Raw sugar equivalent production in Thailand stood at 15.37 million metric tons in 2023, marking a 1.86% year-on-year increase. This level of production indicates a slight downward correction over the last five years with a compound annual growth rate (CAGR) of -0.09%. Analyzing the periods, there was a significant drop from 2015 to 2016 (-15.82%), followed by a notable rise in 2017 (15.88%) and a peak in 2018 (43.88%). The market stabilized afterward with moderate fluctuations. Future projections suggest a gradual growth in production with a forecasted 5-year CAGR of 1.43%, reaching 16.83 million metric tons by 2028.

Trends to watch for:

Impact of climate change on crop yields and sugar production.
Technological innovations in agriculture and their adoption rate in Thailand.
Global market demand fluctuations and their effects on Thailand's export volumes.
Government policies and subsidies affecting local sugar production.