The wheat market in South Africa demonstrated varied trends over the past ten years. From 2014 to 2023, the volume fluctuated, showing both growth and decline at different intervals. As of 2023, the market size stood at 3.4 million metric tons, having grown by 0.62% year-on-year from 2022. Noteworthy fluctuations include a significant hike of 22.78% in 2016, followed by multiple periods of moderate growth and decline.
Over the past five years, the Compound Annual Growth Rate (CAGR) showed a slight overall decline of 0.15%, indicating stable yet minimal decreases. Looking ahead, the forecast for 2024-2028 projects a CAGR of 0.5%, suggesting a modest yet positive growth trajectory.
Future trends to watch for include:
- Impact of climate change on wheat production.
- Technological advancements in agriculture that could boost yields.
- Trade policies and their effect on wheat imports and exports.
- Shifts in consumer preferences and dietary changes impacting wheat demand.