Spain: Sugars Market 2024

Sugars Market Size in Spain

In 2021, the Spanish sugars market increased by 44% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +49.1% against 2019 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Sugars Exports

Exports from Spain

In 2021, overseas shipments of sugars, sugar ethers and salts increased by 99% to X tons, rising for the fifth year in a row after three years of decline. Over the period under review, exports recorded significant growth. The growth pace was the most rapid in 2017 when exports increased by 172%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, sugars exports rose rapidly to $X in 2021. Overall, exports posted significant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 134% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Germany (X tons) was the main destination for sugars exports from Spain, accounting for a 54% share of total exports. Moreover, sugars exports to Germany exceeded the volume sent to the second major destination, Portugal (X tons), threefold. The third position in this ranking was taken by the UK (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +94.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+5.4% per year) and the UK (+97.2% per year).

In value terms, Germany ($X) remains the key foreign market for sugars, sugar ethers and salts exports from Spain, comprising 78% of total exports. The second position in the ranking was taken by the UK ($X), with a 5.9% share of total exports. It was followed by Portugal, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at +106.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+100.6% per year) and Portugal (+4.2% per year).

Export Prices by Country

The average sugars export price stood at $X per ton in 2021, shrinking by -43.7% against the previous year. Over the period under review, the export price, however, posted noticeable growth. The pace of growth was the most pronounced in 2016 an increase of 55% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Portugal ($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 Germany (+6.4%), while the prices for the other major destinations experienced mixed trend patterns.

Sugars Imports

Imports into Spain

In 2021, overseas purchases of sugars, sugar ethers and salts increased by 25% to X tons, rising for the second year in a row after two years of decline. Overall, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +31.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sugars imports soared to $X in 2021. Over the period under review, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +62.2% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, France (X tons) constituted the largest supplier of sugars to Spain, accounting for a 43% share of total imports. Moreover, sugars imports from France exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by China (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from France amounted to +15.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.5% per year) and China (+10.0% per year).

In value terms, France ($X), Germany ($X) and China ($X) constituted the largest sugars suppliers to Spain, together accounting for 68% of total imports. Israel, Japan, Thailand, Italy, Belgium and the United States lagged somewhat behind, together comprising a further 28%.

Among the main suppliers, Israel, with a CAGR of +99.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average sugars import price amounted to $X per ton, rising by 24% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.0%. The growth pace was the most rapid in 2017 when the average import price increased by 33%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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