Latin America and the Caribbean: Sugar Market 2024

Sugar Market Size in Latin America and the Caribbean

In 2023, the Latin American sugar market increased by X% to $X, rising for the third consecutive year after four years of decline. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2023 and is expected to retain growth in the immediate term.

Sugar Production in Latin America and the Caribbean

In value terms, sugar production totaled $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2022 with an increase of X%. The level of production peaked in 2023 and is expected to retain growth in years to come.

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.

In Brazil, sugar production remained relatively stable over the period from 2012-2023. The remaining producing countries recorded the following average annual rates of production growth: Mexico (X% per year) and Guatemala (X% per year).

Sugar Exports

Exports in Latin America and the Caribbean

In 2023, overseas shipments of sugar were finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. The total export volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, sugar exports surged to $X in 2023. Total exports indicated a mild increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. The level of export peaked in 2023 and is expected to retain growth in years to come.

Exports by Country

Brazil dominates exports structure, reaching X tons, which was approx. X% of total exports in 2023. Guatemala (X tons) and Colombia (X tons) followed a long way behind the leaders.

Brazil was also the fastest-growing in terms of the sugar exports, with a CAGR of X% from 2012 to 2023. Colombia (X%) and Guatemala (X%) illustrated a downward trend over the same period. Brazil (X p.p.) significantly strengthened its position in terms of the total exports, while Guatemala saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Brazil stood at X%. In the other countries, the average annual rates were as follows: Guatemala (X% per year) and Colombia (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per ton, picking up by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Colombia (X%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in Latin America and the Caribbean

In 2023, approx. X tons of sugar were imported in Latin America and the Caribbean; increasing by X% on the previous year. Over the period under review, imports, however, showed a slight descent. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, sugar imports surged to $X in 2023. In general, imports, however, continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

Chile (X tons) and Venezuela (X tons) represented the largest importers of sugar in 2023, recording near X% and X% of total imports, respectively. Colombia (X tons) held an X% share (based on physical terms) of total imports, which put it in second place, followed by Peru (X%), Mexico (X%) and Haiti (X%). The following importers - Trinidad and Tobago (X tons) and Uruguay (X tons) - each recorded a X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Haiti (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Chile ($X), Mexico ($X) and Venezuela ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

Mexico, with a CAGR of X%, saw 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 2023, increasing by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked in 2023 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Mexico ($X per ton), while Haiti ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform