The raw sugar equivalent market in Thailand stood at 2.70 million metric tons in 2023. The year-on-year variation for 2023 was 0.41%, showing a consistent and modest growth trend since 2014. Historical data reveals fluctuations, with the highest year-on-year increase of 2.92% occurring in 2016. From 2019 to 2023, the compound annual growth rate (CAGR) was consistently around 0.41%, suggesting a steady and gradual increase in market size.
Forecasts indicate that the market will continue this pattern, reaching 2.75 million metric tons by 2028. The forecasted five-year CAGR is estimated at 0.30%, reflecting sustained but slight growth, projecting a cumulative growth rate of 1.52% over the forecast period.
Future trends to watch for include shifts in domestic consumption patterns, potential changes in agricultural policies, and global market fluctuations affecting sugar prices, which could further impact growth dynamics in the Thai sugar market.
