Top Trends and Predictions in the Global Cereals and Oilseeds Market for 2023
The global cereals and oilseeds market is witnessing significant growth due to various factors, including increasing population, rising demand for functional foods, and changing dietary habits. Here are some top trends and predictions for the cereals and oilseeds market in 2023:
Increasing Demand for Organic Cereals and Oilseeds
As consumers become more health-conscious, there is a growing demand for organic cereals and oilseeds. Organic farming avoids the use of synthetic fertilizers, pesticides, and genetically modified organisms (GMOs), making organic cereals and oilseeds a healthier and more sustainable option. The market for organic cereals and oilseeds is expected to grow at a CAGR of 12% from 2023 to 2028.
Growing Popularity of Plant-Based Foods
The shift towards plant-based diets is driving the demand for cereals and oilseeds. Cereals such as oats, barley, rice, and corn, and oilseeds like soybean, sunflower seed, and sesame seeds are essential ingredients in plant-based foods. The plant-based food market is expected to reach $74.2 billion by 2027, and the cereals and oilseeds sector will benefit significantly from this trend.
Rising Demand for Functional Cereals and Oilseeds
Functional cereals and oilseeds are rich in essential nutrients, fiber, and antioxidants, making them a popular choice among health-conscious consumers. The market for functional cereals and oilseeds is expected to grow at a CAGR of 8% from 2023 to 2028. Some popular functional cereals and oilseeds include quinoa, chia seeds, flaxseed, and oats.
Increasing Use of Cereals and Oilseeds in Animal Feed
Cereals and oilseeds are widely used in animal feed due to their high nutritional value. The demand for livestock products is increasing, especially in developing countries, and this trend is expected to continue in the coming years. The market for cereals and oilseeds in animal feed is expected to grow at a CAGR of 3% from 2023 to 2028.
5. Advancements in Technologies for Cereals and Oilseeds Processing
Advancements in technologies for cereals and oilseeds processing, such as precision farming and biotechnology, are expected to drive the growth of the cereals and oilseeds market. These technologies help increase productivity, improve quality, and reduce wastage. For instance, precision farming uses data from satellite imagery and sensors to optimize crop yields and reduce water usage.