Editor’s Note
This analysis projects the Latin American sugar market to reach 424 million tons and $81.3 billion by 2035, driven by steady growth. The sector remains heavily concentrated, with Brazil, Mexico, and Argentina accounting for nearly two-thirds of regional activity.
Driven by increasing demand for limestone flux, limestone and calcareous stone in Latin America and the Caribbean, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.9% for the period from 2024 to 2035, which is projected to bring the market volume to 424M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.9% for the period from 2024 to 2035, which is projected to bring the market value to $81.3B (in nominal wholesale prices) by the end of 2035.
In 2024, limestone flux and limestone consumption in Latin America and the Caribbean amounted to 346M tons, approximately mirroring 2023 figures. The total consumption volume increased at an average annual rate of +1.8% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 6.6% against the previous year. The volume of consumption peaked in 2024 and is expected to retain growth in the near future.
The value of the limestone flux and limestone market in Latin America and the Caribbean rose slightly to $59.2B in 2024, growing by 4.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.4% over the period from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $66.8B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.
The countries with the highest volumes of consumption in 2024 were Brazil (105M tons), Mexico (84M tons) and Argentina (28M tons), together accounting for 63% of total consumption.
Colombia, Venezuela, Peru, Chile, Cuba, Ecuador and Bolivia lagged somewhat behind, together comprising a further 25%.
From 2013 to 2024, the biggest increases were recorded for Colombia (with a CAGR of +3.6%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, Mexico ($40.7B) led the market, alone. The second position in the ranking was held by Ecuador ($6.1B). It was followed by Bolivia.
From 2013 to 2024, the average annual growth rate of value in Mexico stood at +4.1%. The remaining consuming countries recorded the following average annual rates of market growth: Ecuador (+2.1% per year) and Bolivia (+1.0% per year).
The countries with the highest levels of limestone flux and limestone per capita consumption in 2024 were Cuba (809 kg per person), Mexico (625 kg per person) and Argentina (590 kg per person).
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Colombia (with a CAGR of +2.6%), while consumption for the other leaders experienced more modest paces of growth.
Latin America and the Caribbean’s Production of Limestone Flux, Limestone And Calcareous Stone
