Asia: Sugar Market 2024

Sugar Market Size in Asia

The Asian sugar market expanded rapidly to $X in 2023, growing by X% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Sugar Production in Asia

In value terms, sugar production amounted to $X in 2023 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

India (X tons) remains the largest sugar producing country in Asia, comprising approx. X% of total volume. Moreover, sugar production in India exceeded the figures recorded by the second-largest producer, China (X tons), threefold. Thailand (X tons) ranked third in terms of total production with an X% share.

From 2012 to 2023, the average annual growth rate of volume in India stood at X%. In the other countries, the average annual rates were as follows: China (X% per year) and Thailand (X% per year).

Sugar Exports

Exports in Asia

In 2023, after two years of growth, there was significant decline in shipments abroad of sugar, when their volume decreased by X% to X tons. Total exports indicated a tangible expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, the exports reached the peak of X tons, and then shrank sharply in the following year.

In value terms, sugar exports reduced to $X in 2023. Total exports indicated a mild increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

Thailand (X tons) and India (X tons) dominates exports structure, together constituting X% of total exports. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total exports. Saudi Arabia (X tons), Indonesia (X tons) and South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), Thailand ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Saudi Arabia, Indonesia and South Korea lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Indonesia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Saudi Arabia ($X per ton) and South Korea ($X per ton), while Thailand ($X per ton) and the United Arab Emirates ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in Asia

In 2023, purchases abroad of sugar was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, sugar imports rose notably to $X in 2023. In general, imports recorded a modest expansion. The growth pace was the most rapid in 2020 when imports increased by X%. Over the period under review, imports reached the maximum in 2023 and are likely to continue growth in years to come.

Imports by Country

Indonesia (X tons) and China (X tons) were the major importers of sugar in 2023, amounting to approx. X% and X% of total imports, respectively. Bangladesh (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by India (X%), South Korea (X%), Malaysia (X%) and the United Arab Emirates (X%). The following importers - Japan (X tons), Iraq (X tons), Vietnam (X tons), Iran (X tons), Saudi Arabia (X tons) and the Philippines (X tons) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sugar importing markets in Asia were China ($X), Indonesia ($X) and India ($X), together accounting for X% of total imports. Malaysia, Bangladesh, South Korea, Japan, the United Arab Emirates, Vietnam, the Philippines, Iraq, Iran and Saudi Arabia lagged somewhat behind, together comprising a further X%.

The Philippines, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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

The import price in Asia stood at $X per ton in 2023, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform