Future Development of Sugar Market in the European Union in the Period 2023–2032

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F23%3A96268" target="_blank" >RIV/60460709:41110/23:96268 - isvavai.cz</a>

Result on the web

<a href="https://link.springer.com/article/10.1007/s12355-023-01342-4#citeas" target="_blank" >https://link.springer.com/article/10.1007/s12355-023-01342-4#citeas</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1007/s12355-023-01342-4" target="_blank" >10.1007/s12355-023-01342-4</a>

Result language

angličtina

Original language name

Future Development of Sugar Market in the European Union in the Period 2023–2032

Original language description

The European Union is the world’s largest producer of sugar beet and one of the main consumer markets in the world. The EU market is very specific as for 50 years, it was one of the most regulated markets in the agri-food sector. For more than three decades, the Union maintained an extremely costly supply management regime in its domestic sugar market through heavy price support and import duties. This system resulted in domestic prices being three times higher than the world market prices and a surplus of production, which could only be exported thanks to substantial subsidies. The aim of this article is to identify the trends and determinants of the EU sugar market to predict its future development as accurately as possible. The research method used is a two-equation econometric model determining the supply of sugar and its price on the European Union market. The results of the econometric model show that sugar supply in the EU market is determined by the volume of sugar production, initial sugar stocks, import of raw sugar, and sugar beet yield per hectare. Furthermore, the model implies that the price of sugar is determined by the sugar price in the previous period and by political changes. The econometric model served as a basis for the calculation of predicted volume of sugar supply and sugar prices inside the European Union. The prediction implies that between 2023 and 2032, sugar supply will decline by 4.5%. At the same time, the price of sugar on the EU market will increase by 11.5% in the period considered.

Czech name

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Czech description

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Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

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OECD FORD branch

50202 - Applied Economics, Econometrics

Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2023

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Sugar Tech

ISSN

0972-1525

e-ISSN

0972-1525

Volume of the periodical

n/a

Issue of the periodical within the volume

n/a

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

10

Pages from-to

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UT code for WoS article

001131595500004

EID of the result in the Scopus database

2-s2.0-85180694129