Asia-Pacific: Sugar Market 2022

Sugar Market Size in Asia-Pacific

The Asia-Pacific sugar market rose modestly to $X in 2021, with an increase of 2.6% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Sugar Production in Asia-Pacific

In value terms, sugar production declined modestly to $X in 2021 estimated in export price. In general, production recorded a mild downturn. The most prominent rate of growth was recorded in 2018 when the production volume increased by 20% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

The country with the largest volume of sugar production was India (X tons), accounting for 44% of total volume. Moreover, sugar production in India exceeded the figures recorded by the second-largest producer, Thailand (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 15% share.

In India, sugar production expanded at an average annual rate of +2.0% over the period from 2012-2021. The remaining producing countries recorded the following average annual rates of production growth: Thailand (+4.6% per year) and China (-2.2% per year).

Sugar Exports

Exports in Asia-Pacific

In 2021, approx. X tons of sugar were exported in Asia-Pacific; with an increase of 2% on 2020 figures. The total export volume increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by 14% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; afterwards, it flattened through to 2021.

In value terms, sugar exports soared to $X in 2021. Total exports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +67.6% against 2013 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

India represented the largest exporting country with an export of about X tons, which amounted to 56% of total exports. It was distantly followed by Australia (X tons) and Thailand (X tons), together comprising a 35% share of total exports.

India was also the fastest-growing in terms of the sugar exports, with a CAGR of +15.0% from 2012 to 2021. At the same time, Australia (+5.6%) displayed positive paces of growth. By contrast, Thailand (-7.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India and Australia increased by +33 and +2 percentage points, respectively.

In value terms, India ($X) remains the largest sugar supplier in Asia-Pacific, comprising 68% of total exports. The second position in the ranking was held by Australia ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value in India totaled +18.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Australia (+1.7% per year) and Thailand (-10.7% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, surging by 20% against the previous year. Overall, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.8%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in Asia-Pacific

In 2021, imports of sugar in Asia-Pacific dropped modestly to X tons, almost unchanged from the previous year. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +16.7% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 17% against the previous year. As a result, imports reached the peak of X tons, leveling off in the following year.

In value terms, sugar imports stood at $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +8.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +103.9% against 2012 indices. The pace of growth was the most pronounced in 2020 when imports increased by 19% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in years to come.

Imports by Country

In 2021, Indonesia (X tons), distantly followed by Japan (X tons), South Korea (X tons), China (X tons), Malaysia (X tons) and Bangladesh (X tons) represented the main importers of sugar, together achieving 86% of total imports. India (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Indonesia (with a CAGR of +10.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constitutes the largest market for imported sugar in Asia-Pacific, comprising 36% of total imports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total imports. It was followed by Malaysia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Indonesia totaled +14.7%. In the other countries, the average annual rates were as follows: South Korea (+10.7% per year) and Malaysia (+12.9% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. As a result, import price reached 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 ($X per ton), while Japan ($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 more modest paces of growth.

Source: IndexBox Platform