Thailand Sugar Market Intelligence
Thailand is world's #2 sugar exporter. ~10M tonnes annual output; Mitr Phol largest; KSL, TRR, BRR listed; cane price cycle, ethanol, bagasse power.
What to know in 60 seconds
- 1
Thailand is world's #2 sugar exporter after Brazil; ~ tonnes cane sugar output FY2024 (~ exported).
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Mitr Phol ~ share β largest private Thai sugar producer, regional expansion (Laos, Cambodia, China, Australia).
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Listed peers: KSL, TRR, BRR, KBS (SET). Thai Roong Ruang central plains; KSL regional; BRR northeast, diversification; KBS Khonburi.
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Cane and Sugar Act mandates 70/30 revenue share between farmers () and millers (). OCSB announces final, interim cane price each season.
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Ethanol, bagasse power downstream: gasohol E10/E20/E85 demand tied to biofuel policy; bagasse-biomass SPP contracts under PDP 2024.
Executive summary
Thailand's sugar sector produces ~ tonnes cane sugar annually (FY2024 OCSB data), with ~ exported β making Thailand the world's #2 sugar exporter after Brazil. The sector is structured around ~50 sugar mills controlled by a handful of major groups. Mitr Phol (private, Lamsam family controlled) is the largest; listed KSL (Khon Kaen Sugar, regional Thailand, Laos, Cambodia, China, Australia exposure), TRR (Thai Roong Ruang, central plains), BRR (Buriram Sugar, northeast, palm oil diversification), and KBS (Khonburi Sugar, northeast) form the listed tier.[, ]
Cane supply comes from ~ registered smallholder farmers; the Cane and Sugar Act mandates a 70/30 revenue share between farmers and millers, with OCSB announcing final, interim cane prices each harvest season. Downstream: ethanol (gasohol E10/E20/E85 blend demand under biofuel policy) and bagasse-biomass power (SPP/VSPP contracts) provide diversification. Cycle driver: global sugar price (ICE No.11 futures), cane yield (weather, drought), and export-quota compliance (WTO-era reform).[, , ]
Thai sugar production trend (million tonnes, FY2020βFY2024)
FY2020
Cane Sugar Output (Mt)
7.5
Export Share
FY2021
Cane Sugar Output (Mt)
7.6
Export Share
FY2022
Cane Sugar Output (Mt)
10.0
Export Share
FY2023
Cane Sugar Output (Mt)
11.0
Export Share
FY2024
Cane Sugar Output (Mt)
10.0
Export Share
| Fiscal Year | Cane Sugar Output (Mt) | Export Share |
|---|---|---|
| FY2020 | 7.5 | ~65% |
| FY2021 | 7.6 | ~60% |
| FY2022 | 10.0 | ~70% |
| FY2023 | 11.0 | ~72% |
| FY2024 | 10.0 | ~70% |
Sugar, downstream product mix (% of FY2024 output)
Raw sugar export
Share %
Notes
World's #2 raw-sugar exporter; Asia, Middle East, Africa destinations
Refined sugar export
Share %
Notes
Regional Asia, Middle East refined export
Domestic sugar
Share %
Notes
Thai F&B, retail, household consumption
Ethanol
Share %
7%
Notes
Gasohol E10/E20/E85 blending under DEDE biofuel policy
Bagasse power
Share %
3%
Notes
Biomass SPP/VSPP, mill self-consumption
| Product | Share % | Notes |
|---|---|---|
| Raw sugar export | 45% | World's #2 raw-sugar exporter; Asia, Middle East, Africa destinations |
| Refined sugar export | 25% | Regional Asia, Middle East refined export |
| Domestic sugar | 20% | Thai F&B, retail, household consumption |
| Ethanol | 7% | Gasohol E10/E20/E85 blending under DEDE biofuel policy |
| Bagasse power | 3% | Biomass SPP/VSPP, mill self-consumption |
Analyst framing
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Key figures
Selected anchors from the report evidence pack.
Thai sugar export volume (2024)
Office of the Cane and Sugar Board, USDA PSD, Thai Sugar Millers Corporation
Thai sugarcane crush volume (2023/24 season)
OCSB quota allocation reports, Thai Sugar Millers Corporation
Mitr Phol and KSL combined milling capacity share
KSL Annual Report, BRR Annual Report, OCSB factory registry
Sugarcane-derived share of Thai ethanol feedstock
Department of Energy Business, EPPO, Thai Sugarcane and Sugar Board
Thai sugarcane farm-gate reference price (2024)
OCSB statutory price announcements, Thai Sugar Millers Corporation
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