Wednesday, May 22, 2024
HomeIndustry & UpdatesSugar prices to go up as demand from bulk buyers rise

Sugar prices to go up as demand from bulk buyers rise

New Delhi/IBNS: Sugar Prices in India are likely to shoot up due to bulk demand triggered by increased consumption of ice cream, cold drinks, sweets after two years of lull caused by the Covid-19 pandemic restrictions.

Exports are also expected to reach record levels, with Indian mills having already signed contracts to ship 7.2 million tonnes of sugar overseas in the 2021/22 marketing year, the ISMA estimates, Reuters reported.

Prices are also likely to go up as government has lifted restrictions on social gatherings like marriages and other functions.

In the past two years, social gatherings were organised with fewer people in attendance that hampered demand for sugar  which is usually high in the wedding season.

Local prices have been going up and likely to go up further as the demand from bulk buyers is set to jump.
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