Global Wheat Market And Size Forecast Report 2024-2032
Global Wheat Market Analysis
As per Renub Research’s latest report titled “Global Wheat Market Report by Nature (Organic, Conventional), End User – B2B (Food & Beverages, Animal Feed, Industrial Use, Others), B2C (Online, Offline) Countries and Company Analysis, 2024-2032,” the Global Wheat Market is projected to surpass US$ 68.34 billion by 2032 from US$ 45.60 billion in 2023, with a CAGR of 4.60% from 2024 to 2032. Wheat is the world’s most cultivated crop, vital for stabilizing food production globally. The most widely grown species are Triticum aestivum (common wheat), T. compactum (club wheat), and T. durum (durum wheat).
Growth Factors:
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- Increasing Global Consumption: Rising population and health awareness have led to higher demand for wheat-based products such as bread, pasta, noodles, biscuits, and snack foods.
- Shift to Organic Wheat: The organic wheat segment is expected to grow due to rising consumer interest in organic and healthy foods.
- Diverse Applications: Wheat is used across industries, including food & beverages, pharmaceuticals, cosmetics, animal feed, and industrial applications like bio-plastics and adhesives.
COVID-19 Impact:
During the COVID-19 pandemic, there was a notable rise in the consumption of wheat-based staple foods. However, disruptions in the supply chain and production were observed. Going forward, wheat producers may need to adapt to e-commerce platforms and omnichannel strategies to sustain growth.
Regional Highlights:
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- China: The largest wheat consumer in 2021, where wheat serves as a staple food alongside rice. As China’s population grows, wheat consumption is expected to increase.
- Russia: Leading wheat exporter, with strong production driven by end-use industries in Southeast Asia and other importing regions like Egypt, Turkey, and Indonesia.
Key Market Players:
Major companies in the wheat market include:
- Archer Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- MGP Ingredients Inc.
- Kerry Group
These companies are working on increasing production to meet rising global demand.
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Market Summary:
- Consuming Countries: Key consumers include China, India, European Union, United States, Pakistan, and others.
- Producing Countries: Major producers include Russia, European Union, India, Canada, Ukraine, and Australia.
- Importing Countries: Top importers include Egypt, Indonesia, Brazil, Philippines, Turkey, and Mexico.
- Exporting Countries: Leading exporters are Russia, United States, Canada, Ukraine, and Argentina.
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The global wheat market is poised for steady growth, with increasing demand for both organic and conventional wheat. With wheat’s broad applications across multiple industries, its market is expected to remain robust in the coming years.
