Europe Needs More Sugar Imports as Higher Prices Squeeze Food Producers
- Summer heat and drought hurt this year’s harvest in Europe
- Higher sugar prices hit profit margins for food manufacturers
This article is for subscribers only.
Europe is having to import more sugar and food manufacturers are finding it costlier to secure supplies after a heatwave hurt this year’s harvest.
Companies making candy, cakes and soft drinks are paying much more than normal to source sugar in the near term. That’s squeezing their profit margins and even raising the risk of some going out of business, according to CIUS, which represents European sugar users. For consumers, it’s threatening yet more inflationary pain.