Sugar Import 2024: Market Momentum

Global Sugar Import Market Landscape

In global trade, Sugar is classified under HS Code 1701, covering raw and refined sugar products. As a highly traded soft commodity, it serves as a critical input for food processing, beverage production, and direct consumer consumption, making it sensitive to both agricultural supply shocks and industrial demand cycles.

Strategic Insights

• Market Momentum: Global sugar imports faced volatility in 2024, starting strong at $2.22B in January but tapering to $1.87B by December. Despite mid-year price swings, monthly trade consistently exceeded $1.5B, reflecting resilient demand amid surplus production forecasts.
• Geographic Power: Supply is concentrated in Brazil (43.5% of shipped weight), India, and Mexico, while demand splits between high-value African crisis buyers (South Sudan, Congo) and bulk industrial importers (US, Mexico). Emerging Asian markets like Bangladesh and Uzbekistan show rising structural demand.
• Supply Chain Structure: Dominated by consolidated players—Dominators control 61.35% of shipments and 55.99% of export value. Buyers face rigidity in negotiations, with Bulk Movers offering alternative high-volume opportunities at lower frequency. Long-term contracts with top suppliers are critical to mitigate volatility.

Global Sugar Import Trend in 2024 Whole Year

Global sugar imports navigated significant price volatility in 2024, influenced by a projected market surplus and record production levels [Tridge].

• Aggregate Performance: Total import value demonstrated resilience amid fluctuations, with observed trade exceeding $1.5B monthly despite a notable mid-year dip.
• Period Dynamics: The year concluded with moderated activity, receding from a $2.22B start in January to a $1.87B finish in December.

Table: Sugar Import Trend in 2024 Whole Year

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Sugar Global Market Structure: Supply vs. Demand

Top Origin Countries & Production Hubs

• Dominant Supplier: Brazil controls 19.3% of export volume and 43.5% of shipped weight, establishing it as the clear volume leader.
• Market Structure: Supply is moderately consolidated. Top 3 exporters (Brazil, India, Mexico) command 47% of global volume. Brazil holds decisive weight advantage.
• Key Challenger: India (Rank 2) holds 11% volume share but only 13.7% weight share, indicating potentially higher-value product mix. Mexico (Rank 3) is a volume challenger with 16.5% share.

Top Destination Countries & Consumption Markets

• Key Buyers: South Sudan and Congo (Kinshasa) are top importers by value (40.5% and 14.9% share), but with low volumes – signaling premium pricing. The US and Mexico are largest volume buyers (16.2% and 16.4%).
• Nature of Demand: Bifurcated. High-value African imports suggest urgent consumption needs (possibly conflict zones). US/Mexico volumes indicate industrial processing or mass consumption. Bangladesh and Uzbekistan emerge as volume-driven growth markets.
• Emerging Markets: Uzbekistan (7.3% volume) and Bangladesh (2.5% value) show rising structural demand.

Supply-Demand Dynamics

• Balance Assessment: Concentrated supply (led by Brazil) meets fragmented demand. High-value crisis buying (Africa) coexists with bulk industrial demand (Americas/Asia).
• Geographic Trend: Flows from major Southern hemisphere producers (Brazil, India) to North American processors (US, Mexico) and crisis-hit African nations. Secondary flow: Asian producers (Thailand) supplying Asian consumers (Bangladesh, Sri Lanka).
• Key Takeaway: Brazil holds structural pricing power via volume and logistical dominance. African importers exhibit extreme price inelasticity.

Table: Global Sugar Import —— Top Destination Countries

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Table: Global Sugar Import —— Top origin Countries

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Global Sugar Import Analysis: Key Suppliers & Buyers

Suppliers Concentration & Strategy

• Highly consolidated: Dominators (61.35% of shipments) control 55.99% of export value.
• Operational split: Most suppliers are high-frequency (79.88% combined frequency share), but Bulk Movers generate 42.50% value from only 8.14% of shipments.
• Buyer implications: Heavy reliance on few giants (Dominators) risks supply chain rigidity. Bulk Movers offer alternative high-volume opportunities with lower negotiation frequency.

Oversea Buyers Procurement Patterns

• Consolidated procurement: Dominators drive 69.81% of import value with 58.72% shipment share.
• Behavior: Preference for frequent, large-volume restocking (Dominators handle 76.62% quantity at high frequency). Bulk Movers (20.15% value) enable strategic stockpiling.
• Market tier: Dominated by global giants; SMEs are marginal (Low-Value clusters contribute <10.04% combined value share).

Market Entry & Negotiation Strategy

• New buyers: Prioritize Dominators for stable supply, but expect limited pricing flexibility. Use Bulk Movers for spot volume fills.
• New suppliers: Competing with Dominators requires scale. Target Bulk Movers with competitive bulk pricing or Low-Frequency buyers needing niche volumes.
• Critical tactic: Lock in long-term contracts with Dominators to mitigate volatility. Exploit Bulk Movers for opportunistic inventory builds.

Table: Global Sugar Import —— Top Buyers

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Table: Global Sugar Import —— Top Suppliers

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Frequently Asked Questions

What is the HS Code for Sugar?

HS Code 1701 covers all forms of cane or beet sugar, including raw, refined, and chemically pure sucrose in solid form.

Which country is the largest exporter of Sugar in 2024 Whole Year?

Uganda is the top exporter, dominating global supply with $28.21B in export value.

Who are the top importers of Sugar in 2024 Whole Year?

South Sudan ($20.78B) and Congo (Kinshasa) ($7.63B) lead imports, indicating major consumption markets in Africa.

Who are the major suppliers and companies trading Sugar in 2024 Whole Year?

Top suppliers include Kinyara Sugar Limited ($10.85B), while key buyers are CSC Sugar, LLC ($206.45M) and Sucre Trading Mexico ($185.58M).

Why do Sugar import rankings sometimes differ from export destination lists?

Trade asymmetries occur because exports report intended destinations (FOB value), while imports record actual arrivals (higher CIF value). Trans-shipment hubs also cause discrepancies.

How to find reliable Sugar suppliers and exporters in 2024 Whole Year?

Access verified shipment records and active suppliers for HS 1701 via yTrade, including partners in Uganda – the global export leader.