Thailand: Sugar Market 2024

Sugar Market Size in Thailand

The Thai sugar market rose sharply to $X in 2023, growing by X% against the previous year. Over the period under review, consumption recorded a abrupt decline. Sugar consumption peaked at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Sugar Production in Thailand

In value terms, sugar production rose remarkably to $X in 2023 estimated in export price. Over the period under review, production showed a noticeable shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Sugar production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

The average yield of sugar in Thailand totaled less than X kg per ha in 2023, approximately mirroring the year before. In general, 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 amounted to less than X ha in 2023, standing approx. at the year before. In general, the harvested area saw a relatively flat trend pattern.

Sugar Exports

Exports from Thailand

In 2023, the amount of sugar exported from Thailand fell to X tons, standing approx. at 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, sugar exports rose remarkably to $X in 2023. In general, exports saw a mild shrinkage. The growth pace was the most rapid in 2022 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for sugar exports from Thailand, with a X% share of total exports. Moreover, sugar exports to Indonesia exceeded the volume sent to the second major destination, South Korea (X tons), threefold. The third position in this ranking was held by the Philippines (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Indonesia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and the Philippines (X% per year).

In value terms, Indonesia ($X) remains the key foreign market for sugar exports from Thailand, comprising X% of total exports. The second position in the ranking was held by the Philippines ($X), with an X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Indonesia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2023, the average sugar export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average export price increased by X%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2023, amid the top suppliers, the highest price was recorded for prices to Myanmar ($X per ton) and China ($X per ton), while the average price for exports to Indonesia ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar Imports

Imports into Thailand

In 2023, approx. X tons of sugar were imported into Thailand; rising by X% compared with 2022. Overall, imports saw a significant increase. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. Imports peaked in 2023 and are likely to see steady growth in the immediate term.

In value terms, sugar imports surged to $X in 2023. In general, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure in 2023 and are likely to continue growth in the near future.

Imports by Country

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

From 2012 to 2023, the biggest increases were recorded for Brazil (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Brazil ($X) and Indonesia ($X) appeared to be the largest sugar suppliers to Thailand, with a combined X% share of total imports.

Brazil, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average sugar import price amounted to $X per ton, surging by X% against the previous year. In general, the import price, however, continues to indicate a deep slump. The import price peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Vietnam ($X per ton) and Brazil ($X per ton), while the price for Pakistan ($X per ton) and India ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform