The production of centrifugal raw sugar in India has shown significant volatility over the last decade, ranging from a low of 22.2 million metric tons in 2017 to a high of 34.852 million metric tons in 2023. The year-on-year variation has seen drastic fluctuations, with the highest growth of 54.55% in 2018 and the sharpest decline of 18.93% in 2017. The compound annual growth rate (CAGR) over the last five years up to 2023 stands at 0.31%, indicating modest growth overall.
Looking ahead from 2024 to 2028, the forecast predicts a steady increase in production, reaching 38.443 million metric tons by 2028. The forecasted CAGR of 1.54% and an overall growth rate of 7.96% suggest a stable upward trend in the industry.
Future Trends to Watch:
- Climate change impacts on crop yields and production efficiency.
- Government policies and subsidies in the sugar sector.
- Technological advancements and modernization of sugar mills.
- Market demand shifts, both domestically and internationally, impacting production levels.
