Raw cane or beet sugar in solid form market in Latin America and the Caribbean

Earlier Report Observations

In 2020, the COVID-19 pandemic led to low oil prices, making ethanol production less profitable in Brazil, the region's key producer. This prompted a shift of milling capacity toward sugar, contributing to a sharp rise in output to 60.7 million tons. Concurrently, changes in consumer habits, including increased home cooking, supported domestic sugar demand.

Following a dip in 2021, the market volume recovered in 2022, reaching 32.3 million tons, aided by growing demand for organic and unrefined sugar among the urban middle class. This trend continued into 2023, with sugar production in Mexico rising by 3%, helping maintain the total market volume at 32.3 million tons.

Into 2024, a further 19% rise in organic sugar consumption and regulatory changes to refined sugar quotas for the United States, Canada, and Mexico continued to shape the region's trade dynamics.

Production raw cane or beet sugar in solid form in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of raw cane or beet sugar in solid form, 2017-2020

World map of production of raw cane or beet sugar in solid form, 2017-2020

Following two consecutive years of decline, production of raw cane or beet sugar in solid form across Latin America and the Caribbean rebounded. In 2019, output reached its lowest point at 50 964 thousand tonnes. However, by 2020, production surged to 60 730 thousand tonnes, representing a significant year-over-year increase of 19.2%. The most substantial decline occurred in 2018, when production fell by 14.8%.

Annual dynamics of production in Latin America and the Caribbean in kind, 2017-2020, K t

In value, 2017-2020, M $ US

After experiencing declines for two straight years, the production value of raw cane or beet sugar in solid form in Latin America and the Caribbean showed recovery. In 2019, the value hit its minimum at 15 831 million US dollars. The following year, in 2020, production value rose to 18 132 million US dollars, marking a 14.5% increase compared to the previous year. Over the entire 2017-2020 period, production value decreased by 27.7%, which translates to an average annual decline of 10.3%. The steepest drop was recorded in 2018, with a 30.8% decrease.

Annual dynamics of production in Latin America and the Caribbean in value, 2017-2020, M $ US

Exports raw cane or beet sugar in solid form from Latin America and the Caribbean

Exports in kind, K t

Exports of raw cane or beet sugar in solid form from Latin America and the Caribbean to international markets rebounded after two years of contraction. In 2019, exports reached their lowest level at 20 440 thousand tonnes. By 2020, they climbed to 30 498 thousand tonnes, reflecting a substantial 49.2% year-over-year growth. From 2017 to 2020, overall exports increased by 6.5%, with an average annual growth rate of 2.1%. The most significant decline occurred in 2018, when exports fell by 25.1%.

Annual dynamics of product's exports from Latin America and the Caribbean in kind, 2017-2020, K t

Between 2017 and 2020, the export destinations for raw cane or beet sugar in solid form from Latin America and the Caribbean were highly diversified. The top three markets—China (9.7% of exports in volume), Algeria (8.8%), and Bangladesh (8.4%)—collectively accounted for just 27.0% of total export flows, indicating a broad and varied partner portfolio.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in kind, 2017-2020

Exports in value, M $ US

Following a two-year downward trend, the value of raw cane or beet sugar in solid form exports from Latin America and the Caribbean turned upward. In 2019, export value was at its minimum of 6 349 million US dollars. The following year, in 2020, it rose to 9 106 million US dollars, showing a robust 43.4% increase compared to the previous year. Over the 2017-2020 period, export value decreased by 22.7%, equivalent to an average annual decline of 8.2%. The largest drop was recorded in 2018, with a 39.1% decrease.

Annual dynamics of product's exports from Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, the export market structure in value terms remained highly diversified. The leading destinations—the United States (11.2% of export value), China (8.7%), and Algeria (8.2%)—together represented only 28.1% of total flows. The remaining 71.9% was distributed among a wide range of smaller markets, forming a long tail of diverse trade partners.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Latin America and the Caribbean in value, 2017-2020

Imports raw cane or beet sugar in solid form to Latin America and the Caribbean

Imports in kind, K t

Import volumes of raw cane or beet sugar in solid form into Latin America and the Caribbean showed notable fluctuations during this period. In 2018, imports peaked at 360 thousand tonnes. The following year, in 2019, they dropped to their lowest point of 167 thousand tonnes, marking a 53.5% decline and creating a 2.2-fold difference between the peak and trough. By 2020, imports rebounded to 306 thousand tonnes, representing an 83.2% increase compared to 2019.

Annual dynamics of product's imports to Latin America and the Caribbean in kind, 2017-2020, K t

Throughout the 2017-2020 period, the United States was the largest supplier of raw cane or beet sugar in solid form to Latin America and the Caribbean, accounting for 1.7% of total import volume.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in kind, 2017-2020

Imports in value, M $ US

After two years of decline, the import value of raw cane or beet sugar in solid form into Latin America and the Caribbean increased. In 2019, import value was at its minimum of 176 million US dollars. By 2020, it rose to an unspecified value, showing a 51.1% year-over-year increase. Over the 2017-2020 period, import value decreased by 40.4%, with an average annual decline of 15.8%. The most significant drop occurred in 2019, with a 50.5% decrease.

Annual dynamics of product's imports to Latin America and the Caribbean in value, 2017-2020, M $ US

From 2017 to 2020, the United States maintained its position as the leading supplier of raw cane or beet sugar in solid form to Latin America and the Caribbean, holding a 3.7% share of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Latin America and the Caribbean in value, 2017-2020