The demand for wheat in the US stood at 33.55 million metric tons in 2023. From 2014 to 2017, the market saw significant fluctuations, including a 27.76% decrease in 2017. However, post-2018, demand stabilized, growing gradually each year. The year-on-year variation for 2023 was 0.69%, indicating steady growth.
The Compound Annual Growth Rate (CAGR) over the last five years was a mild -0.17%, suggesting a slight but manageable decline. However, the forecasted data from 2024 to 2028 shows an optimistic picture, with an expected CAGR of 0.5% and a 5-year growth rate of 2.52%.
Future trends to watch for include:
- The impact of climate change on wheat production.
- Advances in agricultural technology and productivity.
- Shifts in consumer preferences towards alternative grains and gluten-free products.
- Trade policies and their influence on import-export dynamics.
