Renub Research has recently published a report named “Wheat Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that consists of market share insights. Furthermore, the report comprises competitor and regional research and contemporary extension in the Global Wheat Market. The Global Wheat Market shall experience a CAGR of 5.36% from 2022 to 2030. Wheat is a cereal grain that is heavily cultivated and consumed around the world. It is a staple food in various countries and is crucial to global food security.
Wheat is versatile and used in multiple forms, such as flour, bread, pasta, pastries, and breakfast cereals. It is rich in carbohydrates, dietary fiber, and essential nutrients like protein, vitamins, and minerals. Wheat cultivation requires favorable climatic conditions, including moderate temperature and adequate rainfall. Major wheat-producing countries include China, India, the United States, Russia, and Canada.
Growth Factors for Global Wheat Market
The growth of the global wheat market can be due to several factors, including increasing population and changing dietary preferences, rising demand for wheat-based products such as bread, pasta, and pastries, expansion of international trade and globalization, favorable government policies and support for agriculture, advancements in agricultural technologies and practices, and the versatility and nutritional value of wheat as a staple food crop.
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Pakistan is poised to grow at the highest rate in the future in the global wheat market.
United States Department of Agriculture (USDA) says wheat flour is a primary source of Pakistan’s daily caloric intake, accounting for 72 percent. The per capita wheat consumption in Pakistan is approximately 124 kilograms (kg) per year, among the highest in the world. There are several reasons for Pakistan’s wheat consumption growth, including its status as a staple food in the country, population growth, changing dietary habits, government support and policies for agriculture and food security, and increasing urbanization and demand for convenience foods. Additionally, wheat is an essential crop for the country’s economy and is grown in large quantities, making it readily available and affordable for consumers.
Consumption – Global Wheat Market breakup from 11 Viewpoints:
- the European Union
- the United States of America
- the United Kingdom
China dominated the production segment in the global wheat market
As per the United States Department of Agriculture (USDA), China shall achieve a record wheat production of 140.0 million metric tons (mmt) in the marketing year (MY) 2023/24 representing a 2.3 mmt increase or approximately 1.7 percent compared to the previous year and a growth of around 3.9 percent compared to the five-year average of 134.8 mmt. China’s dominance in wheat production stems from its vast agricultural land, favorable climate, and diverse ecosystems. Government policies and subsidies support wheat production through incentives, technical assistance, and infrastructure development.
Investments in research and development have improved wheat varieties, agricultural technologies, and pest control, boosting yields and quality. China’s large population and urbanization drive the need for substantial domestic wheat production. Additionally, China’s export-oriented approach and participation in international trade capitalize on its production capacity, meeting global demand and reinforcing its dominance.
Production – Global Wheat Market breakup from 11 Viewpoints:
- the European Union
- the United States
European Union shall thrive in the global wheat market in the future.
According to NASDAQ, European Union (EU) soft wheat output shall reach 128.9 million tonnes in the 2023/24 season. The EU’s future dominance in wheat exports is due to its favorable agro-climatic environment, advanced agricultural practices, and adherence to quality standards. The EU’s strong trade agreements, logistics networks, and reputation as a reliable supplier bolster its export capabilities. Furthermore, the EU’s commitment to sustainability aligns with consumer preferences, giving it a competitive edge. The EU’s sizeable domestic consumer base and diverse range of wheat varieties further contribute to its dominant position in wheat exports.
Export – Global Wheat Market breakup from 10 Viewpoints:
- the European Union
- the United States
Morocco shall grow in the global wheat import market
The growth in wheat imports in Morocco is due to several factors. The country’s increasing population has increased the demand for food, including wheat and wheat-based products. Morocco’s climate and land conditions could be better for large-scale wheat cultivation, leading to limited domestic production and the need to import grain.
Additionally, changing dietary preferences and an urbanizing population have fueled the demand for wheat imports. Fluctuations in global wheat prices, government policies, and trade agreements also play a role in Morocco’s wheat import growth, with the government seeking stable wheat supplies and mitigating potential shortages.
Import – Global Wheat Market breakup from 10 Viewpoints:
- European Union
Feed segment will have the highest share in the global wheat market
The demand for animal protein is rising due to population growth, higher incomes, and changing dietary preferences, especially in emerging economies. Wheat is a valuable ingredient in animal diets, offering a cost-effective and nutritionally practical feed option for various livestock species. Feed technology advancements have improved wheat utilization in animal feed formulations, leading to better animal performance, health, and production efficiency.
Additionally, global trade and transportation networks make wheat more accessible as a feed ingredient, and wheat’s relatively sustainable nature compared to other grains further enhances its appeal. Finally, regulatory frameworks, policies promoting the use of wheat in animal feed, and research efforts to improve its nutritional value and digestibility all contribute to the future growth of feed utility in the global wheat market.
Utilisation – Global Wheat Market breakup from 3 Viewpoints:
- Food use
- Feed use
- Other uses
Major global wheat market players include Archer Daniels, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc., Kerry Group, ITC Ltd., George Weston Limited, and Conagra Brands.
All the Key players have been covered from 3 Viewpoints:
• Recent Developments
• Revenue Analysis
- Archer Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- MGP Ingredients Inc.
- Kerry Group, ITC Ltd.
- George Weston Limited
- Conagra Brands
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