Brazil: Czarnikow estimates a small surplus of sugar production in 2023/24
Market & Price Trends
Published Dec 5, 2023
Czarnikow predicts that global sugar production in the 2023/24 season will reach 178.4 million tonnes, which would be the third highest on record due to increased production in the Center-South of Brazil. Despite the surplus of sugar production, the analyst believes that global sugar consumption will continue to grow, exceeding 178 million tonnes in 2023/24. The forecast for food production in the EU and UK is also positive, with an expected increase in sugar beet cultivation and favorable weather conditions contributing to a potential 1 million tonne increase in production.
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“The increase is largely due to the Center-South of Brazil, the largest sugarcane producing region in the world. We believe that 41.5 million tons of sugar will be produced this season thanks to the excellent weather, which increased sugarcane productivity”, explained Tabasoom Watak, analyst at the trading company. READ MORE > Leaderships highlight development and social justice at MasterCana Nordeste According to a report released by Czarnikow, although global sugar production in 2023/24 may be the third highest on record, food production remains almost exactly in the middle of its 12-year range of 160-190 million tonnes. The analyst believes that global sugar consumption will exceed 178 million tons in 2023/24. “Global sugar consumption continued to grow despite high prices. We expect this trend to persist along with population growth, resulting in an additional increase in consumption of 2 million tons in 2024/25”, said Watak, considering that, due to growth in consumption, an ...