European Union: Sugar Semi-annual

EU27 beet sugar production forecast for market year (MY) 2023/24 is projected at 15.4 million metric tons (MMT), resulting from reduced beet acreage in France and increased plantings in other member states. This results in a 3 percent sugar beet production increase compared to the drought affected MY 2022/23 but also 7 percent below MY 2021/22. EU27 sugar consumption is forecast stable at 17.0 MMT after a slight recovery from the COVID-19 induced decrease but the influx of several million refugees from Ukraine may lead to an overall increase. Extraordinary high EU sugar prices may lead to a substitution for other sweeteners, like isoglucose, but prices for wheat and corn, the two main raw materials for isoglucose, have risen as well. EU27 sugar imports in MY 2023/24 are forecast down to 2.7 MMT, compared to 3.0 MMT in MY 2022/23. Sugar imports in MY 2021/22 ended at 2.0 MMT. The EU27 sugar export forecast for MY 2023/24 is also stable compared to MY 2022/23 but below the level of previous MYs.