The sugar production value at the farm gate in Indonesia witnessed a significant fluctuation from 2013 to 2023, starting at $1.21 billion in 2013 and increasing to $2.07 billion in 2023. The data indicates that after an initial dip in earlier years, the production value saw a relatively stable upward trend from 2018 onwards. The annual year-on-year variation shows a peak of 53.46% in 2014, followed by both upward and downward trends, with recent years (2022 and 2023) exhibiting small yet positive increases of around 2%. The compound annual growth rate (CAGR) over the last 5 years to 2023 stands at 5.18%.
Forecasts from 2024 to 2028 anticipate a steady growth trajectory, with the value expected to reach $2.28 billion by 2028. The projected 5-year CAGR is modest at 1.57%, indicating moderate but consistent growth. The overall forecasted growth rate for this period stands at 8.08%.
Future trends to watch for include:
- Advancements in agricultural practices and technology adoption.
- Climate change impacts and environmental policies affecting sugarcane production.
- Market demand shifts influenced by changes in local and global sugar consumption patterns.
