COVID-19 Impact and Recovery Analysis | Sugar market 2020
The sugar industry plays an important role in maintaining the economy of the country is also facing several challenges in the course of its journey. Recently, the threat which is posed by the novel coronavirus (COVID-19) is impacting sugar sector stakeholders badly. Due to this, the integrated industries all over the world are also facing multiple challenges such as production, transportation among others.
The entire value chain in the sugar sector from sugarcane, sugar, molasses, ethanol, and their subsequent marketing and export has been adversely affected due to the pandemic.
The industry is also facing reduced off-take from associated industries such as beverage and other FMCG companies due to the lockdown. The industries are shut to control the spread of coronavirus, due to which the demand for the sugar declined, and hence sugar sector is declining in generating revenue.
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The global sugar-free confectionery market size is expected to grow by USD 3.56 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at CAGR of 3%
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“The current unprecedented situation due to outbreak of COVID-19 has impacted the global sugar prices also. However, the impact could be temporary,” the association said.
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· Food safety concerns can evoke the need for transparency towards customers and strict labeling policies. Agencies such as Food Safety and Standards Authority of India (FSSAI) have enforced guidelines for sugar manufacturers for revealing the sugar content and making consumer aware. Campaigns of sustainability in developing countries have led to manufacturers shifting to flexible packaging for sugar and sugar-based products.
The COVID-19 impact on the global industrial sugar market has been grave owing to trade restrictions and enforcement against procurement, production, and distribution. This has in turn dipped the prices of sugar. In addition, the shift of manufacturers to healthy alternatives amid health concerns during the lockdown period can lead to restructuring of strategies among industrial sugar manufacturers.
Conclusion
The threat posed by the growing pandemic novel coronavirus (COVID-19), has been the most recent once and it is impacting sugar industry stakeholders and its integrated industries, all over the world. Brazil and India are the top producers of sugar across the globe, each producing nearly 25% and 15% of global sugar and sugarcane, respectively. The development of COVID-19 will have a direct effect on the production and consumption of the sugar industry in the short term.
The ongoing COVID-19 pandemic has been putting pressure on the sugar consumption patterns, complemented with a reduced off-take from beverage and other FMCG companies amid the lockdown across multiple countries. As the beverage and sweetener sector is the bulk consumer of sugar, it is likely to adversely affect the consumption owing to the precautionary measures of avoiding social gatherings.