Based on the provided forecast data for wheat demand in Australia, there is a gradual increase in demand from 9.1 million metric tons in 2024 to 9.52 million metric tons in 2028. The year-on-year growth rates are projected to be around 1-1.2% annually during this forecast period.
The wheat demand in 2023 stood at 9.01 million metric tons. Comparing the last two years, the year-on-year variation was approximately 1% from 2023 to 2024. The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is expected to be around 1.12%.
Future trends to watch for include the impact of climate change on wheat production, technological advancements in agriculture, and shifts in global trade policies which may influence both the export and domestic market for wheat in Australia. Monitoring these factors will be crucial for accurate demand forecasting and strategic planning.
