Latest News- Wheat Market: Human is expected to lead the Application segment during 2024-2028

The Wheat Market is being driven by Growing vegan population

The Wheat Market is expected to grow at a CAGR of 4.54% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 73.16 billion. The global wheat market is poised for growth due to the expansion of retail outlets specializing in wheat-based products. These outlets, including supermarkets, hypermarkets, independent stores, and convenience stores, offer items such as flour, noodles, pasta, and more to end-users. The proliferation of these retail channels can significantly boost wheat sales. For instance, More Retail Private Limited, a leading omnichannel food and grocery retailer based in India, recently announced plans to establish 300 new supermarkets and hypermarkets across the country over the next three years. This retail growth is expected to fuel the demand for wheat and wheat-based products during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Human
  • Feed
• Type
  • Hard red winter
  • Hard red spring
  • Soft red winter
  • Others
• Geography
  • APAC
    • China
    • India
  • Europe
  • Middle East and Africa
  • North America
    • US
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing vegan population
• Increasing adoption of healthy eating habits
• Increasing global production of wheat-based items

However, the market also witnesses some limitations, which are as follows:

• Climate change and unpredictable weather patterns
• Stringent regulations on food products
• Shifting dietary preferences of consumers

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Market Scope in Wheat Market Research Report

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Research Analysis Overview

The wheat market encompasses various types of wheat, including hard white and soft white, used primarily as food crops. Hard white wheat is utilized in snack foods and baked goods, while soft white wheat goes into cereals and pastries. Both types belong to the Triticum aestivum species, providing essential nutrients like vitamin A, B6, and carotene alpha. Durum wheat, another wheat variant, is used for pasta and semolina, while conventional wheat may contain pesticide residues and mycotoxin levels. Wheat is also used for animal feed, industrial uses, and biofuel production. With growing dietary preferences, rice flour and corn flour gain popularity, while organic wheat, gene editing for disease resistance, and innovation centers drive clean-label products. Government regulations, health-conscious consumers, and digital marketplaces influence the market's trends, with premium baked goods and wheat flour remaining staples. The global trade of wheat is influenced by factors like pesticide use, garbage disposal, and the impact of Westernized diets on dairy products. Additionally, wheat is used in craft beer production and faces challenges from the use of fossil fuels in its cultivation and transportation.

Market Research Overview

The global wheat market is a significant segment of the larger packaged foods and meats market, as classified by Technavio within the global food products sector of the food, beverage, and tobacco industry. This market encompasses food processing vendors engaged in extending shelf life and eliminating microorganisms from wheat-based products. The market's size is determined by the consolidated revenue of these vendors. It is essential to note that the market does not include manufacturers of food processing equipment or producers of packaged alcoholic and non-alcoholic beverages, including mineral waters. The global wheat market's scope includes various aspects such as wheat and diet, wheat history, wheat future, wheat industry, wheat consumption, wheat allergy, wheat sustainability, wheat gluten content, wheat research, wheat flour types, wheat and health, wheat varieties, and wheat farming.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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