Asia-Pacific: Wheat Market 2024

Wheat Market Size in Asia-Pacific

The Asia-Pacific wheat market contracted slightly to $X in 2022, reducing by -2.7% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Wheat Production in Asia-Pacific

In value terms, wheat production fell to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a pronounced contraction. The pace of growth was the most pronounced in 2017 when the production volume increased by 50%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were China (X tons), India (X tons) and Australia (X tons), together accounting for 89% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Australia (with a CAGR of +1.6%), while production for the other leaders experienced more modest paces of growth.

In 2022, the average wheat yield in Asia-Pacific rose to X tons per ha, surging by 1.9% against the year before. The yield figure increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2017 when the yield increased by 5.5%. Over the period under review, the wheat yield hit record highs in 2022 and is expected to retain growth in years to come. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of wheat were harvested in Asia-Pacific; shrinking by -1.7% on 2021 figures. In general, the harvested area recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the harvested area increased by 3.6% against the previous year. Over the period under review, the harvested area dedicated to wheat production reached the maximum at X ha in 2015; however, from 2016 to 2022, the harvested area remained at a lower figure.

Wheat Exports

Exports in Asia-Pacific

In 2022, shipments abroad of wheat increased by 12% to X tons, rising for the third consecutive year after two years of decline. Overall, exports showed a notable expansion. The growth pace was the most rapid in 2021 when exports increased by 179%. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, wheat exports skyrocketed to $X in 2022. Over the period under review, exports saw a moderate increase. The most prominent rate of growth was recorded in 2021 with an increase of 200%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Australia was the main exporting country with an export of about X tons, which reached 81% of total exports. It was distantly followed by India (X tons), committing a 19% share of total exports.

Exports from Australia increased at an average annual rate of +2.0% from 2012 to 2022. At the same time, India (+4.0%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +4.0% from 2012-2022. India (+2.9 p.p.) significantly strengthened its position in terms of the total exports, while Australia saw its share reduced by -2.5% from 2012 to 2022, respectively.

In value terms, Australia ($X) remains the largest wheat supplier in Asia-Pacific, comprising 82% of total exports. The second position in the ranking was held by India ($X), with an 18% share of total exports.

In Australia, wheat exports increased at an average annual rate of +4.0% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, increasing by 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per ton), while India stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+1.9%).

Wheat Imports

Imports in Asia-Pacific

In 2022, purchases abroad of wheat decreased by -4.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +23.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 27% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, wheat imports surged to $X in 2022. Total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.4% against 2017 indices. The pace of growth appeared the most rapid in 2021 with an increase of 29% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Indonesia (X tons), China (X tons), the Philippines (X tons), Bangladesh (X tons), Japan (X tons), South Korea (X tons) and Vietnam (X tons) represented roughly 83% of total imports in 2022.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bangladesh (with a CAGR of +25.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and the Philippines ($X) constituted the countries with the highest levels of imports in 2022, together comprising 52% of total imports. Japan, South Korea, Bangladesh and Vietnam lagged somewhat behind, together accounting for a further 32%.

Bangladesh, with a CAGR of +21.4%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, surging by 22% against the previous year. In general, the import price recorded a slight increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :