In 2023, the sorghum feed volume in Spain stood at 704.0 thousand metric tons. The forecasted data for 2024 shows a volume of 740.0 thousand metric tons, marking a year-on-year increase of 5.1%. This upward trend is expected to continue, with forecasted values reaching 877.0 thousand metric tons by 2028. Here are the yearly variations:
• 2024: 5.1% increase
• 2025: 4.9% increase
• 2026: 4.4% increase
• 2027: 4.2% increase
• 2028: 3.9% increase
The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is approximately 4.5%, indicating a steady growth trajectory.
Future trends to watch for include potential impacts of climate change on sorghum yield and shifts in demand due to changes in animal feed preferences. Technological advancements in agricultural practices and policy decisions on crop subsidies could also play significant roles in shaping the sorghum feed market in Spain.
