With crushing underway for sugar season 2023, sugar prices are on the decline month on month. | Representative Image
Recent developments in both domestic and world markets have impacted the Indian sugar industry, in which micro, small, and medium enterprises (MSMEs) dominate. While prices of sugarcane (the key raw material) have increased, the increase in price of sugar has not been commensurate.
Globally, supply is expected to ease as output in Brazil and Thailand, both major producers, is likely to revive. Domestic sugar producers saw 14 per cent revenue growth in FY22, as a decrease in output from these countries after the sugar season (October-September) boosted demand for Indian produce and lifted its prices in world markets.
The export momentum continued in the first half of FY23. However, the government imposed a cap on exports at 11.2 million tonnes
First Published: Dec 28 2022 | 6:02 PM IST