The latest market report published by Credence Research, Inc. “Global Wheat Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Wheat Market generated revenue of around USD 378,000 million in 2021 and is anticipated to grow a CAGR of over 1% during the forecast period from 2022 to 2028 to reach around USD 405,000 million in 2028. While, cumulative growth opportunity presented by the global Wheat is around USD 2.74 trillion during 2022 to 2028.
Global Wheat Market, 2021 – 2028 (USD Million)
Browse the full report at Wheat Market Size, Trends, Share and Growth Report Forecast to 2028 | Credence Research
Wheat being the staple food for more than half of the world’s population, one of the highest consumed cereals. Wheat is grown and consumed in almost every corner of the world. The global wheat production has been reached to over 750 million tons in 2021. While global average yield is recorded at 3 tons per hectare. Wheat is second largest food grain produced after maize. Wheat is cultivated on massive 220 million hectare of land across the world. Wheat has been remained major part of human food and major contributor of carbohydrates as well as vegetable protein. Wheat is widely grown cereal around the world. Major countries producing wheat grains include China, India, Russia, Ukraine, U.S., Canada, Brazil, Kazakhstan, etc.
Hard Red Winter (HRW) to Grow at Rapid Pace
Hard Red Winter (HRW), Hard Red Spring (HRS), Soft Red Winter (SRW), White Wheat and Durum Wheat are some of the important types of Wheat produced and consumed across different region. However, Hard Red Winter (HRW) is growing in demand and held significant share in total revenue generation with over 40% in 2021. While, Hard Red Spring (HRS), Soft Red Winter (SRW) and others segments collectively held over 50% share in total revenue generation in 2021 and poised to play important role in growth of Wheat in the years to come.
Growing Demand for Food Driving the Growth of Wheat Consumption
Feed, Food, Industrial and Others are major application markets for the global Wheat industry. Food industry held the largest share of global Wheat industry in 2021 with over 50% contribution to revenue generated by Wheat market. Secondly, food processing, feed, and industrial applications are also expected to grow at a significant CAGR which in turn likely to drive demand for Wheat.
Europe is Second Leading Market for Wheat
Europe is second leading the Wheat industry with over 20% share in 2021. Whereas, China is leading consumer of wheat with whopping 148 million tons of consumption in 2021. Despite of being the largest producer, China has been listed among top five importers of wheat. Population of 1.4 billion, huge demand for wheat in noodles, growing processed food industry, rising feed market and ever increasing consumption in industrial application fueling the demand for wheat in the country. Similarly, India being house of 1.3 billion people, second largest market for wheat. While, Russia and Ukraine are top exporters and producers of wheat.
Significance of War between Russia & Ukraine for Wheat Importers
Large number of countries rely on supply of wheat from Russia and Ukraine. Over 25 countries are sourcing wheat from these two countries. However, ongoing war between these two countries can severely affect the supply chain logistics of wheat and in turn result into demand supply gap of food grains in many countries around the world. As the world is still struggling to overcome the supply chain disruption caused by COVID 19, no country is prepared to face the consequences of war like situation. Sanctions on Russia are arresting the cross border trade of Russia with other countries while, shutdown of ports, ban on export of food grain by Ukraine, and disruption of logistic chain of Ukraine is turning out to be major hurdle for wheat import. Although, Australia, U.S., Canada, France and other countries can increase their export there will be huge gap between demand and supply in near future. This can trigger the price rise of wheat.
Major players operating in the Wheat industry include but not limited to Nitta Cargill, ADM, Roquette Frères, The Tereos Group, Tate and Lyle PLC and AGRANA Beteiligungs-AG.
Global Wheat Market by Type, 2016 – 2028
- Hard Red Winter (HRW)
- Hard Red Spring (HRS)
- Soft Red Winter (SRW)
- White Wheat
- Durum Wheat
Global Wheat Market by Application, 2016 – 2028
Global Wheat Market by Company, 2016 – 2028
- Roquette Frères
- The Tereos Group
- Tate and Lyle PLC
- AGRANA Beteiligungs-AG