The demand for sorghum in South America stood at 4.63 million metric tons in 2023. Over the past decade, the demand has seen a steady decline from 6.08 million metric tons in 2014. The highest drop was observed in 2016, with an 11.76% year-on-year decrease. More recently, the demand has consistently decreased each year, with variations in 2022 and 2023 showing year-on-year declines of approximately 1.67% and 1.66%, respectively. The compound annual growth rate (CAGR) over the past five years has averaged -1.44%, indicating a persistent downward trend.
Looking forward, forecasted data suggest that this downward trajectory will continue, with the demand expected to reach 4.22 million metric tons by 2028. The projected five-year CAGR is -1.47%, resulting in an overall decline of 7.13% from 2023 to 2028.
Future trends to watch for:
- The impact of climate change on sorghum cultivation in South America.
- Shifts in agricultural policies and subsidies affecting sorghum production.
- Technological advancements in crop management and improvements in sorghum yields.
- Changes in consumer preferences towards alternative grains or dietary trends.
