Global Wheat Market will reach US$ 502.88 Billion in 2030, according to the publisher. Wheat is a widely grown grass that produces a cereal grain, serving as a staple food worldwide. The Triticum genus encompasses multiple wheat types, with common wheat (T. aestivum) being the most prevalent. The classification of the wheat kernel is as a caryopsis, a fruit. It occupies the largest farmland area compared to other crops and dominates world trade. Various wheat varieties, including einkorn, hard white, soft white, hard red winter, hard spring winter, mild red winter, and durum wheat, are cultivated and available in the market.Global Wheat Market was US$ 331.27 Billion in 2022
Wheat offers numerous advantages, including its nutritional value as a source of carbohydrates, fiber, vitamins, and minerals; its versatility for making various food products; its global availability as a staple food; its long shelf life for food security; its ease of processing into flour; its high yield potential for economic viability; its benefits in crop rotation systems for soil fertility and pest management; its significant role in the global economy through agriculture, employment, and trade; its cultural significance in traditional cuisines and rituals; and its potential as animal feed and biofuel feedstock, expanding agricultural applications.
Global Wheat Market shall experience a CAGR of 5.36% in the coming years from 2022 to 2030
Global wheat market's growth can be due to the increasing global population and its demand for food, including wheat-based products. Economic growth in developing countries has led to a shift towards diverse diets, including increased consumption of wheat-based products. Rapid urbanization and the growing demand for meat and dairy products have further fueled the need for wheat as a dietary staple and animal feed. Globalization and international trade have facilitated the expansion of wheat production and exports.Additionally, the production of biofuels and advancements in agricultural practices has contributed to the growth of the global wheat market. Climate change has posed challenges, leading to supply disruptions and increased wheat imports in certain regions. Technological progress has played a vital role in meeting the rising demand for wheat. However, the global wheat market suffers from restrictions like trade barriers, price volatility, environmental challenges, and competition from other crops. Hence, the market value for Global Wheat Market was US$ 331.27 Billion in 2022.
China presently has the highest consumption share in the global wheat market
China, the European Union, India, Russia, the United States of America, Pakistan, Egypt, Turkey, Iran, the United Kingdom, and Others are the various consuming countries in the global wheat market. The dominance of wheat consumption in the Chinese market can be due to its large population, which drives significant demand for wheat-based products as a staple food. The cultural and culinary significance of wheat-based foods in Chinese cuisines, such as noodles, dumplings, and steamed buns, further contributes to its high consumption. Rapid urbanization and changing lifestyles have increased demand for processed and convenient foods containing wheat, aligning with shifting dietary patterns.China's economic growth and expanding middle class with greater purchasing power have also played a role in incorporating wheat-based products into their diets. Furthermore, government policies and subsidies supporting domestic wheat production and ensuring food security have encouraged the consumption of domestically grown wheat. Additionally, the cultural and historical importance of wheat as a staple crop in China, intertwined with traditional festivals, rituals, and celebrations, reinforces its consumption and market dominance.
Russia is poised to flourish in the future global wheat market
China, the European Union, India, Russia, the United States, Australia, Canada, Pakistan, Ukraine, Turkey, and other nations are key players in the global wheat market as major wheat-producing countries. According to the January 2023 United States Department of Agriculture report, Russia estimated wheat production for the marketing year 2022/23 is 91.0 million metric tons (mmt), unchanged from December 2022 but up 21 percent from the previous year. This rise can be due to various factors, including favorable agricultural conditions, technological advancements, and government support, expanding exports to critical regions, focus on improving wheat quality, competitive pricing strategies, and diversification of export markets.Australia shall experience a moderate increase in exports in the global wheat market
By exporting countries, the division of the global wheat market into ten countries: Russia, the European Union, Australia, Canada, the United States, Ukraine, Kazakhstan, Turkey, Argentina, and Brazil. As per the United States Department of Agriculture (USDA), Australia shall have a record 13.7% share of global wheat exports in 2022-23, a one percentage point increase from the previous year and a significant 8.5 percentage point increase from the drought-affected 10-year low of 5.2% in 2019-20. Improved weather, recovery from drought, advanced farming technologies, global demand, competitive pricing, trade relationships, currency exchange rates, and government support have boosted Australia's wheat exports.In the coming years, Indonesia shall have the highest import share in the global wheat market
Egypt, Indonesia, China, Turkey, European Union, Algeria, Morocco, Philippines, Nigeria, and Japan are the key importing countries in the global wheat market. In the 2021/22 period, Indonesia imported approximately 11.229 million metric tons (MMT) of wheat, per the United States Department of Agriculture (USDA). Indonesia's leading global wheat import market position is its large population, limited domestic production, changing dietary patterns, government policies, trade partnerships, and cultural significance. With a significant population ranked fourth globally, Indonesia strongly demands wheat-based products.Due to unfavorable climate and land conditions, the country heavily relies on imports. The shift towards processed wheat-based foods further drives the dominance of wheat imports. Government policies and support systems ensure a consistent wheat supply, while trade partnerships with major exporting countries bolster Indonesia's position. In addition, wheat-based foods have cultural significance in Indonesian cuisine, fueling the demand for imports.
