Modern Trends of Sustainable Development in the Sugar Market
Purpose: Sugar is the most common food product necessary for human life, the main component of which is sucrose and other impurities. The exchange-based nature of the sugar trade makes it easier to enter the market and helps to remove market barriers. The world sugar market is one of the most important in the system of food markets. Approach/Methodology/Design: Within the study, general scientific methods of analysis and synthesis, such as generalization, comparison, abstract-logical analysis, index method, etc. were used. Findings: At the present stage, the world sugar market is characterised by significant qualitative changes, which occur due to the influence of factors determining the conjuncture, and the development of international globalisation processes. The correlation between supply and demand in different regions and countries and the structure are changing, and there is regional redistribution of cane and beet sugar exports and imports. Today, people are interested in production of classic white sugar, pressed or molded lump sugar, candy sugar, powdered sugar and water sugar syrup. Alternative uses of raw sugar have emerged that have a significant impact on market trends and price volatility (primarily bioethanol, biogas, and sugar substitute markets), price volatility has increased. Practical Implications: The results of the performed analysis are necessary for assessing the level of food security of sugar market and for the growth of export of that product, taking into account the trends and conditions for the functioning of the agro-food sector. The main trends in the development of the world sugar market are changes in the structure of its consumption, characterised by an increase in demand for sugar from the food industry and a decrease in consumption by the population, as well as the increased role of bioethanol production. Originality/Value: The results of the analysis are necessary to assess the level of food safety and to develop a strategy that takes into account the current trends in the global sugar market. Prospective directions for the sustainable development of the sugar market have been developed.