A growing backlash against high fructose corn syrup in the US, a rise in demand from emerging economies, and adverse growing conditions are contributing to a global sugar shortage that's bound to hit consumers where it hurts -- their pocketbook and their sweet tooth.

According to the International Sugar Organization (ISO), global sugar demand has outstripped supply for the second season running this year, creating a deficit of 15 million tons, reported global market research group Euromonitor International last week.