Global Wheat Market - 2023-2030

Global Wheat Market - 2023-2030

The Global Wheat Market reached US$ 357.2 billion in 2022 and is expected to reach US$ 507.9 billion by 2030 and is expected to grow with a CAGR of 4.5% during the forecast period 2023-2030.

Wheat comes in different varieties, including hard wheat and soft wheat. Hard wheat has higher protein content and is preferred for making bread, while soft wheat has lower protein content and is suitable for making cakes and pastries. Wheat cultivation involves the process of growing wheat plants in agricultural fields. It requires suitable climatic conditions, adequate water supply, and well-prepared soil. Wheat production refers to the total amount of wheat harvested in a given area or country during a specific period. It is influenced by factors such as climate, soil fertility, farming practices, and the use of improved seed varieties.

Consumers are showing a growing preference for organic and non-genetically modified organism (non-GMO) products, including wheat. They seek assurance of sustainable and environmentally friendly farming practices. For instance, in the United States, the organic wheat market has experienced steady growth, driven by the rising demand for organic bakery products.

Market Dynamics

The Growing Popularity of Specialty and Ancient Wheat Varieties is Driving the Wheat Market

The growing popularity of specialty and ancient wheat varieties has led to an expansion of product offerings in the market. Bakeries, food manufacturers, and restaurants are incorporating these wheat varieties into their products to cater to evolving consumer preferences. This has resulted in a wider range of bread, pasta, baked goods, and other wheat-based products featuring specialty and ancient wheat varieties. According to the Cereals & Grains Organization, nutritional security worldwide is highly dependent on the production of cereals, which are grown on about 60% of agricultural land.

Specialty and ancient wheat varieties often have regional associations and unique cultural significance. This has led to the growth of regional and artisanal markets that focus on preserving and promoting these varieties. Farmers, millers, and small-scale producers are actively cultivating and processing specialty and ancient wheat varieties to meet the demand from consumers who value local, traditional, and high-quality products.

Growing Demand for Healthy and Nutritious Products Can Show a Remarkable Opportunity

Consumers are becoming more health-conscious and actively seeking products that contribute to their overall well-being. There is a rising awareness of the link between diet and health, leading to a demand for healthier food choices. This presents an opportunity for the wheat market to offer products that align with these health-conscious preferences.

Whole grain products, including those made from wheat, are gaining popularity due to their higher fiber content and nutritional profile. Ancient grains like spelt, einkorn, and Kamut wheat are also sought after for their perceived nutritional advantages. Consumers are actively seeking out these healthier alternatives, presenting an opportunity for the wheat market to diversify its product offerings.

Limited Arable Land and Water Resources are Holding Back the Wheat Market

The expansion of urban areas reduces the availability of arable land for agriculture, including wheat cultivation. Rapid urbanization leads to the conversion of agricultural land into residential, commercial, and industrial areas. Factors such as soil erosion, salinization, and depletion of nutrients affect the productivity of arable land. These issues can limit the cultivation of wheat and other crops, impacting overall production.

Increasing water demands from various sectors, including agriculture, industry, and domestic use, put pressure on limited water resources. Water scarcity affects wheat cultivation as it requires significant amounts of water throughout the growing season. Changing climatic patterns, including irregular rainfall and prolonged droughts, exacerbate water scarcity issues. Such climatic variations can lead to reduced wheat yields and increased production risks.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global wheat market is segmented based on type, application, distribution channel, and region.

By Application, the Bread Segment is Estimated to have Significant Growth During the Forecast Period

Bread is one of the most widely consumed wheat-based products globally. It is a staple food in many cultures and holds a significant market share within the food and beverages segment. The bakery industry, encompassing various products like pastries, cakes, cookies, and muffins, relies heavily on wheat flour as a key ingredient. This industry contributes significantly to the demand for wheat in the food and beverages sector.

Wheat is widely used as an ingredient in many processed food products, including ready-to-eat meals, frozen foods, and convenience foods. For instance, a panel of flour millers and wheat merchandisers on April 25 forecast soft red winter wheat production in the United States in 2023 at 404,923,000 buses, up 68,297,000 buses, or 20%, from 336,626,000 buses in 2022. For instance, in European countries like France and Italy, bread is a fundamental part of the daily diet and culinary heritage. This cultural significance of bread contributes to its consistent demand and market share.

Geographical Analysis

North America is the Fastest Growing Market in the Wheat Market

North America, particularly the United States and Canada, has witnessed significant growth in wheat production in recent years. The favorable climatic conditions, advanced farming practices, and adoption of new technologies have contributed to increased yields and overall production. This rise in production indicates the potential for market growth in the region. According to Wikipedia, the US is ranked first in crop export volume with almost 50% of its total wheat production being exported. The increased focus on healthier eating habits has driven the growth of the wheat market in the region.

North America is a major exporter of wheat, supplying wheat to global markets. The region's export-oriented approach has expanded its market reach and contributed to its growth. The demand for North American wheat in international markets, including countries in Asia, Africa, and the Middle East, has fueled the growth of the wheat market in the region.

Competitive Landscape

The major global players in the market include Glencore International, ADM (Archer Daniels Midland), Bunge, Cargill, Inc., Louis Dreyfus Company, Siemer Milling Company, King Milling Company, Knappen Milling Company, Italgrani USA, and Chelsea Milling Company.

Why Purchase the Report?
• To visualize the global wheat market segmentation based on type, application, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of wheat market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global Wheat market report would provide approximately 61 tables, 60 figures, and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies Show more