Albuquerque, N.M., June 24, 2024 (GLOBE NEWSWIRE) -- Wheat is renowned as a major source of vital minerals and carbs and a fundamental component of many international cuisines. It is an important crop in Asia Pacific and may be used in many different recipes due to its versatility. In general, it is employed to make flour, an essential component of pastries and bakeries. Additionally, it's used to make drinks like wheat beers, which are extremely appreciated all around the world. The robust demand for wheat in the food manufacturing sector propels wheat production worldwide and is critical for the expansion of the industry. According to the ELINT Market Research's procurement intelligence analysis, the global supply is valued at 1244 MMT in 2023-2024 for the Global Wheat Procurement Market. Also, during the same projected period, the consumption of wheat was calculated at 781 MMT globally.
Modern eating habits and nutritional preferences among people are key aspects that drive requirements for natural food items, which contributes to the development of the wheat sector. Additionally, the need for wheat products is driven by a continually increasing desire for packaged and quick-service meals. The study predicted that wheat cultivation in India would amount to 112.18 million tons between 2022 and 2023. Also, 107.74 million tons were registered in the 2021–2022 timeframe, this indicates a 4.12% increase. Moreover, the market intelligence analysis depicts the ending stockpiles of commodities in the wheat market in 2023–2024 were estimated to be 262 MMT, a comparatively smaller quantity of inventory compared to the median of the previous five years. In this regard, wheat-ending supplies have significantly decreased by 4% worldwide. Additionally, several nations saw a significant decline in wheat supplies in the international wheat sector. These included the US at 41%, the EU at 1%, and Russia at 9%. These patterns and supply chains of the global wheat economy are impacted by these reduced stocks.
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Rising Cultivation Moves and Health-Related Concerns Drive Wheat Market Growth
The main purpose for cultivating wheat is for human consumption, which includes brewing, meals, drinks, medicines, and products for animal consumption. Furthermore, wheat-based goods are used in many non-food industries such as paints, clothes, coatings, bioethanol manufacturing, and sustainable energy options. Moreover, wheat straw emerged as the primary byproduct of harvesting wheat that is utilized to make plywood and soundproofing goods. These applications demonstrate the extreme adaptability features of wheat and drive massive growth in the international wheat market. Additionally, another main reason for the increasing utilization of wheat is augmenting health-related concerns among people like diabetes, heart issues, obesity, etc. As wheat contains essential nutrients like proteins, carbohydrates, minerals, vitamins, and more; so individuals prefer wheat in their daily meals.
Key Highlights for the Wheat Market
- Wheat is a versatile crop that can even greatly aid in industrial activities irrespective of its traditional role as a preliminary food source that propels the global wheat market. In this regard, wheat straws becoming popular which are derived from cultivated wheat and are used to help create wood plywood and soundproofing products.
- Wheat is a very adaptable grain and can grow in a variety of climates, elevations, and soil types, making it suitable for cultivation in many nations. This adaptability therefore creates significant prospects in the global wheat procurement intelligence market.
- The international wheat market comprises MATIF Euronext in Europe and FOB Novorossiysk Export Price in Russia which serve as important standard price indices that facilitate the execution of effective trade transactions in both nations.
- The key engagement model of the wheat market that stays for 3-6 months helps stakeholders flexibly bargain terms and pricing. Significant commodity exchanges like ASX, NSW, and KC HRW are part of this contract type which aids in making adjustments for wheat goods from Missouri/Kansas, USA. Furthermore, Australia chose Oct-Dec 2023, and USA/Canada selected Sep–Nov 2023 as the greatest price-lock periods to maximize their procurement tactics.
- The wheat market's price fluctuations occur due to scarcity of nitrogen fertilizers and scarcity of wheat in the US and the EU.
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Wheat Market Regional Dynamics
The geographical study of the global wheat industry illustrates key countries that are executing vast wheat production, consumption, distribution, and import activities at substantial percentages. Thus, major wheat manufacturing regions include China at 17.6%, the EU at 16.9%, India at 13.1%, Russia at 11.6%, and the US at 6.2%. Further, the biggest wheat-consuming nations are the EU at 13.7%, China at 18.3%, India at 13.3%, Russia at 5.7% and the US at 3.87%. Moreover, primary wheat exporting provinces include Russia at 20.1%, the EU at 16%, Canada at 12.4, Australia at 12%, and the US at 10.7%.
Lastly, the import percentages for key countries are Indonesia at 5.5%, Egypt at 5.4%, Turkey at 5%, China at 4.7%, and Algeria at 4.1%. Furthermore, wheat pricing patterns for diverse countries include Russia at 321 $/MT, the EU at 264 €/MT, and the US at 323 $/MT. Also, different countries reported different weather consequences in 2023–2024. For instance, the US saw bad weather while Russia, the EU, and Canada witnessed favorable circumstances in the wheat industry.
Notable Developments in the Wheat Market
- Russia experienced an export duty of $92.8 per metric ton in the wheat market. The European Union accounted for its own decreased level of trade tariffs i.e., 0% in the wheat market when it is exporting to Egypt. Furthermore, the United States imposed a high trade duty of 89.1% on wheat items sent to Japan. These figures highlight the erratic trading relationships across international territories of the worldwide wheat market.
- The University of Minnesota released MN-Rothsay in June 2022 which is known as a robust red spring wheat cultivar. This modern wheat cultivar possesses superior qualities such as fiber strength, immunity to diseases, high protein content, and productivity.
- Inari which is a popular SEEDesign firm made a partnership with InterGrain, an Australian wheat developing organization in February 2022. These alliances focused on increasing wheat's production and survival capabilities.
Key Players in the Wheat Market
Leading vendors in the global wheat procurement market are Archer Daniels Midland (ADM), Cargill Inc., Tate & Lyle, Tereos SA, Roquette Freres, and Ingredion Inc.
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Important Questions Related to the Wheat Market Report
1. What are the key end users of the wheat market?
A few of the key end-user sectors of the wheat market are food, beverage, livestock, industrial operations, etc.
2. What is the biggest challenge in the wheat market?
Uncertainties in weather conditions are the biggest challenge for wheat manufacturers.
3. Which are the main wheat-consuming regions?
Europe, China, India, Russia, and the US are key wheat-consuming regions in the international market.
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