Asia: Sugars Market 2024

Sugars Market Size in Asia

The Asian sugars market reached $X in 2021, rising by 14% against the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Sugars Production in Asia

In value terms, sugars production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 15% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Sugars Exports

Exports in Asia

In 2021, overseas shipments of sugars, sugar ethers and salts increased by 17% 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 +4.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 21%. The volume of export peaked in 2021 and is expected to retain growth in the near future.

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

Exports by Country

China was the major exporter of sugars, sugar ethers and salts in Asia, with the volume of exports finishing at X tons, which was near 47% of total exports in 2021. 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 leading 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 ($X) remains the largest sugars supplier in Asia, comprising 54% of total exports. The second position in the ranking was held by Japan ($X), with a 20% share of total exports. It was followed by Thailand, with an 8.6% share.

In China, sugars exports increased at an average annual rate of +14.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+6.9% per year) and Thailand (-3.2% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, growing by 12% against the previous year. Export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sugars export price decreased by -7.2% against 2019 indices. The pace of growth appeared the most rapid 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.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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

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 +1.6% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sugars imports soared to $X in 2021. Total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) represented the largest importer of sugars, sugar ethers and salts, committing 47% of total imports. India (X tons) took the second position in the ranking, followed by China (X tons), Turkey (X tons) and South Korea (X tons). All these countries together held near 31% share of total imports. Vietnam (X tons), Taiwan (Chinese) (X tons), Thailand (X tons), Lao People's Democratic Republic (X tons), Israel (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%), Israel (+18.6%), India (+15.9%), Vietnam (+14.7%), South Korea (+8.1%), Thailand (+5.9%), Taiwan (Chinese) (+4.9%), Turkey (+3.5%) and China (+1.3%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in Asia, with a CAGR of +71.7% from 2012-2021. 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 +6.7, +2.9, +2.9 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sugars importing markets in Asia were Japan ($X), India ($X) and South Korea ($X), with a combined 58% share of total imports. These countries were followed by Turkey, China, Vietnam, Taiwan (Chinese), Indonesia, Thailand, Israel and Lao People's Democratic Republic, which together accounted for a further 27%.

Lao People's Democratic Republic, with a CAGR of +42.3%, saw the highest rates of growth with regard to 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

In 2021, the import price in Asia amounted to $X per ton, surging by 26% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. As a result, import price attained 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 ($X per ton), while Lao People's Democratic Republic ($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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