Global Wheat Market 2024

Wheat Market Size

The global wheat market rose to $X in 2022, increasing by X% against the previous year. In general, consumption saw modest growth. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Wheat Production

In value terms, wheat production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight slump. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Global production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were China (X tons), India (X tons) and Russia (X tons), with a combined X% share of global production.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of X%), while production for the other global leaders experienced more modest paces of growth.

In 2022, the global average yield of wheat totaled X tons per ha, standing approx. at the year before. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the yield increased by X%. Over the period under review, the average wheat yield reached the maximum level at X tons per ha in 2019; however, from 2020 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The global wheat harvested area dropped modestly to X ha in 2022, almost unchanged from 2021 figures. Overall, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of X%. The global harvested area peaked at X ha in 2015; however, from 2016 to 2022, the harvested area remained at a lower figure.

Wheat Exports

Exports

In 2022, after two years of growth, there was decline in shipments abroad of wheat, when their volume decreased by X% to X tons. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The global exports peaked at X tons in 2021, and then fell slightly in the following year.

In value terms, wheat exports surged to $X in 2022. In general, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the global exports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The biggest shipments were from Australia (X tons), the United States (X tons), France (X tons), Canada (X tons), Russia (X tons), Argentina (X tons) and Ukraine (X tons), together resulting at X% of total export. The following exporters - India (X tons), Kazakhstan (X tons), Germany (X tons), Romania (X tons), Bulgaria (X tons) and Poland (X tons) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Poland (with a CAGR of X%), while the other global leaders experienced more modest paces of growth.

In value terms, Australia ($X), the United States ($X) and Canada ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of global exports. France, Russia, Argentina, Ukraine, Germany, India, Romania, Kazakhstan, Bulgaria and Poland lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Poland, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average wheat export price amounted to $X per ton, picking up by X% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat export price increased by X% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (X%), while the other global leaders experienced more modest paces of growth.

Wheat Imports

Imports

Global wheat imports amounted to X tons in 2022, remaining relatively unchanged against the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of X%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, wheat imports surged to $X in 2022. In general, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Global imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

The purchases of the twelve major importers of wheat, namely Algeria, China, Indonesia, Turkey, Egypt, the Philippines, Italy, Bangladesh, Morocco, Brazil, Japan and Spain, represented more than third of total import. Germany (X tons) took a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Bangladesh (with a CAGR of X%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Egypt ($X) and China ($X) were the countries with the highest levels of imports in 2022, together accounting for X% of global imports. Algeria, Turkey, Italy, the Philippines, Morocco, Japan, Brazil, Spain, Bangladesh and Germany lagged somewhat behind, together accounting for a further X%.

Bangladesh, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average wheat import price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, import price indicated modest growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat import price increased by X% against 2016 indices. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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