Sugar Insight Focus
1. Global Sugar production is short 3.2MM tonnes compared to demand, (down 1.2% year-over-year [YoY])
o Demand for sugar across the globe continues to rise
o Global Demand is 175.6MM tonnes
o Global Consumption is 178.7MM tonnes
2. The US consumption is down 0.2 tonnes YoY, with a total demand of 8.3MM tonnes
3. Domestic harvest has experienced delays due to weather conditions
o Plus: Delays give the beets more time to increase sucrose context
o Minus: If the weather gets too cold and the ground begins to freeze, farmers may have to abandon their crop if they are unable to extract the beets from the ground
4. Sugar beets are grown in five regions across 11 northern states
5. Long, cold winters typically aid in the storage of beets harvested starting in October
o Idaho, Michigan, and Colorado are harvesting at the slowest pace in the past 5 years
6. Without significant harvest progress, some beet sellers still were not booking additional sales for calendar 2024
o The goal is to get the majority of their beets harvested and into piles before selling the remainder of the crop
Chelsea stated that it’s possible there will be a shortage in the US market for beet sugar; suppliers will likely need to import additional demand from Mexico later in the season pending USDA approval.
By staying actively engaged in the market and leaning on our valuable partnerships with reliable suppliers, Leahy-IFP is prepared for any surprises that may arise in the 2024 sugar harvest.
Staying on top of ingredient supply and demand trends is as important as staying on top of consumer preferences. In fact, they often go hand in glove. If you’re interested in learning more about sugar consumption trends and how we are addressing them, please contact us—we’d love to have a conversation.