Latin America and the Caribbean: Sugars Market 2024

Sugars Market Size in Latin America and the Caribbean

The Latin American sugars market surged to $X in 2021, with an increase of 22% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; afterwards, it flattened through to 2021.

Sugars Production in Latin America and the Caribbean

In value terms, sugars production reached $X in 2021 estimated in export price. In general, production, however, continues to indicate a pronounced slump. The pace of growth was the most pronounced in 2017 when the production volume increased by 24%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Sugars Exports

Exports in Latin America and the Caribbean

In 2021, overseas shipments of sugars, sugar ethers and salts increased by 47% to X tons, rising for the second year in a row after two years of decline. In general, exports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 1,146%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, sugars exports surged to $X in 2021. Overall, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2017 with an increase of 1,000% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico represented the major exporter of sugars, sugar ethers and salts in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was approx. 51% of total exports in 2021. Brazil (X tons) ranks second in terms of the total exports with a 29% share, followed by Argentina (11%). Colombia (X tons) and Chile (X tons) took a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +57.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) emerged as the largest sugars supplier in Latin America and the Caribbean, comprising 54% of total exports. The second position in the ranking was held by Brazil ($X), with a 20% share of total exports. It was followed by Argentina, with an 11% share.

In Mexico, sugars exports increased at an average annual rate of +46.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+2.0% per year) and Argentina (-1.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, shrinking by -18.7% against the previous year. In general, the export price saw a pronounced curtailment. The pace of growth was the most pronounced in 2016 when the export price increased by 38%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+1.1%), while the other leaders experienced a decline in the export price figures.

Sugars Imports

Imports in Latin America and the Caribbean

Sugars imports skyrocketed to X tons in 2021, with an increase of 34% compared with 2020. Total imports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +92.6% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sugars imports soared to $X in 2021. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) and Mexico (X tons) were the key importers of sugars, sugar ethers and salts in Latin America and the Caribbean, together achieving 65% of total imports. Chile (X tons) ranks next in terms of the total imports with a 10% share, followed by Colombia (8.6%) and Argentina (6.9%). Peru (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Chile (with a CAGR of +22.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sugars importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Chile ($X), with a combined 73% share of total imports. Colombia, Argentina and Peru lagged somewhat behind, together accounting for a further 19%.

Colombia, with a CAGR of +14.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per ton, falling by -10.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the import price increased by 22% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Argentina ($X per ton) and Colombia ($X per ton), while Chile ($X per ton) and Peru ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+2.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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