View ahead: The sugar industry in South Africa will need to come up with creative alternative uses, such as electricity generation, for its product in order to sustain itself. The key challenge is a low sugar price, caused primarily by a high level of global sugar production. The industry says this has led to cheap imports and it has called for greater tariff protections in order to survive.
To add to its woes, the health promotion levy on sugar-sweetened beverages has negatively affected business, the industry claims.The sugar price has fallen by 65% from a high of 34 United States cents a pound in 2010 to just 12c a pound in March this year, according to data firm Macrotrends, because of an increased supply by the world’s leading producers, such as Brazil, India and Australia.
One local sugar giant, Tongaat, has seen a shift in its fortunes as its share price plunged by 89.2%, from R169.04 in December 2014 to
Stop importing, buy only local
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