In 2023, Vietnam's raw sugar equivalent production stood at 1.45 million metric tons. Historical data from 2014 to 2023 shows a general declining trend in production volumes, with noticeable year-on-year fluctuations. The Compound Annual Growth Rate (CAGR) over the past five years was -0.98%, indicating a steady decline.
The most substantial decreases were seen in 2016 and 2018 with year-on-year reductions of -7.98% and -11.23% respectively. Recent trends show minor annual reductions and slight rebounds, such as the 3.54% increase in 2021 followed by another drop.
Future forecasts suggest a continuation of this downward trend. A forecasted CAGR of -1.46% from 2024 to 2028 points to a further reduction, leading to a projected 7.07% total decline over the next five years.
Future trends to watch for:
- Technological advancements in sugar production efficiency.
- Market dynamics including demand shifts and global price fluctuations.
- Potential impacts of climate change on sugar cane yields.
