Latin America and the Caribbean: Sugar Market 2022

Sugar Market Size in Latin America and the Caribbean

The Latin American sugar market fell slightly to $X in 2021, flattening at the previous year. Over the period under review, consumption continues to indicate a perceptible setback. The growth pace was the most rapid in 2016 with an increase of 7%. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Sugar Production in Latin America and the Caribbean

In value terms, sugar production declined slightly to $X in 2021 estimated in export price. Overall, production showed a abrupt setback. The pace of growth was the most pronounced in 2016 when the production volume increased by 14% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Brazil (X tons) constituted the country with the largest volume of sugar production, comprising approx. 61% of total volume. Moreover, sugar production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), fivefold. Guatemala (X tons) ranked third in terms of total production with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume in Brazil amounted to -1.9%. The remaining producing countries recorded the following average annual rates of production growth: Mexico (+3.3% per year) and Guatemala (+2.0% per year).

Sugar Exports

Exports in Latin America and the Caribbean

In 2021, the amount of sugar exported in Latin America and the Caribbean declined to X tons, which is down by -11.2% against 2020 figures. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 43%. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, sugar exports expanded modestly to $X in 2021. Overall, exports showed a pronounced downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 33% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil dominates exports structure, accounting for X tons, which was approx. 81% of total exports in 2021. The following exporters - Mexico (X tons), Guatemala (X tons), Cuba (X tons), Colombia (X tons) and El Salvador (X tons) - together made up 13% of total exports.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of sugar. At the same time, El Salvador (+17.1%) and Mexico (+3.6%) displayed positive paces of growth. Moreover, El Salvador emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +17.1% from 2012-2021. By contrast, Guatemala (-2.0%), Colombia (-2.7%) and Cuba (-6.5%) illustrated a downward trend over the same period. Brazil (+2 p.p.) significantly strengthened its position in terms of the total exports, while Cuba saw its share reduced by -1.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest sugar supplier in Latin America and the Caribbean, comprising 62% of total exports. The second position in the ranking was held by Cuba ($X), with a 14% share of total exports. It was followed by Mexico, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Brazil totaled -5.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Cuba (+8.7% per year) and Mexico (-4.8% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 16% against the previous year. In general, the export price, however, continues to indicate a noticeable shrinkage. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Cuba ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cuba (+16.2%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in Latin America and the Caribbean

Sugar imports shrank to X tons in 2021, dropping by -10.9% on the year before. In general, imports continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2020 with an increase of 26% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, sugar imports reduced slightly to $X in 2021. Overall, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 25%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Chile (X tons) and Venezuela (X tons) were the main importers of sugar in 2021, resulting at near 26% and 19% of total imports, respectively. Haiti (X tons) ranks next in terms of the total imports with an 11% share, followed by Peru (8.6%), Colombia (8.2%) and Uruguay (7.1%). Jamaica (X tons), the Dominican Republic (X tons), Trinidad and Tobago (X tons), Ecuador (X tons) and Mexico (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in the Dominican Republic (with a CAGR of +3.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Venezuela ($X) and Uruguay ($X) were the countries with the highest levels of imports in 2021, together accounting for 54% of total imports.

In terms of the main importing countries, Uruguay, with a CAGR of +2.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, surging by 8.5% against the previous year. Over the period under review, the import price, however, showed a perceptible setback. The most prominent rate of growth was recorded in 2016 when the import price increased by 13%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Uruguay ($X per ton), while the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform