South Korea: Sugar price as well as confectionery, bread, and beverage prices have risen by 28% in one year

Published 2022년 1월 4일

Tridge summary

The article highlights a significant increase in sugar prices, attributed to poor harvest yields and a drought in Brazil, the world's largest raw sugar producer. This situation, coupled with increased sea freight rates due to the COVID-19 pandemic, has led to a 28.3% rise in sugar prices since last year's low, causing concern for the dessert and beverage industry. Self-employed individuals, such as café and bakery owners, are stocking up on sugar in anticipation of further price hikes, as they face rising costs for key confectionery and baking ingredients. The article also touches on the challenges faced by the food industry, particularly beverage manufacturers, in dealing with the escalating sugar prices and the lack of viable alternative sweeteners.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Sugar (Picture is irrelevant to the article) News 1 “The price of sugar is going up. I stocked up on some in advance” (Self-Employed Community) Since the new year, sugar prices have soared, bringing a red light to the dessert and beverage industry. Since last year, raw sugar, a raw material for sugar, has been poorly harvested and the supply has been reduced as the biggest cause. There was also a movement to stock up on sugar among the self-employed who run cafes and bakeries. Last year, the prices of key ingredients for confectionery and baking, including eggs, butter, and milk, rose at the same time, and several places are announcing product price hikes. ◇“Sugar price jumped by nearly 30% in one year” According to the ICE Futures Exchange on the 4th, the price of sugar stood at 18.88 cents per pound as of the 31st of last month. This is a 28.3% increase from last year's lowest price of 14.71 cents in April. The sugar price hike is directly attributed to a ...

Source: Donga