South-Eastern Asia: Sugar Market 2022

Sugar Market Size in South-Eastern Asia

For the tenth year in a row, the Southeast Asian sugar market recorded growth in sales value, which increased by 13% to $X in 2021. Overall, consumption showed a resilient expansion. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Sugar Production in South-Eastern Asia

In value terms, sugar production expanded slightly to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced reduction. The pace of growth appeared the most rapid in 2017 when the production volume increased by 15% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Thailand (X tons) remains the largest sugar producing country in South-Eastern Asia, 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. The remaining producing countries recorded the following average annual rates of production growth: Indonesia (-0.1% per year) and the Philippines (-2.2% per year).

Sugar Exports

Exports in South-Eastern Asia

For the third consecutive year, South-Eastern Asia recorded decline in shipments abroad of sugar, which decreased by -26.8% to X tons in 2021. Overall, exports showed a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 28% against the previous year. 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 dropped slightly to $X in 2021. In general, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by 16% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand prevails in exports structure, reaching X tons, which was near 77% of total exports in 2021. Malaysia (X tons) held the second position in the ranking, followed by the Philippines (X tons). All these countries together held approx. 12% share of total exports. The following exporters - Myanmar (X tons) and Lao People's Democratic Republic (X tons) - each resulted at 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 South-Eastern Asia, 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 ($X) remains the largest sugar supplier in South-Eastern Asia, comprising 72% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 7.6% share of total exports. It was followed by Malaysia, with a 7.2% share.

In Thailand, sugar exports contracted by an average annual rate of -10.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the Philippines (-5.4% per year) and Malaysia (-1.1% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, rising by 30% against the previous year. In general, the export price, however, saw a pronounced reduction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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 South-Eastern Asia

Sugar imports totaled X tons in 2021, approximately mirroring the previous year's figure. Total imports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.9% 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 +17.9% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 19%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, sugar imports soared to $X in 2021. In general, imports showed 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 maximum in 2021 and are likely to continue growth in years to come.

Imports by Country

Indonesia represented the largest importing country with an import of around X tons, which resulted at 74% of total imports. It was distantly followed by Malaysia (X tons), committing 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. From 2012 to 2021, the share of Indonesia increased by +13 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Indonesia, sugar imports increased at an average annual rate of +14.7% over the period from 2012-2021. 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 South-Eastern Asia amounted to $X per ton, picking up by 17% against the previous year. Import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sugar import price increased by +61.5% against 2015 indices. 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 ($X per ton), while Vietnam ($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