Global Wheat Market Size (2024 - 2029)

Wheat Market Analysis

The Global Wheat Market size is estimated at USD 50.21 billion in 2024, and is expected to reach USD 62.86 billion by 2029, growing at a CAGR of 4.60% during the forecast period (2024-2029).

Wheat is one of the most important cereal crops produced and traded globally. It is cultivated on a larger land area compared to any other cash crop globally. In terms of volume, global wheat production ranks third, following corn and rice. The total acreage used for wheat cultivation was 215.7 million hectares in 2019, increasing to 219.2 million hectares by 2022. Likewise, the production volume was 764.1 million metric tons in 2019, rising to 808.4 million metric tons in 2022.

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 during the study period. Wheat is a major staple crop in Asian countries, after rice. It is consumed as flour for bread and flatbread and is used to prepare noodles, pasta, etc. Further, wheat is purchased primarily for consumption and creating stocks as a buffer to be stored and used in critical cases. Stockpiling of wheat creates an intertemporal buffer against shortages during large wheat consumption periods or low production years across the world.

Factors like the increasing world population, increasing R&D, and increasing health consciousness would lead to increased wheat consumption across the world during the forecasted period. However, 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's growth during the forecast period. In addition, droughts and climate change are significant threats to wheat production in countries such as Russia, Ukraine, and Kazakhstan (RUK) region and to global food security. Severe droughts have been significantly affecting wheat production in these regions, thus, understanding the impacts of droughts and climate change on the RUK’s grain production is essential for predicting its potential as a reliable grain supplier in the future.

Wheat Industry Segmentation

Wheat is widely cultivated for its seed and cereal grain, which is a staple food worldwide. Many species of wheat together make up the genus Triticum, out of which the most widely grown is common wheat (Triticum aestivum). 

The wheat market is segmented by geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report includes production analysis (volume), consumption analysis (volume and value), import analysis (volume and value), export analysis (volume and value), and price trend analysis of the wheat market across the world. The report offers market estimation and forecasts in value (USD) and volume (metric tons).