U.S.: Sugar Market 2022

Sugar Market Size in the U.S.

In 2021, the U.S. sugar market decreased by -0.5% to $X, falling for the fifth year in a row after two years of growth. Overall, consumption recorded a mild descent. Sugar consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Sugar Production in the U.S.

In value terms, sugar production expanded sharply to $X in 2021. Overall, the total production indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.4% against 2019 indices. The growth pace was the most rapid in 2015 when the production volume increased by 45%. Sugar production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

The average yield of sugar in the United States was estimated at less than X kg per ha in 2021, flattening at 2020 figures. In general, 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.

In 2021, the total area harvested in terms of sugar production in the United States amounted to less than X ha, remaining relatively unchanged against 2020. In general, the harvested area saw a relatively flat trend pattern.

Sugar Exports

Exports from the U.S.

In 2021, the amount of sugar exported from the United States dropped dramatically to X tons, declining by -38.3% compared with the year before. Overall, exports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 42% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, sugar exports declined to $X in 2021. Over the period under review, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2017 with an increase of 28%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X tons) was the main destination for sugar exports from the United States, accounting for a 33% share of total exports. Moreover, sugar exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), threefold. China (X tons) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2021, the average annual growth rate of volume to Mexico stood at -22.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-8.2% per year) and China (+10.4% per year).

In value terms, Mexico ($X), Canada ($X) and South Korea ($X) constituted the largest markets for sugar exported from the United States worldwide, together comprising 35% of total exports. China, Belgium, the UK, Germany, New Zealand, Japan, Brazil, Bahamas, Egypt and Nigeria lagged somewhat behind, together comprising a further 31%.

In terms of the main countries of destination, New Zealand, with a CAGR of +39.4%, recorded the highest growth rate of the value of exports, 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 sugar export price amounted to $X per ton, jumping by 50% against the previous year. Overall, the export price continues to indicate resilient growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Belgium ($X per ton), while the average price for exports to Egypt ($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 Belgium (+29.0%), while the prices for the other major destinations experienced more modest paces of growth.

Sugar Imports

Imports into the U.S.

In 2021, approx. X tons of sugar were imported into the United States; with a decrease of -18.3% against the previous year. Overall, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 21%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, sugar imports reduced to $X in 2021. In general, imports saw a drastic downturn. The pace of growth was the most pronounced in 2020 when imports increased by 21%. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Mexico (X tons) constituted the largest supplier of sugar to the United States, with a 35% share of total imports. Moreover, sugar imports from Mexico exceeded the figures recorded by the second-largest supplier, Brazil (X tons), twofold. Guatemala (X tons) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Mexico was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+3.6% per year) and Guatemala (-2.6% per year).

In value terms, Mexico ($X) constituted the largest supplier of sugar to the United States, comprising 36% of total imports. The second position in the ranking was held by Brazil ($X), with a 14% share of total imports. It was followed by Guatemala, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Mexico amounted to -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+0.7% per year) and Guatemala (-4.7% per year).

Import Prices by Country

In 2021, the average sugar import price amounted to $X per ton, picking up by 9% against the previous year. Over the period under review, the import price, however, showed a pronounced decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Colombia ($X per ton) and Costa Rica ($X per ton), while the price for El Salvador ($X per ton) and Guatemala ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform