European Union: Sugar Semi-annual

  |   Attaché Report (GAIN)   |   E42022-0061

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European Union: Sugar Semi-annual

Total EU27 sugar production for MY 2022/23 is forecast at 16 million metric tons (MMT), a decrease of 330,000 metric tons (MT) from MY 2021/22. This is the fifth consecutive year that the EU internal sugar production cannot meet domestic sugar consumption. While the total EU sugar consumption is stable at 17 MMT, the deficit is forecast to increase to 1 MMT, with imports in MY 2022/23 forecast at 2 MMT against 1.3 MMT of exports. EU sugar stocks will decrease to 1 MMT at the end of MY 2022/23. With EU sugar spot prices above €1,000/MT at the end of MY 2021/22, many small food processing companies face difficulties sourcing sugar. While this market situation makes bioethanol production from sugar beet unattractive, isoglucose producers fail to benefit from this situation as high grain and energy prices also keep processing margins unattractive. Also, the new Common Agricultural Policy starts on January 1, 2023, and it is remains to be seen if EU sugar production will recover.

Europe and Eurasia, European Union
Sugar

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