From 2014 to 2023, Brazil's sorghum demand exhibited variability, with notable fluctuations. The demand in 2023 stood at 2.20 million metric tons, a minuscule rise of 0.18% year-on-year. Over the last five years, the compound annual growth rate (CAGR) was -0.64%, highlighting a slight overall decline. Significant year-on-year changes include a drastic drop in 2016 by 43.68%, followed by an 87.59% recovery in 2017.
Looking forward, the forecast from 2024 to 2028 anticipates stability with a 0.17% forecasted CAGR and an overall growth rate of 0.83% by 2028. This suggests a gradual, modest increase in demand.
Future trends to watch for:
- Technological advancements in agriculture, potentially boosting yields.
- Government policies and economic shifts influencing crop choices.
- Climate change impacts affecting crop performance and availability.
- Market dynamics, including export demand and competition from alternative grains.