Latin America and the Caribbean: Sugar Cane Market 2024

Sugar Cane Market Size in Latin America and the Caribbean

The Latin American sugar cane market totaled $X.7B in 2022, flattening at the previous year. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Sugar Cane Production in Latin America and the Caribbean

In value terms, sugar cane production declined to $X.4B in 2022 estimated in export price. Over the period under review, production recorded a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of production peaked at $X.4B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Brazil (X tons) constituted the country with the largest volume of sugar cane production, comprising approx. X% of total volume. Moreover, sugar cane production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), more than tenfold. Colombia (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Brazil was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Mexico (X% per year) and Colombia (X% per year).

In 2022, the average yield of sugar cane in Latin America and the Caribbean was estimated at X tons per ha, picking up by X% on the previous year's figure. In general, the yield, however, continues to indicate a relatively flat trend pattern. Over the period under review, the sugar cane yield reached the peak level at X tons per ha in 2013; however, from 2014 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of sugar cane production in Latin America and the Caribbean shrank slightly to X ha, with a decrease of X% against 2021. Over the period under review, the harvested area, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to sugar cane production attained the peak figure at X ha in 2014; however, from 2015 to 2022, the harvested area failed to regain momentum.

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Sugar Cane Exports

Exports in Latin America and the Caribbean

In 2022, approx. X tons of sugar cane were exported in Latin America and the Caribbean; shrinking by X% compared with the previous year's figure. Overall, exports, however, showed a prominent increase. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, sugar cane exports contracted significantly to $X in 2022. Over the period under review, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then dropped significantly in the following year.

Exports by Country

Costa Rica represented the largest exporting country with an export of around X tons, which reached X% of total exports. Mexico (X tons) ranks second in terms of the total exports with a X% share, followed by Brazil (X%), Jamaica (X%) and Colombia (X%). The Dominican Republic (X tons) took a little share of total exports.

Exports from Costa Rica increased at an average annual rate of X% from 2012 to 2022. At the same time, Brazil (X%), Colombia (X%), Jamaica (X%) and the Dominican Republic (X%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Mexico (X%) illustrated a downward trend over the same period. Costa Rica (X p.p.), Brazil (X p.p.) and Colombia (X p.p.) significantly strengthened its position in terms of the total exports, while the Dominican Republic and Mexico saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sugar cane supplying countries in Latin America and the Caribbean were Costa Rica ($X), Jamaica ($X) and Mexico ($X), together comprising X% of total exports. Brazil, Colombia and the Dominican Republic lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Brazil, with a CAGR of X%, saw 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 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2014 an increase of X% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Jamaica ($X per ton), while Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the other leaders experienced more modest paces of growth.

Sugar Cane Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of sugar cane decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports faced a sharp downturn. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, sugar cane imports contracted significantly to $X in 2022. Overall, imports faced a sharp setback. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

British Virgin Islands (X tons) and Mexico (X tons) were the largest importers of sugar cane in 2022, amounting to approx. X% and X% of total imports, respectively. Turks and Caicos Islands (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by the Dominican Republic (X%) and Barbados (X%). Belize (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Dominican Republic (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, British Virgin Islands ($X) constitutes the largest market for imported sugar cane in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by Mexico ($X), with a X% share of total imports. It was followed by Turks and Caicos Islands, with a X% share.

From 2012 to 2022, the average annual growth rate of value in British Virgin Islands totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (X% per year) and Turks and Caicos Islands (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price continues to indicate a significant increase. The growth pace was the most rapid in 2015 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belize ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belize (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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