Asia-Pacific: Sugars Market 2024

Sugars Market Size in Asia-Pacific

The Asia-Pacific sugars market rose markedly to $X in 2021, picking up by 12% against the previous year. The market value increased at an average annual rate of +3.4% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Sugars Production in Asia-Pacific

In value terms, sugars production rose rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when the production volume increased by 17%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Sugars Exports

Exports in Asia-Pacific

In 2021, overseas shipments of sugars, sugar ethers and salts increased by 16% to X tons, rising for the second year in a row after two years of decline. 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 pace of growth was the most pronounced in 2020 with an increase of 21% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, sugars exports skyrocketed to $X in 2021. In general, exports continue to indicate a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) was the key exporter of sugars, sugar ethers and salts, generating 48% of total exports. Thailand (X tons) ranks second in terms of the total exports with a 25% share, followed by Indonesia (13%) and Japan (12%). India (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +23.4%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest sugars supplier in Asia-Pacific, comprising 55% of total exports. The second position in the ranking was taken by Japan ($X), with a 21% share of total exports. It was followed by Thailand, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +14.4%. In the other countries, the average annual rates were as follows: Japan (+6.9% per year) and Thailand (-3.2% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, growing by 11% against the previous year. Export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sugars export price decreased by -7.1% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of 30% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.2%), while the other leaders experienced more modest paces of growth.

Sugars Imports

Imports in Asia-Pacific

In 2021, purchases abroad of sugars, sugar ethers and salts was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sugars imports soared to $X in 2021. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan represented the major importer of sugars, sugar ethers and salts in Asia-Pacific, with the volume of imports reaching X tons, which was approx. 49% of total imports in 2021. India (X tons) took the second position in the ranking, followed by China (X tons), South Korea (X tons) and Vietnam (X tons). All these countries together took near 30% share of total imports. Australia (X tons), Taiwan (Chinese) (X tons), Thailand (X tons), Papua New Guinea (X tons), Lao People's Democratic Republic (X tons) and Indonesia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to sugars imports into Japan stood at -2.0%. At the same time, Lao People's Democratic Republic (+71.7%), India (+15.9%), Vietnam (+14.7%), Papua New Guinea (+12.9%), South Korea (+8.1%), Thailand (+5.9%), Taiwan (Chinese) (+4.9%) and China (+1.3%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +71.7% from 2012-2021. Australia experienced a relatively flat trend pattern. By contrast, Indonesia (-1.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India, Vietnam, South Korea and Lao People's Democratic Republic increased by +7.2, +3.1, +3.1 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), India ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2021, with a combined 62% share of total imports. These countries were followed by China, Vietnam, Australia, Taiwan (Chinese), Indonesia, Thailand, Lao People's Democratic Republic and Papua New Guinea, which together accounted for a further 24%.

Lao People's Democratic Republic, with a CAGR of +42.3%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, with an increase of 27% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.6%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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