For decades, sugar beets have been a vital crop for American farmers, providing over half of the country’s domestic sugar and offering a buffer against volatile markets for corn, soybeans, and wheat. But Reuters reports that this year, a decline in US sugar consumption combined with excess imports has led to a surplus. Refined beet sugar prices have dropped 33% compared with last year—the lowest since 2019—with stockpiles expected to remain high through at least 2026.

Experts point to a long-term decline in sugar intake, intensified by inflation and the growing popularity of GLP-1 weight-loss drugs. Nearly 9% of Americans now take medications like Wegovy and Ozempic, spending 6% less on candy and chocolate and 10% less on sweet baked goods, according to a study by OC&C Strategy Consultant

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