Between 2013 and 2023, wheat production at the farm gate in Australia exhibited significant fluctuations. Following a peak value in 2013, production declined sharply from 2014 to 2015. It partially recovered in 2016 but saw another notable drop in 2017. The years 2018 and 2019 continued this downward trajectory, reaching a low point in 2019. Subsequently, production rebounded markedly in 2020 but experienced modest declines and gradual recovery up to 2023.
In 2023, wheat production stood at 5.36 Billion US Dollars. Over the last two years, the year-on-year variation remained positive, though modest, at 1.29% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years up to 2023 was 3%.
Looking ahead, the forecast from 2024 to 2028 suggests a steady increase in production values, albeit at a slower pace. The forecasted five-year CAGR is 0.93%, leading to an overall growth rate of 4.72% by 2028.
Future trends to watch for include climate changes affecting yield, shifts in global wheat prices, and advancements in agricultural technology that can potentially enhance production efficiency and output.
