Orange Market Outlook 2022: Prices to Continue Rising Despite World’s Production Growth – IndexBox
In 2022, orange prices will moderately increase despite an expected global production growth. This year, the world’s orange output is forecast to rise by 3% y/y to 77M tonnes due to expected favourable weather in Mexico, Brazil and Turkey.
LOS ANGELES, Feb. 01, 2022 (GLOBE NEWSWIRE) — Orange prices are forecast to grow, despite an expected increase in global production, a recent report from market research firm IndexBox says. According to World Bank’s data, the average annual orange price is to pick up 3% y/y, reaching $0.67 per kg in 2022. Last year, that figure totalled $0.65 per kg, increasing by 8% y/y.
Global Orange Production 2022
Global orange production is set to rise by 3% to 77K tonnes due to expected favourable weather conditions in Mexico, Brazil and Turkey. Orange production in Mexico is to gain 3% y/y, reaching 4.3M tonnes by the end of 2022. In Brazil, the output is forecast to rise by 12% to 17.5M tonnes. Turkey is expected to produce 1.8M tonnes of oranges, 40% more than in 2021.
Argentina is to ramp up production by 6% to 1.1M tonnes. Slight increases in output are expected in China and Morocco. By contrast, Egypt is set to reduce production by -16% to 3.0M tonnes.
U.S. output is set to drop by 11% to 3.6M tonnes due to plant disease, citrus greening, which affected most plantations in Florida. EU production also falls by 6% to 6.1M tonnes on unfavourable weather and a slight drop in harvested area. The EU is projected to ramp up orange supplies from South Africa and Brazil to offset the production decrease. American imports to keep calm with weak consumer demand.
Global Orange Imports by Country
Global orange imports rose markedly to 7.5M tonnes in 2020, surging by 8% compared with 2019 figures. In value terms, orange imports soared to $6.4B.
The countries with the highest levels of orange imports in 2020 were the Netherlands (622K tonnes), Germany (499K tonnes), France (477K tonnes), Russia (428K tonnes), Saudi Arabia (405K tonnes), Hong Kong SAR (303K tonnes), China (293K tonnes), the UK (267K tonnes), Bangladesh (229K tonnes), Italy (216K tonnes), Spain (209K tonnes) and the United Arab Emirates (207K tonnes), together accounting for 55% of total volume. Canada (203K tonnes) held a minor share of total imports.
In value terms, the Netherlands ($557M), Germany ($506M) and France ($494M) were the countries with the highest levels of purchases in 2020, together accounting for 24% of global imports. These countries were followed by China, Russia, Hong Kong SAR, the UK, Saudi Arabia, Canada, Italy, Spain, Bangladesh and the United Arab Emirates, which accounted for a further 35%.
The average orange import price stood at $848 per tonne in 2020, increasing 18% against the previous year. There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest cost was China ($1,050 per tonne), while Saudi Arabia ($555 per tonne) was the lowest. In 2020, the most notable rate of growth in terms of prices was attained by the UK (+68.2% per year), while the other global leaders experienced more modest paces of growth.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
For more information, please visit.
Website https://www.indexbox.io
Twitter https://twitter.com/indexbox
YouTube https://www.youtube.com/IndexBox
LinkedIn https://www.linkedin.com/company/indexbox-marketing/
Companies Mentioned in the Report
Alico Citrus, King Ranch, Citrosuco SA Agroindústria, Sucocitrico Cutrale Ltda, Louis Dreyfus Commodities Brazil SA., Dohler America Latina Ltda, Coppersteel Bimetalicos Ltda, Stolt-Nielsen Brazil Ltda., Firmenich & CIA. Ltda., Citrus Juice Eireli, Commerciare Caia SA de CV, Martucci Srl, Magan S.A. E C.V., Lo Casto S.R.L., Grupo Nuevos Mercados, San Ignacio, Azienda Agricola Biologica Jalari Di Salvatore Pietrini, Azienda Agricola Tortorici, Oranges S.R.L., Agrumfruit, F.Lli Milazzo
Sources
World – Oranges – Market Analysis, Forecast, Size, Trends and Insights
World – Citrus Fruits – Market Analysis, Forecast, Size, Trends and Insights
World – Fruits – Market Analysis, Forecast, Size, Trends and Insights
World – Orange Juice – Market Analysis, Forecast, Size, Trends and Insights
World – Concentrated Orange Juice – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor [email protected]
Disclaimer: This content is distributed by The GlobeNewswire
