India’s sugar consumption could reach 30 million tons

In India, the annual rate of increase in sugar consumption is 2.2%, which is significantly higher than the global average (up to 1%).

This is reported by Business Standard.

According to market participants, in the next season 2024/2025 MY (October-September), net sugar consumption in the country may reach an unprecedented 30 million tons against the background of a stable growth rate of 2.2% year-on-year.

The annual growth rate of sugar consumption in India is 2.2%, well above the global average, which is close to 1%.

In the 2023/2024 MY sugar season continuing through September, domestic sugar consumption reached a new record of 29 million tons amid strong demand due to heat wave as well as elections.

With the election, beverage consumption rises several times and the heat wave increases demand for soft drinks and confectionery.

In MY 2023/2024, sugar production is forecast at 32 mmt and consumption is estimated at 29 mmt.

The average selling price of sugar this season is around Rs3,750/quintal ($44.97), higher than last season’s average price.

Tags: sugar, India, supply and demand balance