Global sugar shortage anticipated despite increased production in Brazil, Russia, China

A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage.

The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be compensated.

The report also highlighted a considerable reduction in China’s sugar demand by 440,000 tonnes. Nevertheless, the global sugar production for the 2023/24 crop year is projected to be 187.5 million tonnes, a decrease from the 189.4 million tonnes produced in the 2022/23 period. The anticipated annual sugar demand stands at 189.8 million tonnes, rising from 188.16 million tonnes in 2022/23. As a result, nations are poised to continue depleting the…