Fears grow over falling sugar levels in Europe
A shortage of sugar stocks on the European market and increased price volatility are damaging customer confidence and hitting sales, the Food and Drink Industry of Ireland (FDII) has warned.
The FDII claimed that sugar stocks were at dangerously low levels and were set to fall further. FDII director Paul Kelly pointed out that sugar users were now struggling to secure sufficient volumes of stock to cover their needs. "There is a high risk that production in a number of European factories will have to be shut down in whole or in part due to a lack of raw material," Mr Kelly said.
Meanwhile, Michael Hoey of Beet Ireland said that a feasibility study into the viability of re-establishing a sugar processing industry in Ireland would be completed by the end of the month.