According to Renub Research’s latest report, “Global Wheat Market Report by Nature (Organic, Conventional), Global Wheat Market End User – B2B (Food & Beverages, Animal Feed, Industrial Use, Others), B2C (Online, Offline) Countries and Company Analysis, 2024-2032,” the global wheat market size is projected to grow from US$ 45.60 billion in 2023 to over US$ 68.34 billion by 2032, with a compound annual growth rate (CAGR) of 4.60% from 2024 to 2032. Wheat remains the most widely cultivated food crop globally, playing a key role in stabilizing food grain production over recent years. Various species of wheat make up the genus Triticum, with common wheat (Triticum aestivum) being the most extensively grown. Other significant varieties include club wheat (T. compactum) and durum wheat (T. durum). Wheat is rich in essential nutrients such as riboflavin, niacin, vitamin B6, carotene (alpha and beta), vitamin A, protein, thiamin, lutein, zeaxanthin, and minerals like iron, zinc, phosphorus, potassium, and manganese.
Growth Factors
The key drivers of the global wheat market are rising global wheat consumption and population growth. Increased public health awareness has also boosted the demand for wheat products, while consumption of junk food has declined. Wheat is a staple ingredient in various food products such as bread, cakes, biscuits, pasta, noodles, and cereals, further fueling its global demand. Additionally, the organic wheat segment is expected to see significant growth due to the increasing preference for organic food products.
Wheat is also extensively used in the cosmetics, personal care, pharmaceutical, animal feed, food & beverage industries, and dietary supplements, supporting continued market profitability. Moreover, wheat-derived products are used in the production of bioplastics, adhesives, and paper.
COVID-19 Scenario Analysis
During the COVID-19 pandemic, there was a significant increase in the demand for staple wheat products, including wheat flour and whole grains. However, the pandemic disrupted wheat production and supply chains across various countries. In response, companies may need to adopt e-commerce platforms and omnichannel supply chains to adapt to changing consumer buying behaviors.
Regional Highlights: China and Russia
China emerged as a leading market in terms of wheat production and consumption in 2021. Wheat is a staple food in China, second only to rice, and is used to make flour for bread, noodles, and other food products. Wheat consumption in China is projected to increase significantly due to rising population and food demand. Other major wheat producers in 2021 included the European Union, India, Russia, the United States, Canada, Pakistan, and Australia.
Russia, meanwhile, holds the position of the largest wheat exporter. Growth in Russia’s production, coupled with rising consumption in Southeast Asia and potential export growth, contributes to an increased global supply of wheat. Egypt, Indonesia, Turkey, and Brazil are among the top importers of wheat.
Key Companies
Report Related :
Global Agricultural Micronutrients Marketss
Leading players in the global wheat market include:
- Archer Daniels Midland
- Tate and Lyle
- General Mills, Inc.
- MGP Ingredients Inc.
- Kerry Group
These companies are working to expand wheat production to meet the growing global demand.
Market Summary
- Consuming Countries: Top consumers include China, the European Union, India, Russia, and the United States.
- Producing Countries: Major producers include China, the European Union, India, Russia, and Canada.
- Importing Countries: Key importers include Egypt, Indonesia, Turkey, Brazil, and the Philippines.
- Exporting Countries: Russia, the European Union, the United States, Canada, and Ukraine are among the largest exporters.
About Renub Research
Renub Research is a market research and information analysis company with over 15 years of experience. The firm has published more than 9,000 syndicated reports and completed over 750 custom research projects, providing data and insights to companies like Bloomberg, Thomson Reuters, and EMIS.
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