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Global Wheat Market is Set To Fly High in Coming Years | Grain Craft, General Mills, ITC Limited, Ardent Mills, Farm Fresh Wheat, Sunnyland Mills, Bay State Milling Company
Wheat Market
Market Size and Share
According to a report by Expert Market Research, the global wheat market was valued at USD 152.88 billion in 2022 and is expected to reach USD 213.62 billion by 2026, registering a CAGR of 5.2% during the forecast period of 2023-2028.
The Asia-Pacific region is the largest market for wheat, followed by North America and Europe. The increasing demand for wheat-based products in countries like India, China, and Japan is expected to drive the growth of the market in the Asia-Pacific region.
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Industry Segmentation
The wheat market can be segmented based on the type of wheat, end-use application, and geography. Based on the type of wheat, the market can be further classified into hard red winter, hard red spring, soft red winter, soft white, hard white, and durum wheat. The end-use applications of wheat include food, feed, biofuels, and others. The food segment is further sub-segmented into bread, pasta, noodles, biscuits, and others.
Market Outlook
The global wheat market is expected to grow significantly over the next few years, driven by increasing demand for wheat-based products, the growing global population, and changing dietary preferences.
The food industry is the largest end-user of wheat, and the increasing demand for convenience foods and snacks is expected to drive the growth of the market. Additionally, the growing demand for wheat-based animal feed is expected to boost the market's growth.
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Forecast Period 2023-2028
The global wheat market is expected to continue its growth trajectory during the forecast period of 2023-2028. The increasing demand for wheat-based products, the growing global population, and the rising demand for animal feed are expected to drive the growth of the market.
Additionally, the increasing use of wheat as a biofuel is expected to contribute to the market's growth. However, several factors such as weather changes, plant diseases, and geopolitical tensions can impact the market's growth during the forecast period.
FAQs
Q: What is the current size of the global wheat market?
A: The global wheat market was valued at USD 152.88 billion in 2022.
Q: What is the expected CAGR of the wheat market during the forecast period of 2023-2028?
A: The expected CAGR of the wheat market during the forecast period of 2021-2026 is 5.2%.
Q: What are the key factors driving the growth of the global wheat market?
A: The key factors driving the growth of the global wheat market include increasing demand for wheat-based products, growing global population, and changing dietary preferences.
Q: What is the largest end-user of wheat?
A: The food industry is the largest end-user of wheat.
Q: What is the expected forecast period for the global wheat market?
A: The expected forecast period for the global wheat market is from 2023 to 2028.
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Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.
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