India: Sugar Annual

India’s centrifugal sugar production in marketing year (MY) 2023/2024 (October-September) is forecast to reach 36 million metric tons (MMT), equivalent to 33.6 MMT of crystal white sugar. Current year sugar production is lowered to 32 MMT, as adverse weather conditions in Maharashtra during the vegetative-growth stage led to a significant drop in cane yields following consecutive seasons of record yields. India’s sugar exports in MY 2023/2024 are estimated to rise slightly to 7 MMT as the Indian government will likely maintain tight export controls to prevent any domestic shortages or price fluctuations during the national election year. Sugar consumption in the outyear is expected to continue its upward trajectory and reach 31 MMT as India’s ethanol and potable alcohol industries support growing demand of sugarcane and derivatives.