LOS ANGELES, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Sugar prices in the U.S. rose tangibly last year, although domestic production increased significantly during that period, a new report from IndexBox states. In 2021, the average retail refined sugar price in the U.S. amounted to 68.4 cents per pound, increasing by 8%. This was the highest spike in annual retail sugar prices since 2011.
American beet and cane sugar production rose by 10% y/y to 8.3M tonnes last year. Yield per harvested sugarbeet area increased by 13% y/y to 33.2 tonnes per acre. Combined with supply chain disruptions related to the Ida hurricane, rising energy and logistics costs has contributed to the sugar price growth. Imports into the U.S. amounted to 1.6M tonnes in Q1-Q3 2021, dropping by -11% compared to the same period 2020.
This year, U.S. sugar prices are forecast to ease by approx. 4% y/y due to expected stable supply in the global market and support measures provided by the American government. The U.S. Department of Agriculture announced the following actions to increase available sugar supplies to the U.S. market: increasing the Overall Allotment Quantity in 2022, transferring allocations from beet processors with surplus allocation to those with deficit allocation, and boosting raw cane sugar imports from Mexico.
U.S. Sugar Imports by Country
In 2020, the amount of sugar imported into the U.S. expanded to 2.4M tonnes, picking up by 2.4% against 2019. In value terms, supplies totaled $1.2B.
Mexico (735K tonnes), Brazil (404K tonnes) and the Dominican Republic (212K tonnes) were the main suppliers of sugar imports to the U.S., together comprising 57% of total imports.
In 2020, supplies from Brazil grew twofold, while imports from the other countries experienced more modest paces of growth.
In value terms, Mexico ($423M) constituted the largest supplier of sugar to the U.S., comprising 34% of total imports. The second position in the ranking was occupied by Brazil ($185M), with a 15% share of total imports. It was followed by the Dominican Republic, with a 9.5% share.
The average sugar import price stood at $525 per tonne in 2020, surging by 1.6% against the previous year. Prices varied noticeably by the country of origin; the country with the highest price was Colombia ($850 per tonne), while the price for Guatemala ($422 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by the Philippines, while the prices for the other major suppliers experienced more modest paces of growth.
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Companies Mentioned in the Report
Sudzucker AG, Cosan SA Industria & Comercio, British Sugar Plc, Tereos Internacional SA, Mitr Phol Sugar Corp., Nordzucker Gmbh & Co KG, Louis Dreyfus, Wilmar International Ltd., Thai Roong Ruang Sugar Group, Turkiye Seker Fabrikalari, Biosev, Cargill, ASR Group International, Michigan Sugar Company, Copersucar, Atvos Agroindustrial, Zilor, Sao Martinho, Lincoln Junquiera, Usina Coruripe, Usina Santa Terezinha, Redra Agroindustrial
Sources
U.S. - Sugar - Market Analysis, Forecast, Size, Trends and Insights
World - Sugar - Market Analysis, Forecast, Size, Trends and Insights
U.S. Beet Sugar Market. Analysis and Forecast to 2025
U.S. Cane Sugar Market. Analysis And Forecast to 2025
World - Raw Cane and Beet Sugar In Solid Form - Market Analysis, Forecast, Size, Trends and Insights
