lot more for less. Our clients still want to wow but need us to get creative on making magic on a budget (which is always a challenge).2023 was not the comeback year we expected but it’s ending with a bang this festive season which will lead to more confidence and visitors in 2024. Internationally renowned events such as Art Basel, Penfolds One Launch, LV Menswear show, and the upcoming Dior menswear show are all fantastic signs of the full return of Hong Kong’s famous spark.

2024 will also bring more sustainability-focused events and menus. Hong Kong is quite far behind, however, the community is slowly becoming more conscious about working towards a circular economy and enquiring about where our food comes from.

Check out our Delish Guestlist episode featuring Abby and Tegan here.

Beverages Industry in Hong Kong: 2024 Forecast

Rohit Dugar, Founder of Young Master Brewery

As we step into 2024, the beverage realm will continue its ongoing shift towards authentic and relatable brands that embody a sense of place, creating a connection that goes beyond the liquid in the glass. Speaking of the liquid itself, in this era of mindful consumption, focus on flavour, provenance and quality will remain paramount. This also includes incorporating delicious non-alcoholic beverages in certain settings and occasions into people’s routines. Consumers, opting perhaps for less but certainly for better, will seek out beverages that promise an elevated experience.

Regardless of category, innovation will remain front and centre as drinkers crave new and immersive experiences. The industry will witness a surge in creative concoctions, pushing the boundaries of traditional brewing and distillation. At Young Master, we will stay true to the roots, emphasizing quality, push for innovation and engage with drinkers as their own relatable, personal purveyor.

Click here to check out our interview with Young Master’s Beverage Director, James Ling.

Mixologists in Hong Kong on 2024’s Bar Trends

Devender Seghal, Beverage Manager at Mandarin Oriental Hong Kong

In 2024, the F&B trends in Hong Kong and Asia are shifting towards a back-to-basics approach, emphasizing simplicity and ingredient-driven experiences. While technology dominates trends in places like London and Europe, Asia is witnessing a resurgence of appreciation for the intrinsic qualities of ingredients. The focus is on extracting the best flavours from both familiar and exotic components.

The conversation is moving beyond the traditional emphasis on spirit choices in cocktails – like those found in a Manhattan or margarita – to a spotlight on the specific ingredients complementing the chosen spirit. Japan has set a precedent with its ingredient-centric bars, and Hong Kong is following suit. Bartenders are increasingly discussing and showcasing individual ingredients incorporated into cocktails, fostering collaborations with local suppliers, farmers, and distillers. This not only promotes the use of locally sourced ingredients but also allows for the creation of distinctive beverages that capture the essence of the region.

At The Aubrey we are not only focused on local and seasonal ingredients, but also creating our own spirits, such as The Aubrey Sake which will launch in 2024. By collaborating with international breweries, we can ensure our spirits are of the highest quality and created with sustainability in mind.

As 2024 unfolds, the F&B landscape in Asia is evolving towards a harmonious blend of technology and a renewed appreciation for the purity of ingredients.

Click here to see our chat with Devender, from The Beat Asia’s All Mixed Up bar series!

Ajit Gurung, Co-founder of Savory Project

2024 is about the rise of savoury cocktails. It’s not just about fruity, sweet and sour cocktails anymore. Guests are now more concerned about how much sugar is in their drink, does their cocktail have different layers of flavours?

At The Savory Project we have always been experimenting with unorthodox ingredients in cocktails to extract unique flavour experience while toning down on the sugar. Savory cocktails have always been popular among bartenders & chefs but now at this day and age our guests are well informed, so we see a high demand for adventurous cocktails among regular consumers too.

This is a category of cocktails that has always been there, but we see a lot of spotlights that it deserves on it now. We are not shy of using uncommon ingredients, some of our bestselling cocktails have Beef, soy sauce, clams; which were traditionally not found in drinks. Our guests love the innovative and surprising elements in our beverage program.

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