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The Wheat Market size is forecast to increase by USD 73.16 billion, at a CAGR of 4.54% between 2023 and 2028. The market is influenced by several key factors, including the expanding vegan population, the rising adoption of healthy eating habits, cultured wheat and the increasing global production of wheat-based items. As more individuals embrace veganism for ethical, environmental, and health reasons, there is a growing demand for plant-based alternatives across various food categories. Additionally, the trend towards healthier eating habits drives consumers to seek nutritious and wholesome options, further bolstering the market for plant-based products. Furthermore, the growing production of wheat-based items reflects the versatility and popularity of wheat as a staple ingredient in diverse cuisines worldwide. These converging trends highlight the evolving landscape of the food industry, presenting opportunities for innovation and market expansion to cater to the changing preferences and dietary choices of consumers.
The wheat market report shows an accelerated CAGR during the forecast period.
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The wheat market research and growth report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The human segment is estimated to witness significant growth during the forecast period. Wheat is one of the major cereal grains produced and consumed as a staple food by humans across the world. In addition, this grain is an important source of carbohydrates that is in the form of starch. Furthermore, besides being the primary source of carbohydrates, this grain contains significant levels of a variety of nutrients that are essential or beneficial to health, most notably protein, vitamins, soluble fiber, and phytochemicals.
The human segment was the largest segment and was valued at USD 117.11 million in 2018.
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Therefore, wheat-based foods are consumed in many countries around the world, as well as by food processing industries for the manufacturing and grain silos and ancillary equipment of products such as refined flour (all-purpose flour), pasta, noodles, and beverages, such as beer, malted milk, and others. Hence, increased demand for wheat-based food products from consumers, in addition to their health advantages, is expected to boost the growth of the human segment of the global market during the forecast period.
The health benefits of the hard red winter segment will increase the market growth. This segment is the most popular kind of wheat farmed across the world, especially in the US. In addition, several home-based flour millers prefer hard red winter wheat because it has a richer taste than white garins alternatives. Moreover, hard winter wheat varieties also contain more gluten than other spring variants. In addition, this segment is a rich source of dietary fiber, selenium, and manganese, all of which are essential for optimal metabolism and physical well-being. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 50% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional market trends and analysis and drivers that shape the market during the forecast period. Regarding production and consumption, APAC is the largest and fastest-growing region, fuelled by consumption across nations including China and India. In addition, China is the world's largest consumer of this grain, which is used to produce a variety of noodles, dumplings, buns, and other pastries that are part of the country's regular cuisine. Moreover, in India, this grain has traditionally been used as flour to make a variety of dishes. In addition, the demand for this is expected to increase in APAC due to the rising awareness among consumers about the health benefits of consuming wheat-based protein supplements. Thus, companies are offering processed and low-cholesterol-containing wheat-based protein products on both online and offline channels to meet the growing demand for this protein from people in APAC. Hence, such factors are driving the market growth in APAC during the forecast period.
An Essential Commodity in the Global Food Industry Wheat, a staple cereal crop, is a vital source of carbohydrates, protein, dietary fiber, manganese, phosphorus, and various vitamins, including Vitamin B. The Genus Triticum, specifically Triticum aestivum, is the most commonly grown wheat species. Historically, wheat originated in the Fertile Crescent, a region in the Middle East, and has been a significant part of ancient civilizations. The market is a substantial sector, with key applications in producing flour for bread, pasta, pastry, and other food products. The demand for wheat flour is driven by the increasing population and changing dietary preferences. Weather patterns and climate change can significantly impact wheat production, making it an essential commodity for exporters and importers. Wheat is also used in the production of starch and biofuels such as bioethanol, contributing to the renewable energy sector. However, the shift towards renewable energy sources and the competition with fossil fuels can influence the market dynamics. Farming practices, including sustainable ,regenerative agriculture and organic farming, also play a role in the wheat market. Overall, the wheat forecast is an essential component of the global food industry and is influenced by various factors such as population growth, weather patterns, climate change, and farming practices.
One of the key factors driving the market is the growing vegan population. Align with market growth analysis, the growing demand for wheat-based protein supplements has been aided significantly by the current trend of veganism. With the increasing awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing around the globe. In addition, it is estimated that the number of consumers who are opting for plant-based diets over animal-based ones is increasing, and the trend is more common among Millennials.
Moreover, the number of vegan consumers is increasing across countries such as the US and Canada. In addition, these nations are seeing an increase in the proportion of Millennials who are opting for veganism. Furthermore, the younger generation in Mexico is also adopting a vegan lifestyle at an increasing rate. In addition, people are increasingly embracing a vegan lifestyle in nations such as the UK, Germany, and France. Hence, such factors are driving the market analysis during the market forecast period.
