Latin America and the Caribbean: Sugar Market 2024

Sugar Market Size in Latin America and the Caribbean

In 2022, after five years of decline, there was significant growth in the Latin American sugar market, when its value increased by X% to $X. Overall, consumption, however, saw a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Sugar Production in Latin America and the Caribbean

In value terms, sugar production expanded modestly to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt descent. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of sugar production was Brazil (X tons), accounting for X% of total volume. Moreover, sugar production in Brazil exceeded the figures recorded by the second-largest producer, Mexico (X tons), sixfold. Guatemala (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 totaled X%. In the other countries, the average annual rates were as follows: Mexico (X% per year) and Guatemala (X% per year).

Sugar Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of sugar decreased by X% to X tons, falling for the second consecutive year after two years of growth. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sugar exports surged to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil prevails in exports structure, accounting for X tons, which was approx. X% of total exports in 2022. Guatemala (X tons), Mexico (X tons) and El Salvador (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sugar exports from Brazil stood at X%. At the same time, Mexico (X%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. El Salvador experienced a relatively flat trend pattern. By contrast, Guatemala (X%) illustrated a downward trend over the same period. Brazil (X p.p.), Mexico (X p.p.) and El Salvador (X p.p.) significantly strengthened its position in terms of the total exports, while Guatemala saw its share reduced by X% from 2012 to 2022, respectively.

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

In Brazil, sugar exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (X% per year) and Guatemala (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by X% against the previous year. Overall, the export price, however, continues to indicate a perceptible downturn. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 El Salvador (X%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in Latin America and the Caribbean

In 2022, sugar imports in Latin America and the Caribbean skyrocketed to X tons, jumping by X% on 2021. Overall, imports, however, continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, sugar imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2020 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Venezuela (X tons), Haiti (X tons), Chile (X tons) and Peru (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Uruguay (X tons), constituting a X% share of total imports. The following importers - Suriname (X tons) and Saint Vincent and the Grenadines (X tons) - each finished at a X% share of total imports.

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

In value terms, the largest sugar importing markets in Latin America and the Caribbean were Venezuela ($X), Peru ($X) and Chile ($X), together comprising X% of total imports. Haiti, Uruguay, Saint Vincent and the Grenadines and Suriname lagged somewhat behind, together comprising a further X%.

Saint Vincent and the Grenadines, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Peru ($X per ton), while Suriname ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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