Thailand’s raw sugar equivalent processing displayed significant growth from 2014 to 2023, increasing from 373.0 thousand metric tons to 635.0 thousand metric tons. The year-on-year growth rate from 2014 to 2023 varied, with a peak of 21.51% in 2016 and a notable consistency around the 2-3% range in recent years, including a 2.42% increase in 2023. The compound annual growth rate (CAGR) for the last five years averaged at 2.51%, indicating a steady but moderate expansion.
Forecasts for 2024 to 2028 suggest a continuing, albeit slowing, growth trend. The forecasted CAGR for this period is 1.61%, with an overall growth rate of 8.32% by 2028, reaching 703.0 thousand metric tons. Trends show the market stabilizing and potential maturation in raw sugar processing capacities.
Future trends to watch for:
- Competitive dynamics in the global sugar market potentially affecting Thailand’s output.
- Technological advancements in sugar processing improving efficiency.
- Government policies and trade agreements impacting production and export levels.
- Environmental and sustainability initiatives influencing production practices.