Food utilization shall gain popularity in the future in the global wheat market
The global wheat market encompasses a wide range of utilization, including food and various other uses. The increasing global population drives the demand for wheat-based food products. Changing lifestyles and dietary preferences favor convenience and processed foods that contain wheat. Globalization and trade enable the exchange of wheat-based products worldwide. The expanding middle class in emerging economies seeks diverse food options, including wheat-based products. Wheat's perception as a healthy choice contributes to its growing utilization. Governments and organizations prioritize food security, promoting wheat in food programs. Wheat's versatility and advancements in agriculture and production methods further drive its utilization.Key Players
Archer Daniels, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc., Kerry Group, ITC Ltd., George Weston Limited, and Conagra Brands are some of the major companies in the global wheat market.In October 2022: The introduction of Biological Nitrification Inhibition (BNI) technology in India aims to support the development of nitrogen-efficient wheat production systems in the Indo-Gangetic region. By implementing BNI technology, India seeks to enhance its wheat production practices sustainably.
The report titled “Global Wheat Market & Volume By Consumption (Market & Volume (China, the European Union, India, Russia, the United States of America, Pakistan, Egypt, Turkey, Iran, the United Kingdom, and Others), Production (China, the European Union, India, Russia, the United States, Australia, Canada, Pakistan, Ukraine, Turkey, and other), Import (Egypt, Indonesia, China, Turkey, European Union, Algeria, Morocco, Philippines, Nigeria, and Japan), Export (Russia, the European Union, Australia, Canada, the United States, Ukraine, Kazakhstan, Turkey, Argentina, and Brazil), Wheat Utilization (Food use, Feed use and Other uses), Company Analysis (Archer Daniels, Tate and Lyle, General Mills, Inc., MGP Ingredients Inc., Kerry Group, ITC Ltd., George Weston Limited, and Conagra Brands)' provides complete study of Global Wheat Industry.
Consuming Countries - Market & Volume breakup 10 countries:
1. China2. European Union
3. India
4. Russia
5. United States of America
6. Pakistan
7. Egypt
8. Turkey
9. Iran
10. United Kingdom
11. Others
Producing Countries - Volume breakup 10 countries:
1. China2. European Union
3. India
4. Russia
5. United States
6. Australia
7. Canada
8. Pakistan
9. Ukraine
10. Turkey
11. Others
Importing Countries - Volume breakup 10 countries:
1. Egypt2. Indonesia
3. China
4. Turkey
5. The European Union
6. Algeria
7. Morocco
8. Philippines
9. Nigeria
10. Japan
Exporting Countries - Volume breakup 10 countries:
1. Russia2. the European Union
3. Australia
4. Canada
5. the United States
6. Ukraine
7. Kazakhstan
8. Turkey
9. Argentina
10. Brazil
Wheat Utilization - Volume breakup from 3 Viewpoints
1. Food use2. Feed use
3. Other uses
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Developments
- Revenue Analysis
Company Analysis:
1. Archer Daniels Midland2. Tate and Lyle
3. General Mills, Inc.
4. MGP Ingredients Inc.
5. Kerry Group, ITC Ltd.
6. George Weston Limited
7. Conagra Brands
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary7. Global Wheat Market
4. Market Dynamics
5. Porter’s Five Analysis - Global Wheat Market
6. SWOT Analysis - Global Wheat Market
8. Global Wheat Volume
9. Global Wheat Market - Market Share Analysis
10. Global Wheat - Volume Share Analysis
11. Consuming Countries - Market & Volume Analysis
12. Producing Countries - Volume Analysis
13. Exporting Countries - Volume Analysis
14. Importing Countries - Volume Analysis
15. Global Wheat Utilization - Volume Analysis
16. Key Players Analysis
List of Figures:
List of Tables:
Companies Mentioned
- Archer Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- MGP Ingredients Inc.
- Kerry Group, ITC Ltd.
- George Weston Limited
- Conagra Brands
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 300 |
| Published | May 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 331.27 Billion |
| Forecasted Market Value ( USD | $ 502.88 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
