Buckwheat Market

The article discusses the increasing demand for buckwheat worldwide, with a forecasted growth in consumption over the next eight years. It provides insights into market performance, projecting a CAGR of +1.1% for consumption and +3.9% for market value from 2022 to 2030. The analysis covers consumption, production, imports, and exports of buckwheat, highlighting key trends and patterns observed in various countries. Russia is identified as the largest consumer and producer of buckwheat, while Japan and Lithuania are among the major importers. Price trends and growth rates for consumption, production, and trade are also discussed, providing a comprehensive overview of the global buckwheat market.

Market Forecast

Driven by increasing demand for buckwheat worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.1% for the period from 2022 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 +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $2.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Buckwheat

In 2022, consumption of buckwheat increased by 15% to 2.7M tons, rising for the third consecutive year after two years of decline. The total consumption volume increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 3M tons in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

The global buckwheat market revenue shrank slightly to $1.8B in 2022, with a decrease of -1.7% 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 +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $1.8B, and then reduced slightly in the following year.

Consumption By Country

Russia (1.1M tons) constituted the country with the largest volume of buckwheat consumption, accounting for 43% of total volume. Moreover, buckwheat consumption in Russia exceeded the figures recorded by the second-largest consumer, China (513K tons), twofold. The third position in this ranking was taken by France (210K tons), with a 7.9% share.

In Russia, buckwheat consumption increased at an average annual rate of +3.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: China (-2.0% per year) and France (+6.4% per year).

In value terms, the largest buckwheat markets worldwide were Russia ($520M), China ($381M) and France ($255M), together comprising 65% of the global market. Poland, Ukraine, the United States and Kazakhstan lagged somewhat behind, together accounting for a further 15%.

In terms of the main consuming countries, Kazakhstan, with a CAGR of +10.4%, saw the highest growth rate of market size 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 2022 were Russia (7.9 kg per person), Kazakhstan (4.5 kg per person) and Ukraine (3.6 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by France (with a CAGR of +6.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Buckwheat

In 2022, production of buckwheat increased by 16% to 2.6M tons, rising for the third consecutive year after two years of decline. The total output volume increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 34%. Over the period under review, global production reached the maximum volume at 3M tons in 2017; however, from 2018 to 2022, production remained at a lower figure. The general positive trend in terms output was largely conditioned by a slight increase of the harvested area and a mild expansion in yield figures.

In value terms, buckwheat production shrank significantly to $1.6B in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 46%. As a result, production reached the peak level of $1.9B, and then reduced dramatically in the following year.

Production By Country

The country with the largest volume of buckwheat production was Russia (1.2M tons), comprising approx. 46% of total volume. Moreover, buckwheat production in Russia exceeded the figures recorded by the second-largest producer, China (506K tons), twofold. France (204K tons) ranked third in terms of total production with a 7.7% share.

In Russia, buckwheat production expanded at an average annual rate of +4.4% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: China (-2.8% per year) and France (+6.9% per year).

Yield

In 2022, the global average yield of buckwheat stood at 1.1 tons per ha, surging by 4% against the previous year. The yield figure increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the yield increased by 13%. As a result, the yield reached the peak level of 1.2 tons per ha. From 2018 to 2022, the growth of the average buckwheat yield failed to regain momentum.

Harvested Area

In 2022, the total area harvested in terms of buckwheat production worldwide expanded significantly to 2.5M ha, increasing by 11% compared with 2021. Over the period under review, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 22%. The global harvested area peaked at 2.5M ha in 2012; afterwards, it flattened through to 2022.

Imports

World Imports of Buckwheat

Global buckwheat imports declined to 203K tons in 2022, waning by -12.3% against the year before. In general, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.1% 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 2015 with an increase of 31% against the previous year. Over the period under review, global imports reached the peak figure at 244K tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, buckwheat imports rose slightly to $202M in 2022. Over the period under review, total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.2% 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 +60.6% against 2019 indices. The pace of growth was the most pronounced in 2021 when imports increased by 36% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

In 2022, Japan (31K tons), followed by Lithuania (20K tons), China (16K tons), Poland (15K tons), Italy (13K tons), Azerbaijan (11K tons) and Latvia (11K tons) represented the largest importers of buckwheat, together comprising 58% of total imports. The following importers - Ukraine (9K tons), France (6.9K tons), Germany (6.7K tons), Georgia (6.4K tons), the United States (6.3K tons) and Kazakhstan (5K tons) - together made up 20% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +289.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest buckwheat importing markets worldwide were Japan ($28M), Lithuania ($16M) and Italy ($15M), with a combined 29% share of global imports. Poland, Azerbaijan, Latvia, China, the United States, Ukraine, France, Germany, Georgia and Kazakhstan lagged somewhat behind, together accounting for a further 42%.

In terms of the main importing countries, China, with a CAGR of +282.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average buckwheat import price stood at $995 per ton in 2022, jumping by 19% against the previous year. Overall, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 +86.0% against 2018 indices. The pace of growth was the most pronounced in 2020 an increase of 27%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain 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 the United States ($1,382 per ton), while Kazakhstan ($432 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (+10.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Buckwheat

In 2022, the amount of buckwheat exported worldwide dropped to 185K tons, waning by -8.7% compared with the year before. The total export volume increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when exports increased by 17% against the previous year. Over the period under review, the global exports attained the peak figure at 207K tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, buckwheat exports totaled $163M in 2022. Over the period under review, exports, however, saw strong growth. The pace of growth was the most pronounced in 2021 with an increase of 46% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports By Country

Russia represented the major exporter of buckwheat in the world, with the volume of exports recording 88K tons, which was near 48% of total exports in 2022. It was distantly followed by the United States (17K tons), Latvia (11K tons), Poland (11K tons), Lithuania (11K tons) and China (8.9K tons), together mixing up a 32% share of total exports. Kazakhstan (8.1K tons), Estonia (5.5K tons), Canada (4.1K tons), Germany (3.3K tons) and Brazil (3.2K tons) held a minor share of total exports.

Exports from Russia increased at an average annual rate of +26.1% from 2012 to 2022. At the same time, Estonia (+36.5%), Lithuania (+17.8%), Latvia (+16.2%), Germany (+12.9%), Brazil (+12.2%), Poland (+4.2%), Kazakhstan (+3.4%) and Canada (+1.2%) displayed positive paces of growth. Moreover, Estonia emerged as the fastest-growing exporter exported in the world, with a CAGR of +36.5% from 2012-2022. By contrast, the United States (-2.1%) and China (-15.0%) illustrated a downward trend over the same period. While the share of Russia (+41 p.p.), Latvia (+4.1 p.p.), Lithuania (+4.1 p.p.) and Estonia (+2.8 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-7.7 p.p.) and China (-32 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($70M) remains the largest buckwheat supplier worldwide, comprising 43% of global exports. The second position in the ranking was held by Poland ($13M), with an 8.1% share of global exports. It was followed by the United States, with a 7.3% share.

In Russia, buckwheat exports increased at an average annual rate of +30.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (+12.2% per year) and the United States (-2.1% per year).

Export Prices By Country

The average buckwheat export price stood at $880 per ton in 2022, increasing by 15% against the previous year. In general, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, buckwheat export price increased by +102.5% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 35% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($1,290 per ton), while Brazil ($625 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+10.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform