The 27-year-old, who has also been suspended from nine international matches, sunk his teeth into the shoulder of Italy defender Giorgio Chiellini during Uruguay's 1-0 win at the World Cup in Natal on Tuesday.
Adidas, who used Suarez as part of their promotional campaign ahead of the tournament in Brazil, have revealed that they will review their partnership with the forward after the World Cup.
A statement read: "Adidas fully supports FIFA's decision. Adidas certainly does not condone Luis Suarez's recent behaviour and we will again be reminding him of the high standards we expect from our players.
"We have no plan to use Suarez for any additional marketing activities during the 2014 FIFA World Cup. We will discuss all aspects of our future partnership directly with Suarez and his team following the World Cup."
Suarez has already lost one of his sponsorship deals as gambling firm 888poker's decided to terminate their partnership with the forward, who was named a brand ambassador in May.