Portugal: Sugar Market 2022

Sugar Market Size in Portugal

The Portuguese sugar market declined dramatically to $X in 2021, reducing by -35.6% against the previous year. Over the period under review, consumption showed a abrupt decrease. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Sugar Production in Portugal

In value terms, sugar production dropped to $X in 2021 estimated in export price. Overall, production faced a abrupt decrease. The growth pace was the most rapid in 2016 when the production volume increased by 58% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

In 2021, the average sugar yield in Portugal stood at less than X kg per ha, approximately mirroring the previous year. Overall, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The sugar harvested area in Portugal totaled less than X ha in 2021, remaining stable against the year before. In general, the harvested area recorded a relatively flat trend pattern.

Sugar Exports

Exports from Portugal

In 2021, sugar exports from Portugal soared to X tons, jumping by 50% against the previous year's figure. In general, total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +87.0% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, sugar exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a mild reduction. The pace of growth appeared the most rapid in 2016 when exports increased by 60% against the previous year. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Spain (X tons), Poland (X tons) and the UK (X tons) were the main destinations of sugar exports from Portugal, together accounting for 96% of total exports.

From 2012 to 2021, the biggest increases were in Poland (with a CAGR of +1,028.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) remains the key foreign market for sugar exports from Portugal, comprising 66% of total exports. The second position in the ranking was held by Poland ($X), with a 23% share of total exports. It was followed by the UK, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to Spain totaled -4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+836.9% per year) and the UK (+25.9% per year).

Export Prices by Country

The average sugar export price stood at $X per ton in 2021, stabilizing at the previous year. Over the period under review, the export price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2016 an increase of 6.9% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was France ($X per ton), while the average price for exports to Poland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (-5.9%), while the prices for the other major destinations experienced a decline.

Sugar Imports

Imports into Portugal

In 2021, the amount of sugar imported into Portugal shrank to X tons, remaining stable against the year before. Overall, imports saw a pronounced decline. The pace of growth was the most pronounced in 2013 when imports increased by 60% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, sugar imports stood at $X in 2021. In general, imports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2013 with an increase of 57% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Brazil (X tons), Cuba (X tons) and Spain (X tons) were the main suppliers of sugar imports to Portugal, with a combined 79% share of total imports. France, Nicaragua, Belize and Mozambique lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +45.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constituted the largest supplier of sugar to Portugal, comprising 40% of total imports. The second position in the ranking was taken by Cuba ($X), with a 20% share of total imports. It was followed by Spain, with a 19% share.

From 2012 to 2021, the average annual growth rate of value from Brazil stood at -7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Cuba (+0.8% per year) and Spain (+11.2% per year).

Import Prices by Country

In 2021, the average sugar import price amounted to $X per ton, surging by 13% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible setback. The import price peaked 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 supplying countries. In 2021, the country with the highest price was Mozambique ($X per ton), while the price for Cuba ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mozambique (+23.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform