ASEAN: Sugar Market 2022

Sugar Market Size in ASEAN

For the tenth consecutive year, the ASEAN sugar market recorded growth in sales value, which increased by 13% to $X in 2021. Overall, consumption recorded prominent growth. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Sugar Production in ASEAN

In value terms, sugar production reached $X in 2021 estimated in export price. In general, production recorded a perceptible descent. The pace of growth was the most pronounced in 2017 with an increase of 15% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Thailand (X tons) remains the largest sugar producing country in ASEAN, comprising approx. 70% of total volume. Moreover, sugar production in Thailand exceeded the figures recorded by the second-largest producer, Indonesia (X tons), sevenfold. The third position in this ranking was taken by the Philippines (X tons), with a 9.2% share.

In Thailand, sugar production expanded at an average annual rate of +4.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (-0.1% per year) and the Philippines (-2.2% per year).

Sugar Exports

Exports in ASEAN

Sugar exports shrank markedly to X tons in 2021, waning by -26.8% on the previous year's figure. Overall, exports recorded a abrupt contraction. The growth pace was the most rapid in 2018 when exports increased by 28%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, sugar exports contracted slightly to $X in 2021. Over the period under review, exports recorded a deep slump. The pace of growth appeared the most rapid in 2017 when exports increased by 16%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand prevails in exports structure, accounting for X tons, which was near 77% of total exports in 2021. It was distantly followed by Malaysia (X tons) and the Philippines (X tons), together constituting a 12% share of total exports. The following exporters - Myanmar (X tons) and Lao People's Democratic Republic (X tons) - each amounted to an 8% share of total exports.

Exports from Thailand decreased at an average annual rate of -7.5% from 2012 to 2021. At the same time, Myanmar (+33.7%), Lao People's Democratic Republic (+16.6%) and Malaysia (+1.1%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +33.7% from 2012-2021. By contrast, the Philippines (-4.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Myanmar, Lao People's Democratic Republic and Malaysia increased by +4, +3.3 and +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest sugar supplier in ASEAN, comprising 72% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 7.6% share of total exports. It was followed by Malaysia, with a 7.2% share.

In Thailand, sugar exports plunged by an average annual rate of -10.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (-5.4% per year) and Malaysia (-1.1% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, picking up by 30% against the previous year. Over the period under review, the export price, however, showed a perceptible curtailment. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in the Philippines ($X per ton) and Lao People's Democratic Republic ($X per ton), while Thailand ($X per ton) and Myanmar ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (-0.5%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in ASEAN

In 2021, approx. X tons of sugar were imported in ASEAN; therefore, remained relatively stable against 2020. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +17.9% against 2019 indices. The growth pace was the most rapid in 2015 when imports increased by 19%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, sugar imports skyrocketed to $X in 2021. Overall, imports enjoyed strong growth. The pace of growth was the most pronounced in 2016 with an increase of 25%. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Indonesia (X tons) was the main importer of sugar, committing 74% of total imports. It was distantly followed by Malaysia (X tons), creating an 18% share of total imports. The following importers - Vietnam (X tons) and Singapore (X tons) - each finished at a 3.9% share of total imports.

Indonesia was also the fastest-growing in terms of the sugar imports, with a CAGR of +10.2% from 2012 to 2021. At the same time, Vietnam (+4.6%) and Malaysia (+2.9%) displayed positive paces of growth. By contrast, Singapore (-3.5%) illustrated a downward trend over the same period. Indonesia (+13 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Malaysia saw its share reduced by -2.7% and -9.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported sugar in ASEAN, comprising 69% of total imports. The second position in the ranking was held by Malaysia ($X), with a 27% share of total imports. It was followed by Vietnam, with a 1.2% share.

From 2012 to 2021, the average annual growth rate of value in Indonesia totaled +14.7%. In the other countries, the average annual rates were as follows: Malaysia (+12.9% per year) and Vietnam (+1.3% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, jumping by 17% against the previous year. Import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sugar import price increased by +61.4% against 2015 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+9.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform