U.S.: Buckwheat Market 2024

Buckwheat Market Size in the U.S.

In 2022, the U.S. buckwheat market decreased by -0.6% to $X, falling for the second consecutive year after four years of growth. Overall, consumption, however, continues to indicate a mild expansion. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Buckwheat Production in the U.S.

In value terms, buckwheat production amounted to $X in 2022. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 14% against the previous year. Buckwheat production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

The average yield of buckwheat in the United States contracted slightly to X tons per ha in 2022, stabilizing at the year before. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 1.8% against the previous year. As a result, the yield reached the peak level of X tons per ha; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the buckwheat harvested area in the United States amounted to X ha, approximately mirroring the previous year's figure. Over the period under review, the harvested area, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 1.6% against the previous year. Over the period under review, the harvested area dedicated to buckwheat production attained the peak figure at X ha in 2016; however, from 2017 to 2022, the harvested area stood at a somewhat lower figure.

Buckwheat Exports

Exports from the U.S.

In 2022, shipments abroad of buckwheat increased by 16% to X tons, rising for the second year in a row after four years of decline. Overall, exports, however, continue to indicate a noticeable downturn. The growth pace was the most rapid in 2015 when exports increased by 59% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, buckwheat exports rose markedly to $X in 2022. In general, exports, however, continue to indicate a noticeable setback. The pace of growth was the most pronounced in 2015 with an increase of 63% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) was the main destination for buckwheat exports from the United States, accounting for a 95% share of total exports. It was followed by South Korea (X tons), with a 3% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-8.1% per year) and Canada (-10.7% per year).

In value terms, Japan ($X) remains the key foreign market for buckwheat exports from the United States, comprising 95% of total exports. The second position in the ranking was held by South Korea ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Japan amounted to -2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-7.5% per year) and Canada (-5.4% per year).

Export Prices by Country

In 2022, the average buckwheat export price amounted to $X per ton, waning by -4.8% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 12% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then fell modestly in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+13.8%), while the prices for the other major destinations experienced more modest paces of growth.

Buckwheat Imports

Imports into the U.S.

In 2022, approx. X tons of buckwheat were imported into the United States; with an increase of 38% against the previous year. Over the period under review, imports continue to indicate a modest increase. The most prominent rate of growth was recorded in 2014 when imports increased by 104%. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, buckwheat imports skyrocketed to $X in 2022. In general, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Canada (X tons), Russia (X tons) and China (X tons) were the main suppliers of buckwheat imports to the United States, together comprising 93% of total imports. Lithuania and Ukraine lagged somewhat behind, together accounting for a further 3.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Lithuania (with a CAGR of +28.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest buckwheat suppliers to the United States were Russia ($X), Canada ($X) and China ($X), with a combined 90% share of total imports. Lithuania and Ukraine lagged somewhat behind, together comprising a further 5%.

Among the main suppliers, Lithuania, with a CAGR of +35.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average buckwheat import price amounted to $X per ton, increasing by 34% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buckwheat import price increased by +78.3% against 2019 indices. 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Ukraine ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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