From 2014 to 2023, China's wheat demand shows a consistent growth trend in terms of volume, rising from 118.68 million metric tons in 2014 to 129.37 million metric tons in 2023. Notable year-on-year variations include peaks in 2017 (3.06%) and 2021 (5.81%), while notable declines were in 2019 (-0.4%) and 2020 (-4.49%). The compound annual growth rate (CAGR) stands at 0.33% over the last five years leading into 2023. Forecasted values for 2024 to 2028 project a moderate increase, with a CAGR of 0.4%, forecasting a wheat demand of 132.71 million metric tons in 2028.
Future trends to watch for include:
- Potential impacts of climate change on wheat production and supply chain disruptions.
- Changes in dietary habits and their influence on wheat demand.
- Government policies promoting self-sufficiency in grain production.
- Technological advancements in agriculture improving wheat yields.