Wheat Market Report 2022 - 2027: Insights into the Rising Veganism and expanding retail availability Trends

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Dec 11, 2023, 13:30 ET

NEW YORK, Dec. 11, 2023 /PRNewswire/ -- In a world increasingly prioritizing holistic well-being, the Wheat Market emerges as a beacon of health-centric food choices. According to Technavio's comprehensive report on the industry, the Global Wheat market is forecasted to grow, estimated to reach an impressive USD 47.89 billion by 2027, escalating at a compelling CAGR of 4.08% from 2023. Request for sample report

What recent developments are shaping the wheat market according to Technavio's analysis?

Technavio has announced its latest market research report titled Global Wheat Market 2023-2027

Technavio, renowned for its trend forecasting, conducted an in-depth analysis uncovering key trends influencing the Wheat market. Among these trends, a major driving force is the rise of veganism, which has boosted the demand for wheat-based protein supplements. Plant-based diets are preferred by millennials, which is majorly observed in countries like the US, Canada, Mexico, the UK, Germany, and France.

Additionally, the expansion of retail stores offering organic wheat-based supplements stands out as a significant trend in this sphere. Flour, noodles, pasta, and other wheat-based items are offered to end-users through various retail stores. Store formats such as supermarkets, hypermarkets, independent stores, convenience stores, and others all fall under this segment. In January 2021, More Retail Private Limited announced that it would be establishing 300 supermarkets and hypermarkets across India over the next three years. For more detailed insights into the evolving dynamics of the market, Technavio's analysis provides comprehensive information. – buy the report now

What are the predominant influences impacting wheat market data currently?

In the packaged foods and meat industry, the wheat market faces obstacles due to stringent regulations. Government and food safety agencies put forth stringent regulations to cover areas such as new product launches, entry of new players, product specifications, sales, and advertising. It can be difficult to comply with such regulations, especially for vendors operating in different countries. For example, India's Food Safety and Standards Authority of India (FSSAI) has proposed regulations for organic packaged foods, including wheat-based staples.

What factors contribute to the projected extraordinary growth in the wheat market from 2022 to 2027?

Technavio's analysis of the wheat market from 2023 to 2027. The report includes market drivers, trends, opportunities, challenges, and constraints, segmented by application, type, and geography. It depicts factors like the increase in veganism, the expansion of retail stores, and the challenge set by stringent regulations, providing insights into market dynamics. The report foresees significant growth in the domestic segment, particularly in APAC, contributing substantially to the global market share.

Key highlights encompass the market's fragmented structure, the increasing awareness of the health benefits of wheat-based protein supplements, and the demand for processed and low-cholesterol wheat-based protein products. The report delves into regional contributions, customer landscapes, and segment overviews, offering a comprehensive understanding of the market dynamics.

Lastly, the report outlines crucial data such as market size, growth momentum, regional contributions, competitive landscape, profiles of key companies, and available customization options. It provides insights into factors driving market growth, upcoming trends, competitive strategies, and challenges hindering market expansion.

Where do you see the wheat market growing the most?

The human application segment stands out as a significant market segment, dominating the global wheat market. Humans produce and consume staple foods like wheat in the form of cereal grains. Manufacturing products like refined wheat flour, pasta, noodles, and beverages, such as wheat beer, malted milk, and others are also made out of wheat for human consumption. For more details on the market segmentation, download the sample report now

In the realm of the wheat market, which regions show the most promising growth prospects?

APAC takes the lead, projected to contribute a substantial 50% to the market's growth. China and India, with their world's largest and fastest-growing wheat-consuming rates, predominantly fuel this growth. Factors such as increasing awareness of the health benefits of wheat-based protein supplements are pivotal drivers in this region.

If you had to summarize the biggest takeaways from your research, what would those be?

The wheat market, driven by the rise of veganism, growing human consumption, and regional market expansions, sets its sights on an exciting phase. With diverse market segments, evolving perceptions, and a drive toward expanding retail availability, the industry charts a promising course, beckoning consumers worldwide to embark on healthy journeys that nourish their bodies.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio