From the period of 2022 to 2028, the Global Wheat Market is expected to reach USD 848.3 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 2.5%.
The food business is driving the worldwide Wheat Market, which is quickly expanding across all areas as people's disposable income rises, particularly in developing countries like India and China. The predominance of processed food has increased as a result of globalization, pushing up demand for Wheat. The crop is a staple meal in many parts of the world, particularly in India and other Asian countries. The constantly growing population, which has increased demand for both Wheat and its starch, is helping to drive up demand for the product. The middle-class population has a higher demand for Wheat, which has a considerable impact on the business. The rising starch business is driving the Global Wheat Market in a big way.
Over the long term, rising food demand and increased consumption of Wheat in various cuisines and by the processing industries for the production of products such as flour, pasta, noodles, and beverages are expected to drive the Wheat Market during the study period. However, factors such as increased awareness of gluten allergies or sensitivity, as well as weather uncertainties recorded in various parts of the world, are expected to restrain market growth during the forecast period. The starch industry is expected to grow steadily in the coming years, propelling Wheat Market growth even further. The increasing need for animal feed is also propelling the sector forward. The increasing food and beverage sectors are driving up demand for processed flour, boosting the Wheat Market even higher.
Key Highlights from the Report
- The market is divided into Household, Food and Beverages, Pharmaceutical, Dietary Supplements, Cosmetics & Personal Care, and Others based on application. Wheat flour is primarily utilized in the food and beverage industry to manufacture a wide range of products. Increased consumption of Wheat in various cuisines, as well as processing industries for the manufacture of flour, pasta, noodles, and beverages, as well as rising food demand, are expected to boost the Wheat Market over the study period. The growing demand for animal feed is also driving the industry ahead. The growing food and beverage industries are pushing up demand for processed flour, further driving up Wheat prices.
- The market is divided into Supermarket/Hypermarket, Grocery Store, Wholesalers, and E-commerce Platform based on Distribution Channel. Because they provide a broad selection of brands and commodities, supermarkets and hypermarkets are the most popular places to buy Wheat flour. A supermarket is a self-service store with sections that sell a wide variety of food, beverages, and household supplies. A hypermarket is a retail institution that combines department store and supermarket activities. Hypermarkets, which are often extremely large establishments, carry a variety of items such as appliances, clothing, and groceries. Due to easy availability and numerous client discounts, this market has seen significant growth.
- Asia Pacific is the fastest regional segment in terms of growth. Asia-Pacific is the world's largest and fastest-growing Wheat Market. China and India dominate the Asia-Pacific region in terms of Wheat production and consumption. China was the world's largest consumer of Wheat, with India coming in second. Wheat is the second most important staple crop in Asian countries after rice. It is used as flour in the manufacture of bread and flatbread, as well as noodles and pasta. Wheat consumption in these countries is expected to skyrocket as populations and food demand grows. Wheat is an important staple crop in Asia and the Pacific.
Wheat consumption is rising globally in conjunction with population growth
Increased Global Wheat consumption combined with population growth are the primary drivers of the Wheat Market. Furthermore, as public health awareness has grown, Wheat consumption has increased while junk food consumption has decreased. Wheat is used to make biscuits, cakes, crumpets, sauces, bread, muffins, noodles, pastries, cereal bars, sweet and savory snack meals, pasta, crackers, crisp-breads, and other confectionary food products, all of which increase global demand for the grain. Due to growing awareness of the health benefits of organic food, the organically grown Wheat segment is predicted to dominate the date market in the coming years. Furthermore, Wheat 's widespread use in the food and beverage, cosmetics and personal care, pharmaceutical, animal feed, and nutritional supplement industries will help the market to remain profitable in the coming years. Wheat meal is increasingly utilized in adhesives, bio plastics, and paper manufacturing.
Launching new products to expand the business
Manufacturers are increasing Wheat production in order to meet rising demand. Wheat production is being accelerated by new farming technology and government support. Furthermore, the use of Wheat in the food and beverage industry has increased. Wheat is used to manufacture biscuits, cakes, crumpets, sauces, bread, muffins, noodles, pastries, cereal bars, sweet and savory snack meals, pasta, crackers, crisp-breads, and other confectionary food products, resulting in increased global demand. Wheat meal is now currently utilized in the manufacturing of adhesives, bio plastics, and paper.
Europe holds the largest market share. Rising disposable incomes, rising population, and rising demand for low-calorie sweeteners and gluten-free food are the major drivers of the industry. Wheat consumption in the region increased over the study period due to increased consumption of Wheat to produce various products such as flour, pasta, noodles, macaroni, spaghetti, alcoholic beverages, and so on. Increased awareness of gluten allergies or sensitivity, as well as weather uncertainties recorded in various parts of the world, is expected to limit market growth during the forecast period. Due to an increase in awareness about the health benefits of organic food in this region, the organically grown Wheat segment is expected to dominate the date market during the projected years.