Global Wheat Market Analysis
As per Renub Research's latest report titled "Global Wheat Market Report by Nature (Organic, Conventional), Global Wheat Market End User - B2B (Food Beverages, Animal Feed, Industrial Use, Others), B2C (Online, Offline) Countries and Company Analysis,2024-2032" The Global Wheat Market size will surpass US$ 68.34 billion by 2032 from US$ 45.60 billion in 2023, with a CAGR of 4.60% from 2024 to 2032. Worldwide, wheat is the most widely cultivated food crop. It has played a vital role in stabilizing food grain production globally over the past year. The multiple species of wheat together make up the genus Triticum, out of which the most widely grown is common wheat (Triticum aestivum). The other significant varieties are club wheat (T.compactum) and durum wheat (T. durum). The common kinds of nutrients present in all types of wheat are riboflavin, niacin, vitamin B6, carotene alpha, carotene beta, vitamin A, protein, thiamin, lutein, zeaxanthin, and minerals include iron, zinc, phosphorus, potassium, and manganese.
Growth Factors:
The key drivers of the wheat market are an increase in worldwide consumption of wheat coupled with a rise in population. Further, growing health awareness among the public has led to a surge in the consumption of wheat and a decline in junk food consumption. Wheat makes cakes, crumpets, sauces, bread, muffins, biscuits, noodles, pastries, cereal bars, sweet and savory snack foods, pasta, crackers, crisp breads, and other confectionery food items, which boosts its demand globally.
However, the organically grown wheat segment is expected to dominate the market during the projected years due to increased awareness about organic food's health benefits.
Furthermore, extensive wheat usage in cosmetic personal care, pharmaceutical companies, animal feed, food beverage, and dietary supplements is supporting the market to remain profitable in coming years. In addition, the wheat meal is also utilized to produce bio plastics, adhesives, and paper.
COVID-19 scenario analysis:
During the COVID-19 pandemic, the sales of traditional, healthy, and staple wheat food items have risen considerably. Wheat flour and whole grains are further experiencing boosted demand. In addition, the lockdown imposed across various countries has hindered the wheat production and supply chain of wheat manufacturers. Similarly, consumer buying behaviour may change permanently post COVID-19. On the other hand, companies have to build robust sales plans for recovery; for instance, they might have to adopt an e-commerce platform and omnichannel in their supply chain.
China is a significant market in terms of wheat production and consumption:
In 2021, China was the leading country worldwide for wheat consumption. Wheat is a major staple crop in China, after rice. It is consumed as flour to prepare bread, flatbread, and the preparation of pasta, noodles etc. Wheat consumption is anticipated to increase significantly in these countries with the rising population and growing food demand. Besides, the countries with the highest volumes of wheat production in 2021 were China. These countries were followed by the European Union, India, Russian Federation, United States of America, Canada, Pakistan, Ukraine, Australia, Argentina, and Other countries).
Likewise, Russia is the leading exporter of the wheat crop. The output level, especially in Russia and the European Union, rises owing to consumption growth and low harvest in the United States. The growing end-use industries in South East Asia and potential export growth in Russia provide a push for production growth and boost the supply share globally. Further, Egypt also imports wheat to meet the regional demand. The major importing regions are Indonesia, Turkey, Brazil, Philippines, Bangladesh, Algeria, Japan, Morocco, and Mexico.
Key Companies:
The major players operating in the wheat market include Archer Daniels Midland, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc., and Kerry Group. These major players are working to increase wheat production to meet expanding global demand.
Report Related :
Global Agricultural Micronutrients Marketss
Market Summary:
- Consuming Countries – Wheat Market Volume breakup 10 countries (China, European Union, India, Russian Federation, United States of America, Pakistan, Egypt, Turkey, Iran, Brazil and Others)
- Producing Countries – Our Report Wheat Market Volume breakup 10 countries (China, European Union, India, Russian Federation, United States of America, Canada, Pakistan, Ukraine, Australia, Argentina and Other countries)
- Importing Countries – This Report Wheat Market Volume breakup 10 countries (Egypt, Indonesia, Turkey, Brazil, Philippines, Bangladesh, Algeria, Japan, Morocco, Mexico)
- Exporting Countries – We have covered Wheat Market Volume breakup 10 countries (Russian Federation, European Union, United States of America, Canada, Ukraine, Australia, Argentina, Kazakhstan, Turkey, and India)
- Wheat Utilization - Wheat Volume breakup from 3 Viewpoints (Food use, Feed use and Other uses )
- All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Archer Daniels Midland, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc., and Kerry Group.
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