Krungsri Research：2021-2023年泰国糖业展望报告（英文版）（12页）.pdf

1、SUGAR INDUSTRYChaiwat SowcharoensukC+662 296 2000 Ext.50880THAILAND INDUSTRY OUTLOOK 2021-23February 20211Krungsri ResearchKrungsri Research projects conditions for the Thai sugar industry would improve in 2021-2023 along with the recovery of the overall economy,stronger demand from downstream indus

2、trial consumers,especially the food and beverage industry.There are also expectations of better climate,which would boost sugarcane output and sugar production.However,the industry is facing several challenges,including high sugar inventory worldwide and the effect on global sugar prices,imposition

3、of sugar tax in many countries,rising awareness of personal health globally,and lingering uncertainty over government regulations for the industry,especially the reform of the Sugarcane&Sugar Act and its potential impact on operators margins and earnings.OverviewSugar is derived from plants and is u

4、sed to increase sweetness1/.There is strong global demand for sugar,both directly and indirectly.In the latter case,it is used as additive or flavoring in a wide range of products,including food,beverages,processed dairy products(milk,butter,yoghurt,etc.),candy,and baked goods.In 2019,sugar2/account

5、ed for 65.7%of all sweeteners consumed globally,with the remainder attributed to non-nutritive sweeteners.These include natural products such as honey,stevia and monkfruit(also called luohan guo),artificial sweeteners including aspartame cyclamate and erythritol,and dietary fibers(e.g.,maltrodextrin

6、 fructo-oligosaccharides and inulin)(Figure 1).Products derived from sugar processing can be split into the following.Raw sugar:This color can be anywhere from light to dark brown.It has moderate moisture and high molasses content,exhibits a tightly-packed crystalline structure,and tends to contain