Sugar consumption is likely to decline in Thailand during the pandemic, therefore now Thai Sugar Millers Corporation (TSMC) is urging sugar industry to rely more on the bio-economy to earn extra revenue.
According to the TSMC, the total sugar consumption for the year 2019-20 is expected to be 2.25 million tonnes while the sugar consumption last year was 2.50 million tonnes. The coronavirus pandemic has affected global sugar consumption. Usually, the global demand increases every year.
According to the media report, Deputy TSMC board chairman Siriwut Siempakdi urged farmers and millers to not only depend on their core businesses, but also consider more seriously the development of sugar cane, sugar and even waste from manufacturing processes into new products. This will help the sector to survive which is already affected by drought. In this season, global sugar prices may also get hampered as Brazil is producing more sugar this season.
He said, “The government wants Thailand to become ethanol hub and is promoting bio-economy.”
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