Global Orange Juice Outlook 2021/22: Limited Price Gains Ahead

Supply could see a moderate rebound in 2021/22, with more production in São Paulo after a very small crop in 2020/21. Global inventories remain at relatively high levels, and the rebound in supply forecasted for 2021/22 suggests that will not change in the short term. Price gains in 2021/22 should be modest due to a gradual production recovery in São Paulo and a return to the long-term demand trends of gradual decline after the short-term retail sales gains seen during the pandemic.