South-Eastern Asia: Sugars Market 2024

Sugars Market Size in South-Eastern Asia

In 2021, the Southeast Asian sugars market decreased by -10.5% to $X, falling for the second year in a row after five years of growth. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Sugars Production in South-Eastern Asia

In value terms, sugars production rose to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 8.6% against the previous year. 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 South-Eastern Asia

In 2021, overseas shipments of sugars, sugar ethers and salts increased by 0.2% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 41% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, sugars exports dropped to $X in 2021. Over the period under review, exports, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2016 with an increase of 19%. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand was the major exporter of sugars, sugar ethers and salts in South-Eastern Asia, with the volume of exports recording X tons, which was near 66% of total exports in 2021. It was distantly followed by Indonesia (X tons), achieving a 34% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Thailand (with a CAGR of +0.5%).

In value terms, Thailand ($X) and Indonesia ($X) were the countries with the highest levels of exports in 2021.

Among the main exporting countries, Indonesia, with a CAGR of -0.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, approximately equating the previous year. In general, the export price recorded a mild contraction. The pace of growth was the most pronounced in 2019 an increase of 75% 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 remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Indonesia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+1.6%).

Sugars Imports

Imports in South-Eastern Asia

In 2021, approx. X tons of sugars, sugar ethers and salts were imported in South-Eastern Asia; picking up by 3.2% on the previous year's figure. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +17.7% against 2016 indices. The pace of growth was the most pronounced in 2013 when imports increased by 32%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the near future.

In value terms, sugars imports totaled $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.9% 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 +115.2% against 2012 indices. The pace of growth appeared the most rapid in 2016 with an increase of 23%. The level of import peaked in 2021 and is likely to continue growth in years to come.

Imports by Country

Vietnam represented the largest importing country with an import of around X tons, which finished at 34% of total imports. Thailand (X tons) held the second position in the ranking, followed by Lao People's Democratic Republic (X tons), Indonesia (X tons), Malaysia (X tons) and Singapore (X tons). All these countries together took approx. 61% share of total imports. The Philippines (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 Lao People's Democratic Republic (with a CAGR of +71.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sugars importing markets in South-Eastern Asia were Vietnam ($X), Singapore ($X) and Indonesia ($X), together comprising 68% of total imports. These countries were followed by Thailand, Malaysia, the Philippines and Lao People's Democratic Republic, which together accounted for a further 31%.

In terms of the main importing countries, Lao People's Democratic Republic, with a CAGR of +42.3%, recorded the highest growth rate of the value of imports, 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 South-Eastern Asia stood at $X per ton in 2021, picking up by 9.1% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2015 when the import price increased by 15% against the previous year. The level of import peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+20.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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