Driven by low production in Florida, the U.S. retail price of orange juice concentrate peaked at $2.65 for 16 oz in December 2021. The orange juice output in the U.S. is expected to drop due to crop diseases. The world production is forecast to rise by 11% to over 1.9M tonnes in 2022, thanks to tangible gains in Brazil.
LOS ANGELES, Feb. 02, 2022 (GLOBE NEWSWIRE) -- U.S. orange juice prices skyrocket on decreased production in Florida, a new report from market research firm IndexBox says. The average retail price for 16 oz of orange juice concentrate in the U.S. peaked at $2.65 in December 2021, rising by 14% from December 2020.
According to IndexBox estimated, U.S. orange juice production is forecast to drop by 6.5% y/y to 215K tonnes in 2022 due to reduced output in Florida, where citrus greening affected crops. U.S. ending stocks are projected to remain stable at the level of 246K tonnes this year.
Global production is expected to grow by 11% y/y to 1.9M tonnes thanks to increasing outputs in Brazil and Mexico, offsetting U.S. and EU production declines. World’s consumption is set to match production but continue its long‐term downward trend.
Brazil’s orange juice production is projected to rise by 16% y/y to 1.1M tonnes in 2022. Mexico is forecast to produce 170K tonnes, 25% more than a year earlier. EU orange juice production is set to fall by 10% y/y to 70K tonnes on reduced fruits available for processing. To compensate for the losses, the EU is projected to ramp up imports, primarily from Brazil.
Global Orange Juice Imports by Country
In 2020, global orange juice imports soared to 2.9M tonnes, jumping by 16% compared with 2019 figures. In value terms, orange juice supplies expanded rapidly to $2.1B.
The countries with the highest levels of orange juice (single strength) imports in 2020 were Belgium (626K tonnes), France (498K tonnes) and the Netherlands (459K tonnes), together finishing at 54% of total import. Germany (306K tonnes) ranks next with a 10% share, followed by the UK (9.4%), the U.S. (7.9%) and Canada (4.5%).
In value terms, the largest orange juice importing markets worldwide were France ($376M), Belgium ($284M) and the Netherlands ($241M), with a combined 44% share of global imports.
In 2020, Belgium recorded the highest growth rates of imports, expanding purchases fourfold, while supplies into other countries experienced more modest paces of growth.
In 2020, the average orange juice (single strength) import price amounted to $704 per tonne, shrinking by -7.9% 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 Canada, while Belgium was amongst the lowest.
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Companies Mentioned in the Report
PepsiCo, PAI Partners, Dr Pepper Snapple Group, Tropicana Products Inc., Coca-Cola, Florida's Natural, Minute Maid Corporation, The Vita Coco Company, Naked Juice, Molson Coors, Keurig Dr Pepper, Hawaiian Punch, Bolthouse Farms, Citrosuco SA Agroindústria, Sucocitrico Cutrale Ltda, Louis Dreyfus Commodities Brasil SA, Jumex, Citrofrut SA De Cv, Internacional Quimica De Cobre S.A. De C.V., Industries Mexicana De Sabores S.A, Kronoz International Inc., Procitrus SA De Cv, Star Juice S.A. De C.V., Jugos Alamo SA De Cv, Juguera Allende SA Cv.
Sources
World - Orange Juice - Market Analysis, Forecast, Size, Trends and Insights
World - Concentrated Orange Juice - Market Analysis, Forecast, Size, Trends and Insights
World - Citrus Fruits - Market Analysis, Forecast, Size, Trends and Insights
World - Oranges - Market Analysis, Forecast, Size, Trends and Insights
World - Frozen Concentrated Orange Juice - Market Analysis, Forecast, Size, Trends and Insights
