Prepping for trick-or-treating season this year could lead to emptier pockets as prices for Halloween candy are expected to soar due to a shortage of sugar around the world. Extreme weather is to blame for the shortage, which is expected to cut global sugar supply by 10% to 15% over the 2023/24 growing season, according to Everstream Analytics.
The top five countries that produce the largest amount of sugar around the world include Brazil, India, Thailand, China and the United States, according to Investopedia. And all have experienced extreme weather events this year sparked by climate change.
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Extreme global weather affects crops
In July, India experienced a severe monsoon season that led to flooding that destroyed infrastructure and killed more than 100 people. Flooding also hit Brazil multiple times this year, with the latest event happening last month where at least 21 people died from a cyclone that forced thousands to evacuate their homes.
Thailand faced extreme heat in April with temperatures reaching over 113 degrees Fahrenheit. Also, some areas in China dealt with 2 ½ feet of rainfall in August while other areas in the region faced a drought from record-high heat.
In the U.S., floods, tornadoes, extreme heat and wildfires are just a few of the many weather disasters the country faced so far in 2023. In April, it was even reported that the U.S. leads the world in catastrophic weather.
Expect increased candy prices
As a result of extreme weather events from across the globe, the price of sugar in the U.S. reached a 12-year high in September, where sugar was priced at 27.5 cents per pound. Based on the latest Consumer Price Index report, prices for candy have already increased up to 9.4% in August compared to candy prices during the same time last year. In 2022, consumers also dealt with Halloween candy price hikes with Skittles, Starburst and M&M’s leading the highest price increases.
According to a recent National Retail Federation survey, consumers are expected to spend $3.6 billion on Halloween candy this year, which is up from the $3.1 billion people spent last year on sweets for the spooky season.