A key factor shaping the market is the expansion of retail stores offering organic wheat-based supplements. Wheat-based items, comprising flour, noodles, pasta, and others, are offered to end-users through various retail stores, including supermarkets, hypermarkets, independent stores, convenience stores, and others. In addition, the expansion of these retail outlets can lead to an increase in the sales of this grain and wheat-based items.
Thus, the significant increase in the expansion of retail stores that offer wheat-based products may fuel the growth of the global market. For example, in January 2021, More Retail Private Limited, a multinational omnichannel food and grocery retailer with headquarters in India, announced that it would be establishing 300 supermarkets and hypermarkets across India over the next three years. Therefore, the increasing number of retail stores offering wheat-based items will positively impact the growth of the global market during the forecast period.
Shifting the dietary preferences of consumers is one of the key challenges hindering market growth. The changing consumer attitudes toward health and nutrition have led to a rise in gluten-free and low-carbohydrate diets. In addition, as individuals become more health-conscious, they increasingly opt for alternatives such as rice, quinoa, and other gluten-free grains, which has led to a reduced demand for traditional wheat-based products.
Moreover, gluten-free diets, often chosen by individuals with celiac disease or gluten sensitivity, have gained popularity beyond medical necessity, contributing to a decline in the consumption of wheat-based items. In addition, this shift has led to challenges for the global market, particularly as gluten is a key component in providing the elasticity and structure necessary for products such as bread and pasta. Hence, such factors are hindering the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The Market growth and forecasting market report also includes detailed analyses of the competitive landscape of the market and information about 22 market companies, including:
Aliya Trading S.L.,Ambika Enterprises, Aryan International, Buhler AG, Bunge Ltd., Cargill Inc., COFCO Corp., GrainCorp Ltd., Hari Om Industries, ITC Ltd., Louis Dreyfus Co. BV, MGS Foods Corp., Pankaj Agro Processing Pvt. Ltd., Shree Navshakti Flour Mills, Shri Mahavir Group, Shyali Products Pvt. Ltd., The Scoular Co., and The Soufflet Group
Market market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
An In-depth Analysis of Cereal's Role in Food Industry, Consumption Trends, and Global Trade Wheat, a staple cereal, is a vital component of the human diet, contributing significantly to the production of flour for bread, pasta, pastry, and other baked goods. This annual plant, native to the Fertile Crescent in temperate regions, has been a cornerstone of ancient civilizations. The primary consumers of wheat are the human population, with flour demand being driven by the need for carbohydrates, protein, dietary fiber, manganese, phosphorus, and vitamin B. Wheat is also used as animal feed and in the beverage sector. Wheat's global trade dynamics are influenced by various factors, including weather patterns, climate change, and farming practices. Exporters and importers play crucial roles in the market's balance.
For instance, countries like Canada, Australia, and the United States are significant wheat exporters, while India and China are major importers. Wheat's versatility extends beyond food applications. It is used in the production of biofuels like bioethanol, contributing to the renewable energy sector. The market landscape depends on the Dietary fibre, Exporter, Importer, Processed food, Import, Export, NFSM, Agricultural economy, and Maize. However, the increasing demand for wheat for biofuel production may impact its availability for food production. The food industry's shift towards processed foods , fermented wheat and gluten-free alternatives has influenced wheat consumption trends. Calorie content and phytochemicals are essential considerations for consumers. Additionally, the environmental impact of wheat production, including the use of fossil fuels and the release of greenhouse gases, is a growing concern. Fermentation and distillation processes are used to extract wheat starch and create various food and beverage products. The calorie content and nutritional value of these products can vary significantly. Overall, the wheat market is a complex ecosystem influenced by numerous factors, from agricultural production to consumer preferences.
Wheat Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.54% |
Market Growth 2024-2028 |
USD 73.16 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.08 |
Regional analysis |
APAC, Europe, Middle East and Africa, North America, and South America |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, India, Pakistan, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adecoagro, Aliya Trading S.L., Allied Pinnacle Pty Ltd., Ambika Enterprises, Aryan International, Buhler AG, Bunge Ltd., Cargill Inc., COFCO Corp., GrainCorp Ltd., Hari Om Industries, ITC Ltd., Louis Dreyfus Co. BV, MGS Foods Corp., Pankaj Agro Processing Pvt. Ltd., Shree Navshakti Flour Mills, Shri Mahavir Group, Shyali Products Pvt. Ltd., The Scoular Co., and The Soufflet Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market growth and forecasting analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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