Sucrose in solid form market in Latin America and the Caribbean

Earlier Report Observations

Between 2018 and 2023, the sucrose market in Latin America and the Caribbean experienced notable shifts. The market volume began at 22 836 thousand tons in 2018, saw a slight dip to 22 594 thousand tons in 2019, and then contracted significantly to 20 020 thousand tons in 2020.

A recovery phase followed, with the market growing by 6% to 21 236 thousand tons in 2021. This expansion accelerated, surging by 20% to 25 541 thousand tons in 2022 and increasing a further 7% to reach 27 371 thousand tons in 2023.

In 2024, the regional context includes a prolonged low-growth economic environment and a 7.1% rise in foreign direct investment focused on sectors like minerals and information technology. Global trade reconfiguration due to geopolitical tensions and supply chain disruptions also presents factors that can influence the market.

Production sucrose in solid form in Latin America and the Caribbean

In kind, 2017-2020, K t

Top producers of sucrose in solid form, 2017-2020

World map of production of sucrose in solid form, 2017-2020

Latin America and the Caribbean saw a decline in solid sucrose production for the third year in a row. In 2019, production stood at 25 489 thousand tons, but by 2020 it had dropped slightly by 1.5%. Over the four-year period from 2017 to 2020, production fell by 18.9%, with an average annual decline of 6.7%.

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

In value, 2017-2020, M $ US

The value of solid sucrose output in Latin America and the Caribbean reached 10 584 million US dollars in 2020, marking an 11.3% decrease from the previous year. From 2017 to 2020, production value declined by 29.2%, averaging a 10.9% annual drop. The sharpest fall occurred in 2018, at 23.4%, while 2019 saw a modest recovery with a 4.3% increase.

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

Exports sucrose in solid form from Latin America and the Caribbean

Exports in kind, K t

Following two years of decline, solid sucrose exports from Latin America and the Caribbean rebounded in 2020. Exports totaled 5 925 thousand tons, surging 58.9% compared to 2019's low of 3 730 thousand tons. Over the 2017-2020 period, exports decreased by 11.3%, with an average annual decline of 3.9%. The most significant drop was in 2018, at 26.6%.

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

From 2017 to 2020, solid sucrose from Latin America and the Caribbean was exported to a diverse range of markets. The top three destinations—the United States (14.8% of exports by volume), the United Arab Emirates (5.9%), and Angola (5.5%)—collectively accounted for just 26.2% of total exports. The remaining 73.8% was distributed among numerous smaller markets.

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

After a two-year downturn, solid sucrose exports from Latin America and the Caribbean picked up in 2020. Export value reached 2 460 million US dollars, a 43.0% increase from the previous year's low of 1 720 million US dollars. Between 2017 and 2020, export value fell by 22.5%, with an average annual decline of 8.2%. The steepest drop was in 2018, at 35.3%.

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

During 2017-2020, the United States (18.3% of export value), the United Arab Emirates (5.5%), and Angola (5.0%) were key buyers of solid sucrose from Latin America and the Caribbean. However, their combined share of total export value was only 28.8%, indicating a broad and diversified market.

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 sucrose in solid form to Latin America and the Caribbean

Imports in kind, K t

Solid sucrose imports into Latin America and the Caribbean rose for the second consecutive year in 2020. Import volume reached 456 thousand tons, up 3.6% from the previous year. Over the 2017-2020 period, imports decreased by 4%, with an average annual decline of 1.3%. The lowest volume was in 2018 at 385 thousand tons, which saw a 19.0% drop, while 2019 experienced a 14.4% increase.

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

From 2017 to 2020, the United States (4.3% of import volume), France (1.1%), and Canada (0.9%) remained the primary suppliers of solid sucrose to Latin America and the Caribbean. Together, they accounted for 6.3% 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

Following two years of contraction, solid sucrose imports into Latin America and the Caribbean grew in 2020. Import value hit 694 million US dollars, a 24.7% rise from 2019's low of 556 million US dollars. Between 2017 and 2020, import value increased by 5.3%, with an average annual growth of 1.7%. The largest decline was in 2018, at 9.9%.

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

In the 2017-2020 period, the United States (6.0% of import value), Canada (1.2%), and France (1.0%) led the import structure for solid sucrose in Latin America and the Caribbean. Their combined share represented 8.2% 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