Thailand: Sugar Market 2022

Sugar Market Size in Thailand

In 2021, the Thai sugar market increased by 19% to $X, rising for the fifth year in a row after two years of decline. In general, consumption enjoyed a prominent expansion. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in the near future.

Sugar Production in Thailand

In value terms, sugar production totaled $X in 2021 estimated in export price. Overall, production showed a mild setback. The growth pace was the most rapid in 2017 with an increase of 42% 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 average yield of sugar in Thailand was estimated at less than X kg per ha in 2021, stabilizing at 2020 figures. Over the period under review, the yield showed a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The sugar harvested area in Thailand totaled less than X ha in 2021, remaining constant against the previous year's figure. Over the period under review, the harvested area showed a relatively flat trend pattern.

Sugar Exports

Exports from Thailand

In 2021, approx. X tons of sugar were exported from Thailand; with a decrease of -33.8% on the previous year's figure. In general, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of 41%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, sugar exports contracted to $X in 2021. Over the period under review, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 13% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for sugar exports from Thailand, accounting for a 31% share of total exports. Moreover, sugar exports to Indonesia exceeded the volume sent to the second major destination, Cambodia (X tons), twofold. The third position in this ranking was held by Vietnam (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia amounted to -9.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (-0.2% per year) and Vietnam (+1.7% per year).

In value terms, the largest markets for sugar exported from Thailand were Indonesia ($X), Cambodia ($X) and Vietnam ($X), with a combined 53% share of total exports. South Korea, Taiwan (Chinese), the Philippines, Malaysia, Lao People's Democratic Republic, Japan, Singapore, China and Myanmar lagged somewhat behind, together comprising a further 40%.

Myanmar, with a CAGR of +23.2%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average sugar export price amounted to $X per ton, picking up by 32% against the previous year. Over the period under review, the export price, however, saw a pronounced setback. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, the countries with the highest prices were Singapore ($X per ton) and the Philippines ($X per ton), while the average price for exports to Japan ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (-2.7%), while the prices for the other major destinations experienced a decline.

Sugar Imports

Imports into Thailand

After three years of growth, purchases abroad of sugar decreased by -5.3% to X tons in 2021. Overall, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2020 when imports increased by 23,681% against the previous year. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, sugar imports expanded sharply to $X in 2021. Over the period under review, imports, however, recorded a significant increase. The pace of growth was the most pronounced in 2020 when imports increased by 7,996% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

India (X tons), Pakistan (X tons) and Guatemala (X tons) were the main suppliers of sugar imports to Thailand, with a combined 98% share of total imports.

From 2012 to 2021, the biggest increases were in Pakistan (with a CAGR of +374.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of sugar to Thailand, comprising 69% of total imports. The second position in the ranking was held by Pakistan ($X), with a 23% share of total imports.

From 2012 to 2021, the average annual growth rate of value from India totaled +228.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Pakistan (+319.7% per year) and Guatemala (0.0% per year).

Import Prices by Country

The average sugar import price stood at $X per ton in 2021, picking up by 15% against the previous year. In general, the import price, however, continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2014 an increase of 52%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while the price for Pakistan ($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 (-11.0%).

Source: IndexBox Platform