$1.3bn
$XX.Xm
3,712
664
$XXX.Xm
The industry has been relatively resilient, with revenue ultimately growing in recent years. As much of the agricultural sector was affected by the COVID-19 pandemic during 2020, industry revenue increased, unlike most crop growing industries. Overall, weather patterns are historically responsible for fluctuations in price and production. Following Hurricane Ida in 2021, industry performance was affected as production became limited due to the aftermath of the storm. Revenue is expected to rise at a CAGR of 1.4% to reach $1.3 billion in 2023, when revenue is set to fall 4.6% as falling fertilizer prices are passed along and per capita sugar and sweetener consumption fall.Industry profitability is less volatile than revenue, though it is still subject to weather conditions, sugar prices and circumstances in the downstream Sugar Processing industry (IBISWorld report 31131). Downstream sugar processors are protected by government price supports and import quotas, which inflate domestic sugar prices and protect the local industry from less-expensive imports. Although sugarcane farmers do not directly benefit from these programs, they receive payments from processors. While industry farmers do experience losses, the multitude of government support programs has kept profit relatively stable.The industry is expected to endure challenges in the coming years, which will limit industry growth. In addition to declines in prices, operators will likely confront increasingly health-conscious consumers turning to low and no-calorie sweeteners. The growing presence of alternative products in the sweetener market will increase competition for sugar processors, challenging industry operators. Additionally, stronger storms and climate campaigns are anticipated to force many industry operators to adjust their harvesting practices moving forward, as climate change discussions intensify. However, an opportunity for the industry lies in commercial ethanol production. Currently, bagasse, a byproduct of sugarcane processing, is used to self-sustain sugar mills in the United States. If technology innovation occurs and ethanol production is pursued, it will expand demand for the industry. Moving forward, revenue for the industry is set to decline at a CAGR of 0.6% to reach $1.3 billion in 2028.
Industry revenue has grown at a CAGR of 1.4 % over the past five years, to reach an estimated $1.3bn in 2023.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
United States Sugar Corporation | 20.0 | 0.1 | 0.3 |
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Industry revenue is measured across several distinct product and services lines, including Seeds, Milled sugar and Refined sugar. Seeds is the largest segment of the Sugarcane Harvesting in the US.
Most sugarcane is milled
Farmers in this industry primarily grow sugarcane, a tall tropical grass originating in Southeast Asia. Scientifically known as Saccharum officinarum, its thick stems are a major commercial source of sugar.
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NAICS 11193 - Sugarcane Harvesting in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Revenue for the industry has ultimately risen in recent years. Government regulation is able to keep domestic sugar prices high.
Learn about an industry's products and services, markets and trends in international trade.
Regardless of the end product from a sugarcane plant, the immediate downstream market for harvested sugarcane is sugar mills. Refined sugar is sent to more diverse set of mar...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Most of the industry is in Florida and Louisiana. Only a small portion of the US has the appropriate physical conditions for sugarcane harvesting.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The cost of production is a key competitive factor among growers because sugarcane crop is largely homogeneous in nature. Therefore, the prices received by farmers are fairly...
Learn about the performance of the top companies in the industry.
In 2023, no single sugarcane harvester is expected to account for 5.0% or more of industry revenue. The industry is primarily made up of relatively small players.
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The industry is characterized by a moderate level of revenue volatility. The industry's financial performance is shaped by a variety of factors, including weather conditions,...
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Average profit margins for sugarcane harvesters have risen in recent years. Revenue rose as overall wage costs have fallen.
Including values and annual change:
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Key data sources in the US include:
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The market size of the Sugarcane Harvesting in the US industry in United States is $1.3bn in 2024.
There are 664 businesses in the Sugarcane Harvesting in the US industry in United States, which has grown at a CAGR of 5.1 % between 2018 and 2023.
The market size of the Sugarcane Harvesting in the US industry in United States has been growing at a CAGR of 1.4 % between 2018 and 2023.
Over the next five years, the Sugarcane Harvesting in the US industry in United States is expected to decline.
The biggest company operating in the Sugarcane Harvesting market in United States is United States Sugar Corporation
Sugarcane farming and Sugar field production are part of the Sugarcane Harvesting in the US industry.
The company holding the most market share in United States is United States Sugar Corporation.
The level of competition is moderate and increasing in the Sugarcane Harvesting in the US industry in United States.