Thailand: Sugars Market 2024

Sugars Market Size in Thailand

In 2021, the Thai sugars market decreased by -72% to $X, falling for the second year in a row after two years of growth. In general, consumption saw a abrupt contraction. Sugars consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Sugars Production in Thailand

In value terms, sugars production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production showed a mild curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 9%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Sugars Exports

Exports from Thailand

In 2021, exports of sugars, sugar ethers and salts from Thailand expanded notably to X tons, surging by 6.7% against the year before. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 119% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, sugars exports dropped slightly to $X in 2021. In general, exports, however, saw a pronounced curtailment. The growth pace was the most rapid in 2014 when exports increased by 21%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for sugars exports from Thailand, accounting for a 63% share of total exports. Moreover, sugars exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), sixfold. Spain (X tons) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+2.5% per year) and Spain (+11.0% per year).

In value terms, Japan ($X) remains the key foreign market for sugars, sugar ethers and salts exports from Thailand, comprising 55% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by the Netherlands, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at -4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-3.3% per year) and the Netherlands (+52.6% per year).

Export Prices by Country

In 2021, the average sugars export price amounted to $X per ton, reducing by -7.4% against the previous year. Overall, the export price showed a perceptible downturn. The growth pace was the most rapid in 2019 an increase of 163%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+7.5%), while the prices for the other major destinations experienced a decline.

Sugars Imports

Imports into Thailand

Sugars imports into Thailand declined modestly to X tons in 2021, with a decrease of -4.4% against the year before. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.9% 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 +9.5% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 30% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, sugars imports expanded markedly to $X in 2021. The total import value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when imports increased by 25%. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Japan (X tons) and Germany (X tons) were the main suppliers of sugars imports to Thailand, with a combined 92% share of total imports. Denmark, South Korea and the United States lagged somewhat behind, together accounting for a further 6%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +9,224.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Germany ($X) were the largest sugars suppliers to Thailand, together accounting for 88% of total imports. The United States, South Korea and Denmark lagged somewhat behind, together comprising a further 9.9%.

In terms of the main suppliers, Denmark, with a CAGR of +8,448.1%, 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

In 2021, the average sugars import price amounted to $X per ton, with an increase of 16% against the previous year. In general, the import price, however, continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2019 when the average import price increased by 23%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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