Rising Milk Tea Ingredient Prices: How China's Ethanol Industry Is Affecting Tapioca Pearls in Bubble Tea?!
Seeing the title, you must have big question marks! How do rising "pearl" prices relate to pigs? The pigs also expressed: We don't eat cassava! We eat corn!
What exactly is going on? Recently, Japanese media reported that the price of "pearls" (cassava balls), a key ingredient in milk tea, is set to rise! The reason is that the price of cassava, the raw material for "pearls," continues to increase... And the reason for this increase is caused by China's pig farming industry?!
Affected by African swine fever, China's pig population once decreased significantly. This year, due to progress in large-scale farming, the recovery of the pig industry has been rapid, exceeding people's expectations. The rapid growth in the pig population has led to a substantial increase in demand for corn, while producers of ethanol and disinfectants also need corn... But they can't take food away from the pigs, so many ethanol and disinfectant producers have switched from corn to dried cassava, most of which is imported from Thailand.
So what does this have to do with the "pearls" used in Japan? The "pearls" used domestically in Japan are produced in Taiwan, the cassava used to make "pearls" in Taiwan comes from Thailand, and Thailand's export prices for cassava/cassava starch have been rising this year, precisely due to China's high demand for cassava.
According to statistics from the Thai Cassava Trade Association, from January to August 2021, Thailand's cumulative dried cassava exports to China reached approximately 3.84 million tons, already exceeding the full-year export volumes of the previous two years. With China's increased imports, Thailand's cassava supply naturally became tighter. According to statistics from the Thai Cassava Starch Association, as of September 2021, the export price of cassava rose to 2,630 Thai baht per ton, a 15% increase from the beginning of the year; by early November 2021, the export price of Thai cassava starch was $480 per ton, a 13% increase from the lowest point in May 2020.
Some Japanese trading companies stated that while the current rise in cassava prices hasn't significantly affected the cost of "pearls" yet, Japan's milk tea prices can still be maintained at current levels. However, given the current trend, if cassava prices continue to rise, it's hard to say what will happen!
After all, with the acceleration of global decarbonization, the demand for biofuels will only increase. With COVID-19 still unstable, global demand for ethanol continues to grow. As the world's third-largest fuel ethanol producer, China's demand for cassava will only increase in the future. It's not impossible that China's ethanol could affect the price of pearl milk tea in Japan.
The pigs expressed that they don't understand why they are being blamed.
Image source: Internet
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