Main Features of the World Sugar Economy 2023

The world sugar economy returned a surplus in 2022, after just one year of deficit - world output exceeded global use by 2.612 mln tonnes.

World production during 2022 reached 178.930 mln tonnes, a new record. A year-on-year increase of 13.818 mln tonnes is the second highest in history after 15.049 mln tonnes in 2011.

World consumption rose in 2022 to 176.318 mln tonnes, up 7.045 mln tonnes or 4.2% from the previous year. Despite such a considerable growth in the use of sugar, in terms of per capita consumption the world average, at 22.1 kg, just recovered to that of the pre-Covid 2019.

Despite a statistical surplus, world market prices for both raw and white sugar remained relatively strong throughout the year. Indeed, the lowest daily raw sugar price (measured by the ISA daily price) was as high as USD16.81 cents/lb which can be compared to USD14.72 cents/lb during 2021.

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