Pakistan, Feb. 6 -- Global sugar consumption is slowing, with declines in the United States and Western Europe and stagnation in other regions, as higher taxes on sugary drinks and the expanding use of weight-loss drugs reduce demand, analysts and industry experts say.

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In the US, sugar consumption has dropped 4.4% over the last two years, while Western Europe has seen a 6.7% decline, according to the International Sugar Organisation. These trends have already led to sugar factory closures in both regions and driven sugar prices down to roughly five-year lows.

The slowdown follows decades of steady growth, which had averaged about 2% annually and roughly doubled global sugar co...