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Wheat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 120 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4771620
The wheat market is projected to record a CAGR of 4.5% during the forecast period, 2022-2027. Imposing trade restrictions in response to the COVID-19 pandemic had a dramatic adverse impact on food security, particularly for grains like wheat, across the world. Initially, there was panic buying around the world at the beginning of the COVID-19 outbreak, as concerns built that supply chains would struggle to operate in the new environment. Due to the reduced supply, following the export restrictions by major grain exporting countries, the prices of wheat are expected to rise in many parts of the world. Other than supply chain disruptions, the wheat market is expected to witness a moderate impact from the COVID-19 outbreak in 2021.

Over the long term, the increased consumption of wheat across the countries in various cuisines and by the processing industries for the production of products like flour, pasta, noodles, and beverages and the rising food demand are expected to drive the wheat market over the study period. However, some factors such as increased awareness of gluten allergies or sensitivity and weather uncertainties recorded in several parts of the world are expected to restrain the market growth during the forecast period.

Asia-Pacific is observed as the largest and fastest-growing market for wheat. China and India mainly dominate in the Asia-Pacific region in terms of wheat production and consumption. In 2020, China was the leading country worldwide for wheat consumption (142 million metric ton). India ranked second, with the consumption of 106.6 million metric ton of wheat in the same year. Wheat is a major staple crop in the Asian countries, after rice. It is consumed as flour for the preparation of bread and flatbread and also for the preparation of noodles, pasta, etc. Wheat consumption is expected to grow significantly in these countries with the rising population and increasing food demand.

Key Market Trends

Increased Production Across Countries

Wheat is one of the principal cereal grains produced and consumed globally. It covers a land area more than any other commercial crop and continues to be the most important grain food source for human consumption. This is likely due to the fact that wheat can be cultivated in many areas with heterogeneous types of weather, elevation, or soil. According to the Food and Agriculture Organization, the global wheat production in 2019 accounted for 765.8 million metric ton, and the global area harvested under wheat in 2019 accounted for 215.9 million hectares. In 2020, global wheat production accounted for 761 million metric ton, reduced by 0.54%% compared to the previous year. However, the total area harvested under wheat is 219 million hectares.

The countries with the highest volumes of wheat production in 2020 were China (134.2 million metric ton), India (107.6 million metric ton), and Russia (85.9 million metric ton), together accounting for 43% of the global production. These countries were followed by the United States, Canada, France, Pakistan, Ukraine, Germany, Turkey, Argentina, and Australia, which together accounted for a further 31.8%.

Asia-Pacific Dominates the Market

The wheat consumption stood at 739 million metric ton in 2020, and it is projected to register a CAGR of 4.5% during the forecast period. The global consumption of wheat showed a considerable increase over the previous year. The Asia-Pacific region was observed as the largest consumer of wheat worldwide. In 2020, the countries with the highest volumes of wheat consumption were China (142 million metric ton) and India (106 million metric ton). In terms of value, China (USD 40.5 billion) occupied the first position in the global market. Furthermore, India ranked second in global wheat consumption, with USD 30.3 billion.

Wheat is a major staple food crop in the Asia-Pacific region. The increased consumption of wheat to produce various products, like flour, pasta, noodles, macaroni, spaghetti, alcoholic beverages, and so on, has resulted in the increased consumption of wheat in the region over the study period. The population in Asia is expanding rapidly, and the consumption of wheat is expected to rise significantly in the coming years.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
5.1 Geography (Production Analysis by Volume, Consumption Analysis by Volume and Value, Import Market Analysis by Volume and Value, Export Market Analysis by Volume and Value, and Price Trend Analysis)
5.1.1 North America United States Canada
5.1.2 Europe United Kingdom France Germany
5.1.3 Asia-Pacific India China Australia
5.1.4 South America Brazil Argentina
5.1.5 Africa South Africa Egypt