The wheat consumption at the farm gate in Brazil stood at approximately 11.84 million metric tons in 2023. Over the last two years (2022-2023), there has been a consistent slight increase in consumption with year-on-year variations of 0.75% in 2022 and 0.7% in 2023. Over the previous five years (2019-2023), the Compound Annual Growth Rate (CAGR) has been -1.04%, indicating a marginal decrease in overall consumption.
Forecasts from 2024 to 2028 suggest a moderate upward trend with an estimated forecasted 5-year CAGR of 0.45% and an overall growth rate of 2.28%. It is crucial to note that the consumption is expected to steadily increase towards 12.19 million metric tons by 2028.
Future trends to watch for include:
- Impact of climate change on wheat production levels and agricultural practices.
- Shifts in domestic and global wheat market prices affecting local consumption patterns.
- Potential changes in government policies regarding agricultural subsidies and import/export regulations.
- Technological advancements in farming practices, leading to higher yields and possibly altered consumption dynamics.
- Socioeconomic factors such as population growth and changes in dietary preferences influencing overall demand.
