Based on the provided data, the processing volume of sorghum in the US experienced significant fluctuations from 2014 to 2023. In 2023, the volume stood at 2.35 Million Metric Tons. Historical data highlights notable year-on-year variations, such as an increase of 19.32% in 2018 and a decrease of 12% in 2017. In recent years, the volume has stabilized, with minimal annual changes like the 0.17% increase observed in 2023. The compound annual growth rate (CAGR) over the last five years is -0.73%, indicating a slight decline in average annual growth.
From 2024 onward, the sorghum processing volume is forecasted to remain steady, with incremental increases leading to a forecasted volume of 2.36 Million Metric Tons by 2028. The forecasted 5-year CAGR is a modest 0.11%, signaling a very gradual upward trend.
Future trends to watch for include potential market disruptions due to climate change, shifts in consumer demand towards alternative grains, and technological advancements in sorghum processing which could impact production efficiency and output volumes.
