Global Buckwheat Market to Reach 2.9M Tons Valued at $2.5B by 2030

IndexBox has just published a new report: World - Buckwheat - Market Analysis, Forecast, Size, Trends and Insights.

The article discusses the anticipated growth of the buckwheat market over the period from 2023 to 2030. It forecasts a +2.0% CAGR in market volume and a +4.0% CAGR in market value during this time frame. The rising demand for buckwheat globally is driving this expansion, with market performance expected to accelerate in the coming years.

Market Forecast

Driven by increasing demand for buckwheat worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.0% for the period from 2023 to 2030, which is projected to bring the market volume to 2.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2023 to 2030, which is projected to bring the market value to $2.5B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Buckwheat

In 2023, after three years of growth, there was significant decline in consumption of buckwheat, when its volume decreased by -6.5% to 2.5M tons. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, global consumption hit record highs at 3M tons in 2017; however, from 2018 to 2023, consumption failed to regain momentum.

The global buckwheat market value reduced to $1.9B in 2023, with a decrease of -11.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.9% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $2.1B in 2022, and then shrank in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were Russia (897K tons), China (619K tons) and France (214K tons), together accounting for 68% of global consumption. Poland, Ukraine, Kazakhstan, Japan, the United States, Brazil and Germany lagged somewhat behind, together comprising a further 23%.

From 2013 to 2023, the biggest increases were recorded for Poland (with a CAGR of +4.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest buckwheat markets worldwide were China ($481M), Russia ($452M) and France ($294M), together accounting for 65% of the global market. Japan, Poland, Ukraine, Germany, the United States, Kazakhstan and Brazil lagged somewhat behind, together accounting for a further 26%.

Poland, with a CAGR of +8.1%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of buckwheat per capita consumption in 2023 were Russia (6.2 kg per person), Kazakhstan (4.3 kg per person) and Poland (3.5 kg per person).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Poland (with a CAGR of +4.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Buckwheat

In 2023, production of buckwheat decreased by -6.7% to 2.5M tons for the first time since 2019, thus ending a three-year rising trend. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 33%. Over the period under review, global production attained the peak volume at 3M tons in 2017; however, from 2018 to 2023, production failed to regain momentum. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, buckwheat production fell markedly to $1.8B in 2023 estimated in export price. Overall, the total production indicated temperate growth from 2013 to 2023: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by +44.7% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 22%. Over the period under review, global production reached the maximum level at $2.1B in 2022, and then plummeted in the following year.

Production By Country

Russia (1.1M tons) constituted the country with the largest volume of buckwheat production, accounting for 43% of total volume. Moreover, buckwheat production in Russia exceeded the figures recorded by the second-largest producer, China (504K tons), twofold. The third position in this ranking was taken by France (206K tons), with an 8.2% share.

In Russia, buckwheat production expanded at an average annual rate of +2.5% over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: China (-2.2% per year) and France (+2.9% per year).

Yield

In 2023, the global average buckwheat yield dropped modestly to 1.1 tons per ha, which is down by -1.7% on 2022 figures. In general, the yield, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the yield increased by 13% against the previous year. As a result, the yield reached the peak level of 1.2 tons per ha. From 2018 to 2023, the growth of the average buckwheat yield failed to regain momentum.

Harvested Area

The global buckwheat harvested area reduced to 2.3M ha in 2023, shrinking by -5% on 2022 figures. Over the period under review, the harvested area, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the harvested area increased by 22% against the previous year. Over the period under review, the harvested area dedicated to buckwheat production reached the peak figure at 2.5M ha in 2017; however, from 2018 to 2023, the harvested area remained at a lower figure.

Imports

World Imports of Buckwheat

In 2023, approx. 292K tons of buckwheat were imported worldwide; with an increase of 44% on 2022. Over the period under review, total imports indicated a resilient increase from 2013 to 2023: its volume increased at an average annual rate of +9.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +47.8% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, buckwheat imports amounted to $206M in 2023. Overall, imports posted prominent growth. The growth pace was the most rapid in 2021 with an increase of 36% against the previous year. Over the period under review, global imports attained the peak figure in 2023 and are expected to retain growth in the immediate term.

