Czarnikow: Global Sugar Market Oversupply Next Year 5.50 million Tons

Gold Ten Futures, June 17, according to foreign media reports, traders and supply chain services company Czarnikow said on Monday that the global sugar market is expected to be oversupplied by 5.50 million tons in the upcoming 2024/25 year, due to increased production in key production areas. The company expects global sugar production to hit 186.50 million tons next year, 900,000 tons lower than the previous estimate, but still the second highest on record, due to record production in Brazil, the world's top sugar producer, and rebound in sugar production in the European Union and Thailand. Czarnikow expects global sugar consumption to exceed 180 million tons in 2024/25, 1 million tons lower than the previous estimate, but still in line with the continued growth in consumption driven by population growth in recent years. The current global sugar supply is relatively tight. The International Sugar Organization (ISO) recently raised its global sugar shortage forecast for 2023/24 to 2.954 million tonnes.