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Thailand Sugar Market - Forecasts from 2022 to 2027

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    Report

  • 74 Pages
  • January 2023
  • Region: Thailand
  • Knowledge Sourcing Intelligence LLP
  • ID: 5716754

The Thailand sugar market is anticipated to expand at a CAGR of 6.76% over the course of the forecast period, from US$2.136 billion in 2020 to a total market value of US$3.376 billion by 2027.

Several soluble carbohydrates with a sweet flavour that are used in food are collectively referred to as sugar. Sugar has applications in both food and non-food industries. In the food sector, sugar has a number of important purposes in addition to providing a sweet taste. It serves as a preserver and stops the growth of bacteria. Thailand is one of the major producers of sugar; hence the nation consumes more of the substance.

However, the younger population is switching to low-calorie sugar or artificial sweeteners, which could constrain the market in the region.

Consumption in the food industry to boost the sugar market in Thailand

People now consume more foods and beverages with added sugar, which has boosted the usage and demand for sugar, which will contribute to the expansion of the industry. Additionally, since so many people enjoy sweet foods and desserts, there is a higher demand for sugar, which will spur market expansion. Additionally, the growing inflow of foreign capital into Thailand's food sector will have a beneficial effect and accelerate market expansion.

Key Developments:

  • March 2020: Global food and agribusiness Olam International has agreed to sell its remaining 50.0% equity stake in Indonesian sugar joint-venture Far East Agri to its joint-venture partner Mitr Phol Sugar Corporation, Thailand for an agreed-upon sum of between $82.5 million and $85.0 million, subject to any necessary final adjustments as outlined in the sale and purchase agreement. In exchange for an initial 50% ownership in Far East Agri, which runs the sugar refinery PT Dharmapala Usaha Sukses (PT DUS) in Cilacap, Indonesia, Mitr Phol invested $100 million. With this acquisition, the Mitr Phol Sugar Corporation, Thailand aims to expand its sales area for the products.
  • April 2022: In Thailand's Sakon Nakhon Province, the fourth mill of the Thai Roong Ruang Sugar Group has received Bonsucro certification. Both the Bonsucro Production Standard and the Chain of Custody Standard were certified. Implementing the Standard has been aided by the Bonsucro Calculator. Utilizing this application, companies can gather production information and track environmental performance in comparison to the Production Standard. Utilizing the data, producers, and processors can analyze gaps and pinpoint what needs to be improved The mill, which recently received certification, has a daily cane-crushing capacity of 12,500 tons. It produces sugar in a variety of forms, including raw, refined, liquid, white, and caster sugar, reducing expenses as well as health and environmental hazards.

Product Offerings:

  • Natural & Party Rock Sugar: Natural & Party Rock Sugar by Thai Roong Ruang Sugar Group is a brand-new, vibrant experience that will improve the sweetness as well as the presentation of your favorite menu items. It is the ideal garnish for cakes, ice cream, and munchies. Enjoy the full flavor of your favorite dishes, beverages, and sweets. The best strain of cane is used to make this premium-grade sugar, which is then crystallized naturally to the highest standards to assure sanitation and the preservation of nutritional content. - For your cakes and ice cream, add a colorful, eye-catching topping. Add flavor to healthy dishes like herbal soup or Chinese bird's nest. Excellent for hot or cold drinks like tea, coffee, cocktails, and herbal beverages. It s available in a Package Size of 350 g bag (12 cartons of 350 g bags) at Big C, Carrefour, Tops, Villa, Lotus, Tang Hua Seng, and Isetan.
  • MitrPhol BROWN SUGA: It is brown sugar with a smooth and delicate texture, MitrPhol BROWN SUGAR. It offers sweetness made entirely from natural sugar cane. It helps in adding color to the food making it look more delicious. It is suitable for sweets, savory foods, baked goods, and drinks. It is suggested for foods like red sauced pork ribs, pig knuckles, bua loi with ginger sauce, brownies, etc. MitrPhol BROWN SUGAR has a 16-month shelf life.

Market Segmentation:

By Form

  • Granulated
  • Powdered
  • Syrup

By Source

  • Cane Sugar
  • Beet Sugar

By Use

  • Food and Beverage
  • Pharmaceuticals

By Distribution Channel

  • Online
  • Offline
Frequently Asked Questions about the Thai Sugar Market

What is the estimated value of the Thai Sugar Market?

The Thai Sugar Market was estimated to be valued at $2.14 billion in 2020.

What is the growth rate of the Thai Sugar Market?

The growth rate of the Thai Sugar Market is 6.7%, with an estimated value of $3.38 billion by 2027.

What is the forecasted size of the Thai Sugar Market?

The Thai Sugar Market is estimated to be worth $3.38 billion by 2027.

Who are the key companies in the Thai Sugar Market?

Key companies in the Thai Sugar Market include Mitr Phol Group, Thai Roong Ruang Sugar Group and Ban Pong Sugar Company Limited.

Table of Contents

INTRODUCTION
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation

RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions

EXECUTIVE SUMMARY
3.1. Research Highlights

MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

THAILAND SUGAR MARKET ANALYSIS, BY FORM
5.1. Introduction
5.2. Sugar Cubes
5.3. Granulated Sugar
5.4. Powdered Sugar
5.5. Sugar Syrup

THAILAND SUGARMARKET ANALYSIS, BY SOURCE
6.1. Introduction
6.2. Cane Sugar
6.3. Beet Sugar

THAILAND SUGARMARKET ANALYSIS, BY USE
7.1. Introduction
7.2. Food and Beverages
7.3. Pharmaceuticals

THAILAND SUGARMARKET ANALYSIS, BY DISTRIBUTION CHANNEL
8.1. Introduction
8.2. Online
8.3. Offline

COMPETITIVE INTELLIGENCE
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

COMPANY PROFILES
10.1. MITR PHOL GROUP
10.2. THAI ROONG RUANG SUGAR GROUP
10.3. WILMAR INTERNATIONAL LTD
10.4. BAN PONG SUGAR COMPANY LIMITED
*List is not exhaustive

Companies Mentioned

  • Mitr Phol Group
  • Thai Roong Ruang Sugar Group
  • Wilmar International Ltd
  • Ban Pong Sugar Company Limited