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

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2023

Kód důvěrnosti údajů

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

Název periodika

Sugar Tech

ISSN

0972-1525

e-ISSN

0972-1525

Svazek periodika

n/a

Číslo periodika v rámci svazku

n/a

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

10

Strana od-do

—

Kód UT WoS článku

001131595500004

EID výsledku v databázi Scopus

2-s2.0-85180694129