Wheat Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Wheat Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Global Wheat Market will reach US$ 502.88 Billion in 2030, according to Renub Research. 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.

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.

Renub Research 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. China
2. 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. China
2. 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. Egypt
2. 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. Russia
2. 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 use
2. 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 Midland
2. Tate and Lyle
3. General Mills, Inc.
4. MGP Ingredients Inc.
5. Kerry Group, ITC Ltd.
6. George Weston Limited
7. Conagra Brands