Portugal: Sugars Market 2024

Sugars Market Size in Portugal

The Portuguese sugars market reduced to $X in 2021, almost unchanged from the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Sugars consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Sugars Production in Portugal

In value terms, sugars production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a slight decline. The pace of growth was the most pronounced in 2015 with an increase of 22% against the previous year. Sugars production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Sugars Exports

Exports from Portugal

In 2021, exports of sugars, sugar ethers and salts from Portugal soared to X tons, picking up by 94% compared with the previous year's figure. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 319%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, sugars exports rose significantly to $X in 2021. In general, exports posted significant growth. The growth pace was the most rapid in 2018 when exports increased by 252% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

The UK (X tons), the United States (X tons) and Ireland (X tons) were the main destinations of sugars exports from Portugal, together comprising 92% of total exports.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +191.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sugars exported from Portugal were Ireland ($X), the United States ($X) and the UK ($X), with a combined 88% share of total exports.

The UK, with a CAGR of +184.1%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average sugars export price amounted to $X per ton, which is down by -43.3% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 384%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to France ($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 Italy (+61.7%), while the prices for the other major destinations experienced more modest paces of growth.

Sugars Imports

Imports into Portugal

In 2021, purchases abroad of sugars, sugar ethers and salts increased by 12% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 32% against the previous year. Over the period under review, imports attained the maximum at X tons in 2014; afterwards, it flattened through to 2021.

In value terms, sugars imports stood at $X in 2021. In general, imports recorded significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 192%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Ireland (X tons), Spain (X tons) and the Netherlands (X tons) were the main suppliers of sugars imports to Portugal, together comprising 75% of total imports.

From 2012 to 2021, the biggest increases were recorded for Ireland (with a CAGR of +329.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ireland ($X) constituted the largest supplier of sugars, sugar ethers and salts to Portugal, comprising 53% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 17% share of total imports. It was followed by Spain, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Ireland totaled +354.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+93.3% per year) and Spain (+14.5% per year).

Import Prices by Country

In 2021, the average sugars import price amounted to $X per ton, dropping by -5.5% against the previous year. Overall, the import price, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2020 an increase of 151% against the previous year. As a result, import price attained the peak level of $X per ton, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ireland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+21.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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