Wheat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Wheat Market is Segmented by Geography into North America, Europe, Asia-Pacific, South America, and Africa. The report includes the Production (Volume), Consumption (Value and Volume), Trade in terms of Import (Value and Volume) and Export (Value and Volume), and Price Trend Analyses.

Market Snapshot

wheat market growth and trends
Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

4.1 %

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Market Overview

The wheat consumption globally accounted for around 759.5 million metric ton in 2020, and it is anticipated to witness a CAGR of 4.1% during the forecast period, 2021-2026.

Imposing trade restrictions in response to the COVID-19 pandemic had a dramatic adverse impact on food security, particularly for grains like wheat, across the globe. Initially, there was panic buying around the world at the beginning of the COVID-19 outbreak, as concerns built that supply chains would struggle to operate in the new environment. Due to the reduced supply, following the export restrictions by major grain exporting countries, the prices of wheat are expected to rise in many parts of the world. Other than supply chain disruptions, the wheat market is expected to witness a moderate impact of the COVID-19 outbreak in 2021.

Over the long term, the increased consumption of wheat across the countries in various cuisines and by the processing industries for the production of products like flour, pasta, noodles, and beverages and the rising food demand are expected to drive the wheat market over the study period. However, some factors such as increased awareness of gluten allergies or sensitivity and weather uncertainties recorded in several parts of the world are expected to restrain the market growth during the forecast period.

Asia-Pacific is observed as the largest and fastest-growing market for wheat. China and India mainly dominate in the Asia-Pacific region in terms of wheat production and consumption. In 2019, China was the leading country worldwide for wheat consumption (137 million metric ton). India ranked second, with the consumption of 102 million metric ton of wheat in the same year. Wheat is a major staple crop in the Asian countries, after rice. It is consumed as flour for the preparation of bread, flatbread, and also for the preparation of noodles, pasta, etc. Wheat consumption is expected to grow significantly in these countries with the rising population and increasing food demand.

Scope of the Report

Wheat is widely cultivated for its seed and cereal grain, which is a staple food worldwide. The many species of wheat together make up the genus Triticum, out of which the most widely grown is common wheat (Triticum aestivum). The other major varieties are durum wheat (T. durum) and club wheat (T.compactum). The wheat market includes the production (volume), consumption (value and volume), trade in terms of import (value and volume) and export (value and volume), and price trend analyses of wheat across the globe. The market is segmented by geography into North America, Europe, Asia-Pacific, South America, and Africa.

Geography (Production Analysis by Volume, Consumption Analysis by Volume and Value, Import Market Analysis by Volume and Value, Export Market Analysis by Volume and Value, and Price Trend Analysis)
North America
United States
Canada
Europe
United Kingdom
France
Germany
Asia-Pacific
India
China
Australia
South America
Brazil
Argentina
Africa
South Africa
Egypt

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Key Market Trends

Increased Production Across Countries

Wheat is one of the principal cereal grains produced and consumed globally. It covers a land area more than any other commercial crop and continues to be the most important grain food source for human consumption. This is likely due to the fact that wheat can be cultivated in many areas with heterogeneous types of weather, elevation, or soil. According to the Food and Agriculture Organization, the global wheat production in 2018 accounted for 734 million metric ton, and the global area harvested under wheat in 2018 accounted for 214 million hectares. In 2019, global wheat production accounted for 765.8 million metric ton, growing by 3.9% compared to the previous year. However, the total area harvested under wheat showed a flat trend pattern and stood at 215.9 million hectares.

The countries with the highest volumes of wheat production in 2019 were China (134 million metric ton), India (102 million metric ton), and Russia (75 million metric ton), together accounting for 41% of the global production. These countries were followed by the United States, France, Canada, Ukraine, Pakistan, Australia, Turkey, Germany, and Argentina, which together accounted for a further 34%.

global wheat market1

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Asia-Pacific Dominates the Market

The global wheat consumption stood at 733.1 million metric ton in 2019, and it is projected to register a CAGR of 4.3% during the forecast period. The global consumption of wheat showed a considerable increase over the previous year. The Asia-Pacific region was observed as the largest consumer of wheat worldwide. In 2019, the countries with the highest volumes of wheat consumption were China (137 million metric ton) and India (102 million metric ton). In terms of value, China (USD 59.9 billion) occupied the first position in the global market. Further, India ranked second in global wheat consumption, with USD 29 billion.

Wheat is a major staple food crop in the Asia-Pacific region. The increased consumption of wheat to produce various products, like flour, pasta, noodles, macaroni, spaghetti, alcoholic beverages, and so on, has resulted in the increased consumption of wheat in the region over the study period. The population in Asia is expanding rapidly, and the consumption of wheat is expected to rise significantly in the coming years.

global wheat market

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Recent Developments

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain/Supply Chain Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Geography (Production Analysis by Volume, Consumption Analysis by Volume and Value, Import Market Analysis by Volume and Value, Export Market Analysis by Volume and Value, and Price Trend Analysis)

      1. 5.1.1 North America

        1. 5.1.1.1 United States

        2. 5.1.1.2 Canada

      2. 5.1.2 Europe

        1. 5.1.2.1 United Kingdom

        2. 5.1.2.2 France

        3. 5.1.2.3 Germany

      3. 5.1.3 Asia-Pacific

        1. 5.1.3.1 India

        2. 5.1.3.2 China

        3. 5.1.3.3 Australia

      4. 5.1.4 South America

        1. 5.1.4.1 Brazil

        2. 5.1.4.2 Argentina

      5. 5.1.5 Africa

        1. 5.1.5.1 South Africa

        2. 5.1.5.2 Egypt

  6. 6. MARKET OPPORTUNITIES AND FUTURE TRENDS

  7. 7. IMPACT OF COIVD-19 ON THE MARKET

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Frequently Asked Questions

The Wheat Market market is studied from 2016 - 2026.

The Wheat Market is growing at a CAGR of 4.1% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

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