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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.
In terms of wheat production and consumption, the Asia-Pacific (APAC) region takes the lead, emerging as both the largest and fastest-growing area. This growth is propelled by significant consumption in countries like China and India. China, being the world's largest consumer of this grain, utilizes it in the creation of diverse culinary delights, such as noodles, dumplings, buns, and pastries. Similarly, in India, wheat is a traditional flour used for a variety of dishes, with bread, known as roti or chapati, forming a dietary staple, especially in the northern states. Adecoagro contributes to this market with this grain offerings like Durum wheat, exported to the European Union and other stringent global markets. The consumption trends and benefits associated with wheat further reinforce the region's dominance in this global market.
The Market shows an accelerated CAGR during the forecast period.
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Key Market Driver
One of the key factors driving the market is the growing vegan population. 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.
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 grains 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.
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 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.
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.
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.
The market research and growth report forecasts market growth analysis by revenue at global, regional & country levels and provides a Market forecasting analysis of the latest trends and growth opportunities from 2018 to 2028.
The Market is influenced by several key factors, including health consciousness and the rise in gluten allergies. Weather uncertainties also play a significant role in shaping the market. According to the Food and Agriculture Organization (FAO), the Global Wheat market is affected by these factors, impacting the production and availability of wheat-based cuisines. Wheat is a crucial staple crop in many Asian countries, where it is used in various forms, including flatbread and the preparation of noodles. With the increasing world population, there is a growing food demand for wheat products.
This has led to increased R&D efforts in wheat cultivation and processing, as well as a greater focus on health consciousness and gluten allergies. The market is also witnessing increased awareness about the nutritional benefits and challenges associated with wheat consumption, especially in the context of gluten allergies and weather uncertainties impacting production and supply chains.
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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