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The global sugar market in 2024 reflects dynamic changes driven by weather impacts, consumption trends, and trade dynamics. While global production is up 2.8 million tons to 186.6 million, regional variances remain stark. Brazil’s output declined due to unfavorable weather, but India, China, and Thailand saw production increases. Consumption continues to rise, setting records in key markets like India. Trade patterns are shifting, with exports increasing in Thailand but decreasing in Brazil. The report highlights challenges such as fluctuating prices, import restrictions, and geopolitical influences shaping the market. These elements collectively contribute to a complex but evolving sugar industry landscape.

Key Highlights

* Global sugar production rises to 186.6 million tons, up 2.8 million from last year.

* Brazil’s sugar production falls due to unfavorable dry weather.

* India’s production increases to 35.5 million tons, fueled by favorable conditions.

* Thailand sees a 16% production surge, boosting exports significantly.

* Consumption in India reaches a record high of 32 million tons.

The global sugar market in 2024 has exhibited significant shifts in production and trade dynamics. Production increased by 2.8 million tons, reaching 186.6 million tons, primarily driven by higher outputs in India, China, and Thailand. India, benefitting from favorable weather and improved yields, produced 35.5 million tons, reinforcing its position as a leading producer. Meanwhile, Thailand experienced a remarkable 16% increase in production, resulting in substantial export growth.

Conversely, Brazil faced production challenges due to dry weather, with its output dropping by 2.5 million tons compared to the previous year. This decline has also impacted global trade, as Brazil’s exports have decreased, despite maintaining a leading position in the global sugar export market.

Consumption trends continue to rise globally, with India achieving a record high of 32 million tons, driven by increased incomes and demand for confectionary and beverages. However, Brazil witnessed a drop in domestic consumption alongside its production decline.

Other market news reveals regional variations. South Africa, for instance, faced reduced production and exports due to adverse weather conditions, prompting the government to increase import duties to support the local industry. Similarly, Europe’s sugar production rose by 690,000 tons, leading to reduced import reliance.

The sugar market remains influenced by trade policies, weather, and shifting demand dynamics, underscoring the need for stakeholders to adapt to these evolving trends.

Finally

The global sugar market in 2024 highlights regional disparities in production and consumption, shaped by weather, economic conditions, and policy changes, fostering a dynamic yet challenging landscape.

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