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  • We think global sugar consumption will fall by 2m tonnes this season. 
  • This is a 1% drop year-on-year (YoY) and is the result of lockdowns put in place to slow the spread of coronavirus. 
  • This is the first time we’ve seen a year-on-year sugar consumption decline since 1980, when raw sugar prices hit 45c/lb. 
  • This means sugar consumption per capita will also fall. 
  • Consumption will not recover fully until life can return to normal in affected countries; at the moment this looks like being in 2021 at the earliest… 

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Will Langston

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