Vietnam's wheat demand has shown a significant upward trend from 2014 to 2023, increasing from 1.94 million metric tons to 5.59 million metric tons. In 2023, the year-on-year growth rate was 3.79%, with a compound annual growth rate (CAGR) of 4.27% over the last five years. Between 2019 and 2022, despite some slight fluctuations, the demand for wheat consistently rose.
From 2024 to 2028, the demand for wheat is projected to continue this upward trajectory, albeit at a slower pace, with a forecasted five-year CAGR of 2.49% and an overall growth rate of 13.09% during this period.
Future trends to watch for include potential impacts of economic policies, climate change affecting agricultural yields, and shifts in consumer preferences towards or away from wheat-based products. Agricultural technology advancements and trade agreements may also play crucial roles in shaping wheat demand.
