Latin America and the Caribbean: Sugar Crop Market 2024

Sugar Crop Market Size in Latin America and the Caribbean

The Latin American sugar crop market was estimated at $X.2B in 2022, remaining relatively unchanged against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X.5B in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Sugar Crop Production in Latin America and the Caribbean

In value terms, sugar crop production declined to $X.8B in 2022 estimated in export price. Over the period under review, production posted resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of X%. The level of production peaked at $X.8B in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Brazil (X tons) remains the largest sugar crop producing country in Latin America and the Caribbean, comprising approx. X% of total volume. Moreover, sugar crop 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.

In Brazil, sugar crop production remained relatively stable over the period from 2012-2022. 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 sugar crop yield in Latin America and the Caribbean amounted to X tons per ha, surging by X% on the previous year's figure. Over the period under review, the yield, however, showed a relatively flat trend pattern. Over the period under review, the sugar crop yield hit record highs at X tons per ha in 2013; however, from 2014 to 2022, the yield failed to regain momentum. 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 crops production in Latin America and the Caribbean dropped modestly to X ha, waning by X% compared with the year before. In general, the harvested area, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to sugar crop production attained the maximum at X ha in 2014; however, from 2015 to 2022, the harvested area stood at a somewhat lower figure.

Sugar Crop Exports

Exports in Latin America and the Caribbean

In 2022, after three years of growth, there was significant decline in overseas shipments of sugar crops, when their volume decreased by X% to X tons. Over the period under review, exports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2019 with an increase of X%. The volume of export peaked at X tons in 2021, and then fell notably in the following year.

In value terms, sugar crop exports reduced markedly to $X in 2022. In general, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. The level of export peaked at $X in 2021, and then dropped markedly in the following year.

Exports by Country

Costa Rica prevails in exports structure, recording X tons, which was approx. X% of total exports in 2022. It was distantly followed by Mexico (X tons), Brazil (X tons) and Jamaica (X tons), together achieving a X% share of total exports. Colombia (X tons) and the Dominican Republic (X tons) held a relatively small 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 Mexico saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Costa Rica ($X) remains the largest sugar crop supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Mexico ($X), with a X% share of total exports. It was followed by Jamaica, with a X% share.

In Costa Rica, sugar crop exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Jamaica (X% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. Export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sugar crop export price increased by X% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

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

Sugar Crop Imports

Imports in Latin America and the Caribbean

In 2022, after three years of growth, there was significant decline in supplies from abroad of sugar crops, when their volume decreased by X% to X tons. Over the period under review, imports faced a dramatic decrease. The growth pace was the most rapid in 2016 when imports increased by X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, sugar crop imports declined remarkably to $X in 2022. In general, imports saw a mild shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports reached the peak of $X, and then plummeted in the following year.

Imports by Country

In 2022, Mexico (X tons), followed by Trinidad and Tobago (X tons), Argentina (X tons), Jamaica (X tons), Peru (X tons), Colombia (X tons), Costa Rica (X tons), Chile (X tons) and Brazil (X tons) were the key importers of sugar crops, together creating X% of total imports. Suriname (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 Jamaica (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sugar crop importing markets in Latin America and the Caribbean were Mexico ($X), Argentina ($X) and Peru ($X), with a combined X% share of total imports. Costa Rica, Chile, Jamaica, Trinidad and Tobago, Brazil, Colombia and Suriname lagged somewhat behind, together comprising a further X%.

Jamaica, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, reducing by X% against the previous year. In general, the import price, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2015 an increase of X%. Over the period under review, import prices reached the maximum at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while Colombia ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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