Economic context

At global level, the FAO (United Nations Food and Agriculture Organization) reported that the price of sugar had reached an all-time high in September 2023, with the FAO-calculated sugar price index climbing by 9.8% in one month. Concern was expressed about the impact of the El Niño weather phenomenon, particularly in India and Thailand (the world's 2nd and 3rd largest sugar exporters after Brazil).

Sugar cane accounts for around 87% of all sugar crops. Production growth is forecast at 1%/year, with an assumed target of 1,905 Mt in 2032. Brazil is the leader, but more than half of its production is dedicated to ethanol, mainly because it is used by internal combustion engine vehicles, with the threat posed by the arrival of electric vehicles!

In France, the sugar campaign produced 30.7 Mt of beet, with a sugar content of 16%, i.e. 4 Mt for...