Ukraine to increase area sown with sugar beet by 10%-20%, sugar production to 2 mln tonnes in 2024 - expert

MOSCOW. Dec 5 (Interfax) - Ukraine will increase the area sown with sugar beet by 10%-20% in 2024 and will raise sugar production to 2 million tonnes next season, Ukrainian media said, citing Ukrprominvest-Agro Group General Director Roman Ogorodov.

According to the company, Ogorodov spoke at the 32nd international seminar of the International Sugar Organization in London.

He said Ukraine had a continuous surplus of sugar, which would continue to grow next season. Currently, Ukraine makes about 1.8 million tonnes of sugar per year, versus domestic consumption of 900,000 tonnes.

"Ukraine actively exports sugar to the EU, and will continue to do so next season to compensate for the deficit on the markets of certain EU members. Ukrainian sugar is also in demand on the global market, where, according to experts, the deficit of this product will grow. So, even despite the logistic and other difficulties, the profitability of sugar production in Ukraine will keep rising," Ogorodov said.

The international seminar highlighted the global sugar deficit in the marketing year 2023-2024 (September-August), which would persist next year, Ukrprominvest-Agro said.

International analysts say that the high sugar price in the EU makes sugar business attractive to agrarians, which will result in an increase of the area sown with sugar beet in Europe. However, the sugar deficit in the EU would remain in 2024, the company said.

Ukrprominvest-Agro cultivates agricultural crops and makes sugar, flour, meat and dairy products. The group's land bank exceeds 116,500 hectares. The agricultural holding owns 6,300 cows and 12,000 pigs. Elevator capacities for storing agricultural crops stand at 120,000 tonnes. The group's sugar business consists of two sugar factories in the Vinnitsa region. The owner of the agricultural holding since December 2019 is Alexei Poroshenko, the former Ukrainian president's son.