Vietnam's sugar cane production has experienced significant fluctuations over the past decade. Starting from 20.129 million metric tons in 2013, production witnessed various highs and lows, including a notable decline in 2016 where production hit 16.313 million metric tons. The production value saw an increase again in 2017 but faced a downward trajectory reaching 15.745 million metric tons in 2023.
Year-on-year percentage changes from 2022 to 2023 show a slight decline of -0.58%, reflecting the ongoing challenges within the sector. The compound annual growth rate (CAGR) over the last five years is -2.58%, indicating that average annual production has generally decreased.
From 2024 onwards, forecast data suggest a continuous minor decline in production, with the CAGR projected to be -0.49% over the next five years, translating to a forecasted production of 15.264 million metric tons by 2028. Future growth rates are expected to show a minimal negative trend of -2.42%.
Future trends to watch for include the impact of climate change on crop yields, shifts in global sugar demand and prices, advancements in agricultural technologies, and governmental policies facilitating or hindering production growth.
Key Insights:
- 2013: Peak production with significant fluctuations thereafter
- 2016: Sharp decline in production
- 2017: Recovery followed by gradual recession
- 2023: Production at 15.745 million metric tons
- 2028: Forecasted continuous slight decline
