The global wheat market is projected to grow at a CAGR of 9.50% during the forecast period to reach US$271.679 billion by 2027, up from US$143.959 billion in 2020. It is forecasted that the growing demand for wheat due to a rising population will drive the market growth.
The wheat grain is one of the main cereal grains produced and consumed around the world. It occupies the largest land area of any harvest and is still the most important grain food resource.
Since wheat is a versatile crop that can be grown in almost any soil and climate, it has become an essential food staple worldwide. It occupies about 25% of the world's arable land and supplies about 20% of our daily needs.
The Wheat Market and its Varieties
Wheat varieties vary in protein content and kernel colour. Two major categories of wheat which exist are Winter Wheat and Summer Wheat, both of which are classified according to their season of growth. Also, they are divided into sub-categories based on their hardness, colour, and shape. Each of the six wheat classes that the industry utilizes has qualities that millers and food processors seek for specific products. The wheat industry sorts the thousands of varieties into six categories, which are hard red winter wheat, hard red spring wheat, soft red winter wheat, durum wheat, and hard white wheat.
Wheat is one of the most nutritional and widely cultivated cereal grains. Many countries around the world have raised and harvested wheat for over seven centuries. It's one of the most essential globally, and it's the world's second-most-produced grain. In 2017/18, more than XXX million metric tons of wheat were produced worldwide. Other than rice, wheat is the most widely consumed grain globally, accounting for 20% of the global population's daily protein intake. Wheat's capacity to be grown in a variety of soils and climates is one of the reasons it is such a vital nutritional staple in so many places.
Human consumption accounts for the majority of wheat demand, which is unsurprising both at home and away from home. In reality, food accounts for more than two-thirds of all wheat produced worldwide. Wheat is stretchy and water-binding due to the gluten and starch it contains. This property of wheat makes it useful for many other things.
The major challenges that are faced by wheat farmers globally are:
Fusarium Head Blight is a type of fungal disease that occurs in wheat crops as a result of infection and yield losses. This is unacceptable to end-users, hence leading to the downgrade of the grain.
The most common challenge is dealing with pests and insects that require an integrated approach to deal completely, as pests and insects can hamper whole lots of wheat grain.
There is no other phenomenon that can compare with the impact of the 2020 COVID-19 pandemic on social and economic life throughout the globe. In most geographic regions and across various sectors, such as transport, tourism, hospitality, and automotive, economic activity has been substantially suppressed or even halted. Furthermore, the effects were influenced by the authorities' actions to close borders and forbid exports. The price of wheat and rice increased in direct terms. The COVID-19 outbreak had little impact on wheat. With flour and bread being stapled by-products, any change in price tends not to impact demand for this essential food. The fact that wheat is grown in all regions of the world makes it one of the most income-inelastic commodities.
Given the high yields, competitive prices, and high quality of the grain, the European Union is expected to grow wheat production more than any other developed country. In contrast to the developed countries, developing countries are projected to add 36 Mt to global output by 2029, representing a marginal increase in their share of global production. It is projected that India will increase its wheat production; largely due to its minimum support price policy that guarantees farmers a stable income. A combination of domestically produced hybrid seeds and fertilizers, low energy costs, large commercial farms, and good soil contributed to Russian and Ukrainian production increases.
|Market size value in 2020||US$143.959 billion|
|Market size value in 2027||US$271.679 billion|
|Growth Rate||CAGR of 9.50% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Uses, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Nort East Grains Limited, Shiv Mahavir Group, Anhui Yanzhifang Food Co., Ltd., Russia Wheat Incorporation|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the size of the global wheat market?
A1. Wheat Market was valued at US$143.959 billion in the year 2020.
Q2. What will be the wheat market size by 2027?
A2. The global wheat market is projected to reach a market size of US$271.679 billion by 2027.
Q3. What are the growth prospects for the wheat market?
A3. The wheat market is projected to grow at a CAGR of 9.50% during the forecast period.
Q4. What factors are anticipated to drive the wheat market growth?
A4. The growing demand for wheat due to a rising population will drive the wheat market growth.
Q5. How is the global wheat market segmented?
A5. The ground transportation fuel market has been segmented by type, uses, and geography.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. WHEAT MARKET, BY TYPE
5.2. Hard Red Wheat
5.3. Hard Red Spring
5.4. Soft Red Wheat
5.5. Soft White
5.6. Hard Wheat
6. WHEAT MARKET, BY USES
7. WHEAT MARKET, BY END-USERS
7.3. Commercial/ Industrial
8. WHEAT MARKET, BY GEOGRAPHY
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Nort East Grains Limited
10.2. Shiv Mahavir Group
10.3. Anhui Yanzhifang Food Co., Ltd.
10.4. Russia Wheat Incorporation
Nort East Grains Limited
Shiv Mahavir Group
Anhui Yanzhifang Food Co., Ltd.
Russia Wheat Incorporation
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