Imports By Country

China was the largest importing country with an import of about 124K tons, which resulted at 43% of total imports. Japan (35K tons) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Italy (6.1%), Azerbaijan (4.7%) and Poland (4.6%). The following importers - Lithuania (10K tons), Georgia (8.8K tons), France (8.4K tons), Papua New Guinea (7K tons), Germany (6.6K tons), the United States (6K tons) and Ethiopia (4.6K tons) - together made up 18% of total imports.

China was also the fastest-growing in terms of the buckwheat imports, with a CAGR of +63.0% from 2013 to 2023. At the same time, Georgia (+46.0%), Ethiopia (+32.3%), Azerbaijan (+15.9%), Germany (+13.8%), Poland (+8.3%), the United States (+5.8%), Lithuania (+3.2%) and Italy (+2.0%) displayed positive paces of growth. By contrast, Japan (-1.5%), Papua New Guinea (-2.1%) and France (-2.6%) illustrated a downward trend over the same period. From 2013 to 2023, the share of China, Italy, Georgia and Azerbaijan increased by +42, +6.1, +2.8 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest buckwheat importing markets worldwide were China ($56M), Japan ($35M) and Italy ($13M), together comprising 50% of global imports.

China, with a CAGR of +64.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2023, the average buckwheat import price amounted to $708 per ton, which is down by -28.8% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 29% against the previous year. Over the period under review, average import prices hit record highs at $994 per ton in 2022, and then contracted significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Ethiopia ($1,796 per ton), while China ($449 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by France (+5.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Buckwheat

Global buckwheat exports skyrocketed to 271K tons in 2023, picking up by 47% against the previous year. Overall, total exports indicated a resilient increase from 2013 to 2023: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, buckwheat exports rose modestly to $166M in 2023. Over the period under review, exports enjoyed strong growth. The growth pace was the most rapid in 2021 with an increase of 46% against the previous year. Over the period under review, the global exports attained the maximum in 2023 and are expected to retain growth in the near future.

Exports By Country

Russia prevails in exports structure, recording 174K tons, which was near 64% of total exports in 2023. The United States (24K tons) took an 8.9% share (based on physical terms) of total exports, which put it in second place, followed by Latvia (4.9%). Lithuania (12K tons), China (10K tons), Poland (8.6K tons), Kazakhstan (4.8K tons) and Brazil (4.1K tons) followed a long way behind the leaders.

Exports from Russia increased at an average annual rate of +23.9% from 2013 to 2023. At the same time, Kazakhstan (+28.9%), Brazil (+17.2%), Latvia (+9.5%) and Lithuania (+3.2%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing exporter exported in the world, with a CAGR of +28.9% from 2013-2023. The United States experienced a relatively flat trend pattern. By contrast, Poland (-1.9%) and China (-11.8%) illustrated a downward trend over the same period. From 2013 to 2023, the share of Russia increased by +49 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($84M) remains the largest buckwheat supplier worldwide, comprising 51% of global exports. The second position in the ranking was held by the United States ($15M), with a 9.2% share of global exports. It was followed by Latvia, with a 6.7% share.

In Russia, buckwheat exports expanded at an average annual rate of +26.4% over the period from 2013-2023. The remaining exporting countries recorded the following average annual rates of exports growth: the United States (-0.2% per year) and Latvia (+17.7% per year).

Export Prices By Country

The average buckwheat export price stood at $613 per ton in 2023, falling by -29.9% against the previous year. Overall, export price indicated a slight increase from 2013 to 2023: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 an increase of 36%. The global export price peaked at $875 per ton in 2022, and then shrank dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($983 per ton), while Russia ($482 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Latvia (+7.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform